I sold a house in Indianapolis and want to know how to pay my federal and state taxes on the earnings. I lived in the house for 11 years and then moved to Carthage, allowing my niece to live in the house for 10 years. I sold the house for $145,000 and bought it for $71,000. How do I calculate and pay the taxes on this sale?

May 4th, 2023

Why is it so difficult to talk to the IRS and get my situation resolved?

September 8th, 2023

A foreign partnership LP1 with foreign limited partners is investing in a US-based LLC1, which is buying real properties directly or indirectly. The questions are: 1) Are the foreign LPs in LP1 passive and not conducting any business/ECI in the US? Is the general partner managing LP1 conducting ECI in the US or can be classified as non-ECI? 2) Should LLC1 deduct NRA withholding of 30% for LP1 income? 3) Can the foreign LP1 submit a tax return form to obtain tax reclaim, or is it mandatory for each of its LPs to do that? 4) Can the LLC enter into a withholding agent agreement with the IRS and apply for a 1042-S form without requiring individual LPs to obtain SSN or TIN?

February 15th, 2023

Are there any paper assets that come with some shelf companies or can be added to a shelf company to increase its value?

September 23rd, 2023

I filed my taxes on April 18 and haven't received my refund. How can I check the status of my refund and what should I do if it's delayed?

June 26th, 2024