asked
I have a complicated situation with a home property that sold in 2015. The house was transferred between siblings, and my name was added in 2012-2015. My sister has always claimed the house on her taxes as both a rental and residential living. The house sold in 2015, and the check was written out to me for $925,000. How will the property tax gain be calculated, and how should the sale be reported given the complex ownership history?
May 30th, 2023
Can anyone be a tax preparer and sign a tax return, and does it require any special classes or training to sign tax returns for other individuals' taxes?
May 23rd, 2024
As a Commercial Class A Driver operating under DOT Hours of Service regulations, are my meals on the road deductible?
March 8th, 2024
I purchased a home from my mother who held the property in a trust. The transfer tax was waived, but is there a way to avoid some of the capital gains?
March 21st, 2024
If I bought a laptop for school use, specifically for a graphic design course, is it tax deductible?
November 22nd, 2024
My husband owes back taxes to the IRS and we recently received a letter threatening levy. We file separately, so the taxes are technically owed by him. We have a lien on our house and own another rental property we would like to sell but can't due to the economy. We owe a significant amount of money to a relative and agreed to repay them with the proceeds from the sale of the rental property. We're concerned the IRS will attach a lien to the rental property, preventing us from repaying our relative. We want to make a payment plan with the IRS but are afraid a financial disclosure would make the rental property vulnerable. How should we respond to the Intent to Levy letter? Should we file an appeal? Should we go to our local IRS office for help?
June 28th, 2023