Should we try to buy the duplex in Culver City, CA now that it's worth close to $1,000,000, and what are the tax implications for both us and our friend who originally purchased it for us?

March 1st, 2024

As a sole shareholder (100% owner) of a New York S-Corp performing consulting services outside of NY State for more than 330 days in a foreign country, should I report the consulting revenues for NY State? Are the revenues performed outside of NYS taxable in NYS? Should the NY S-Corp withhold taxes on salaries paid to me as I am the only employee of the S-Corp? Do I have to file a NYS tax return for the S-Corp K-1? Are the S-Corp K-1 taxable in NYS? How can I lower my taxes?

December 22nd, 2023

Are there any federal income tax limits on gifts made to foreigners, and what should I know regarding these limits?

July 3rd, 2023

I am thinking of selling my house and buying another one in another area. I would like to buy the new house outright but am concerned about how much capital gains tax I will have to pay. I make about $52K a year. I bought my house for $132K and will be selling it for about $1,100,000.

March 25th, 2024

I started a new C Corporation and am filing its first federal tax return. I capitalized the corporation with $7500 cash in mid-June and plan for a fiscal year ending 6/30. No income was received and no other expenses were incurred before the 6/30 year end. Do I have to count the $7500 as income for federal tax purposes and pay income tax on this amount less the incorporation expenses?

July 13th, 2023