asked
I have an elderly relative (88 years old) whose taxes for 2018 have not been filed despite an extension that expired on October 15th of last year. She has a bunch of rental properties and has paid the taxes on those quarterly. The accountant she hired is not communicating and she has all the necessary documents. She also has early-stage dementia and is very wealthy, leading us to fear she is being taken advantage of. What should we do?
October 19th, 2024
Regarding the sale of a property held in joint tenancy by unmarried partners who are single filers, one of whom paid all the purchase costs including the mortgage and down payment, is it more tax advantageous to repay the principal and down payment from the sale proceeds before calculating capital gains, or to split the sales proceeds and taxable gain 50/50? Additionally, how should legal bills and court fees be handled in this scenario?
September 29th, 2023
I established a business partnership in exchange for a monthly share of the business profit. I funded this partnership through a loan. I plan on filing taxes under my LLC. Will the loan be treated as a business debt that I can write off?
March 12th, 2023
My grandson lives with his father and has Medicaid. He turns 18 in November 2024. When will he lose his Medicaid coverage?
January 30th, 2023
If I receive a 1099-K but never actually had my business back up and running or any goods/services exchanged, should I still just claim it as income with no expenses? The business account has since been closed on PayPal. I had sent money to myself in anticipation to use that to purchase inventory and start the business back up but it never came to fruition so when the account closed all the funds transferred back to me but it was enough to issue a 1099-K with this new law.
December 12th, 2023
My elderly mother's only income is her social security, and she received $770 in interest this year. Do we need to file a tax return?
May 19th, 2024