I loaned money to my three-member LLC, which is recorded as a liability on the LLC's books. I bear the full responsibility if the LLC goes out of business. Does this loan increase my tax basis, allowing me to deduct partnership losses?
October 18th, 2023
We have a partnership that rents out farm property, which includes production land and farm buildings. We want to sell it. Our accountant believes the production land is subject to capital gains tax, and the sale of the buildings would be subject to personal tax. Is this understanding correct?
June 20th, 2023
I received proceeds as a beneficiary from my mother's annuity and two insurance policies after she passed away in 2017. I received a 1099-R for the annuity showing taxable income of $599, and I also received a 1099-B for personal brokerage transactions showing an amount of $53.00. Do I need to report these on my taxes, and if so, where should I list them?
June 23rd, 2023
I am the noncustodial parent and can claim my daughter in the tax return. I pay 40% of the child care amount to my ex-wife as per the marriage settlement agreement. Should I claim 100% of the child care amount that was paid or only the 40% I paid in my tax return? Do I need any other forms from my ex-wife for federal and state tax returns?
May 3rd, 2024
I live and work in Maryland, but my W-2 forms show state tax withholding for both Maryland and Delaware. How should I file my taxes given this situation?
May 15th, 2023
When starting up a new business, is it better to file taxes quarterly, and how would we go about it?
June 25th, 2023