asked
I have a property bought in the mid-1990s for around $82K, now selling for $335K in California. The first mortgage is around $260K, and with a HELOC, it adds up to more than the selling price, so I'm doing a short sale. The HELOC owner sent Form 593-E to see if California capital gains tax can be reduced so they can get a bigger chunk. My questions are: 1) Is my starting amount for tax purposes $82K, not when I took the HELOC? 2) The major improvement was licensed asbestos removal in 2004 or 2005, paid around $5K then, but now it probably costs $15K. Which amount goes into Form 593-E, and where can I find records? 3) What other types of costs can be added, such as bathroom improvements and recent improvements to get ready to sell? 4) Should costs from 10 years ago be adjusted to today's prices for tax purposes?
November 9th, 2023
If a corporate gives a gift card ($200 to $500) to a customer as a reward for engaging their service, would that gift be considered taxable income for the individual, and would the corporation's tax deduction be limited to $25?
October 16th, 2024
I need to review my 2016 tax returns. I already filed them, but I need to review them for any specific concerns or questions.
November 8th, 2023
Is there a cap on how much a married couple can receive in monthly benefits from Social Security, and if so, what is the amount?
May 25th, 2023
I have received a check for $200,000 through an inheritance and would like advice on how to minimize the tax consequences.
February 15th, 2023
We purchased a rental property in Missouri last year and set up an LLC in Missouri. I live in Illinois now. In order to file the state tax in Missouri, do we need to file Form 2643, which is the Missouri tax registration application? The form seems to be for people who will have a business in Missouri, but I am not sure if we even have to fill out the form other than the state tax return. This is because most of the questions do not apply to the real estate rental.
March 12th, 2024