What can be included when calculating the adjusted basis for a property, such as a home, and what determines the capital gains tax rate?

June 26th, 2023

I’m an ex UK citizen and I’m now a US citizen. I have 7 UK rental properties with mortgages that I will be able to pay off soon. Before I do so, would it be best for me to pay them off and purchase them through a US LLC? How does that affect my tax situation? Will I still have to submit a UK tax return? Apart from the properties, I have no other source of income.

March 15th, 2023

How can I get my stimulus checks? I have never received any checks. I am on social security and a non-filer. I am 67 years old without any dependents. My husband died in January and received all his checks, but I never did. My typical filing status is non-filer, and when we filed years ago, my husband's name was first on tax forms, so I guess my name was not picked up to send my checks.

September 26th, 2023

In March of this year, I mailed a payment of $601.00 to Kansas City, Kansas, instead of Binghamton, NY, for taxes owed from the previous year. The check was cashed, but the correct recipient did not receive it. I had to send another check to Binghamton, NY, with interest. How do I get my original payment back?

March 2nd, 2023

A client set up an LLC in 2018 and elected to be an S Corp, but never filed any tax returns and incurred minimal expenses. In 2020, they had some gross receipts but still no tax filings. They mistakenly thought they couldn't own an S Corp as a green card holder. Is it possible to revoke the S Corp election retroactively and file as a C Corp for previous years, or should they file final tax returns for the S Corp and close it down?

October 13th, 2024