I invested in Bitcoin with 9 friends through a single account in my name in 2017. I now have the highest tax rate, and it would be unfair for others to shoulder my tax burden if we liquidate. Is there any problem with gifting the Bitcoin with the expectation to receive cash proceeds? My understanding of IRS rules is that a gift is only that if nothing of equal value is received in return. In this case, X Bitcoin is gifted, but the value of X/10 Bitcoin is returned in cash to each person.
April 21st, 2023
I have Series I bonds worth $10,000 that I used for education, but my modified adjusted gross income exceeded the applicable dollar amount by $30,000. Will they exclude some of the interest, and if so, how much?
January 19th, 2023
As an employer, under a dependent care assistance program that covers only your employees, which qualifications must be met for the value of household and dependent care services you directly or indirectly pay for or provide to be excluded as taxable wages?
February 16th, 2024
I need help filling out a tax withholding form for California on long-term gain from the sale of a home. The home was purchased in 2009 and was a vacation home, not a primary residence. Can you assist with form 593, the real estate withholding statement for 2020?
May 29th, 2024
I am a foreign citizen from Colombia and the owner of a Wyoming LLC. The Wyoming LLC will buy products from China vendors and sell to companies in Colombia and Mexico. Which taxes does the US Wyoming LLC have to pay?
February 10th, 2024
I recently used the non-filers tool to file for my economic impact payment. My stimulus was deposited in my account on November 4th, but my bank has not seen it. I am located in Texas, 39 years old, with no dependents, and my filing status this year was single. What should I do to track my payment and ensure I receive it?
November 28th, 2023