I am considering investing $100K in a Limited Partnership that invests in multi-family real estate. The projected returns are approximately 8% cash on cash invested. I am advised that I could also obtain tax advantages such as depreciation. Is this a good investment, and is my principal safe since the general partner will be taking significant fees?

March 31st, 2024

I received a $5000 payment from my Cancer Insurance policy after being diagnosed with Breast Cancer, which I used to pay medical bills not covered by my regular medical coverage. I received a 1099-MISC. Does this payment need to be claimed as income on my 2017 tax return even though it was used to pay medical bills?

December 27th, 2023

Are there any changes on 2017 Forms 4562 and Schedule E (for rental property) over the previous year 2016? What about Schedule A?

August 10th, 2024

I need help filing Form 709 for gifting real estate to my daughter and son-in-law. The property is in my name only, and the mortgage was paid off by a gift from my son-in-law's mother. I am married and want to use both my and my spouse's lifetime exemption. How do I properly fill out the form, especially Schedule A, and what does 'gift splitting' mean in this context?

May 12th, 2023

I am filing my 2016 income tax returns as 'married filing separate return' and did not live with my spouse in 2016. What should I consider her on my return: an exemption, a dependent, or an alimony expense only? Her only income for 2016 was from me (half of my gross earnings).

February 2nd, 2024