asked
I have owned property 1 for 5 years and it has appreciated considerably. I want to sell it to avoid capital gains. Can I do a 1031 exchange to buy property 2 (assuming no appreciation), then sell property 2 without paying tax? Is there a time limit for holding property 2 before selling it?
August 12th, 2023
I was issued restricted stock awards in late 2015. The company was sold in October 2018. Is this a long-term or short-term gain according to the IRS for tax year 2018? My gain was substantial and it makes a big difference between short term and long term.
December 24th, 2024
How much tax will be on an Adjusted Gross Income (AGI) of $11,000 for the current tax year?
February 25th, 2024
What is the fair market value for IRS purposes of a three-year-old behind-the-ear hearing aid donated to the Sertoma Hearing Aid Recycling Program, given that the pair originally cost $5,000?
March 3rd, 2023
I received a 1099-MISC for a life insurance payout. Do I need to report this if it's non-taxable? Is it common to receive a 1099-MISC in this type of situation where I receive the payout as a beneficiary?
August 30th, 2024
How should depreciation on a residential rental property held in a trust and sold in the final year of the trust be presented on the K/K-1 form, considering it was allocated to the estate in the prior year but is being passed through to beneficiaries in the final year?
March 7th, 2024