For our small family LLC involved in rental property, through a 1031 exchange, we purchased a DST property with a $8,000 purchase credit. How should this credit be treated on our LLC tax return, and where should the cash distributions received from the DST, which do not equal the 1099-Misc rents, be reported on our LLC return and members' K-1s?

January 10th, 2023

I received a letter stating I owe $27,000 in taxes, but I haven't worked in 5 years and live on Social Security. The letter claims I made $101,000. I live in Florida. What should I do?

April 29th, 2023

I am an American living in Norway for over 20 years. I filed my taxes for the last 7 years last year, but did not claim the 2020 stimulus payment of $1,800 in my original filing. I sent a 1040x with the stimulus claim, but received a letter saying I need to fill out column C on the 1040x. Do I need to fill in the entire column C, or only make changes to Item 15 under Payments?

December 10th, 2023

I have incurred a short-term loss of $52,000 and a long-term loss of $41,000 in my stock market investments this year. How can I maximize my tax benefits, and can these losses be deducted from my total earnings or used to offset future gains?

August 16th, 2024

I need the status of my tax refund. My account was fraudulently submitted, and after speaking with an agent who resubmitted my income tax form, it has been about 8 weeks, and we have not received our refund. What should I do?

November 21st, 2023