For the past 2 or 3 years, I have received a 1099-misc form for income from board work in a micro-cap, employee-owned company, paid in illiquid penny-stock shares that cannot be sold due to the company's financial difficulties. Is there any mechanism to defer declaring this income, such as marking the year-end value of the stock to zero due to its illiquidity, even though it theoretically has value?

January 3rd, 2023

I spent $25,000 on establishing a business in 2017 and 2018, primarily on travel and entertainment, but have not received any income yet. Can I deduct these costs on Schedule C in 2017?

January 23rd, 2024

How much can my 14-year-old stepson earn from working before he would owe taxes or be required to file a tax return, given that he receives $228 a month from his mother's disability benefits and we claim him as a dependent?

December 7th, 2024

I bought a house in 2017 with the plan to flip it in 2018. Do I report the purchase, real estate taxes paid, mortgage interest paid, and repairs made to the house on my 2017 tax return, or do I wait until my 2018 tax return? Additionally, how do I handle this gain for tax purposes under a 1031 exchange?

June 28th, 2024

If I convert my 1065 partnership to an S Corp, does my K-1 basis carry forward to the S-Corp?

December 11th, 2024