asked
I'm selling a house that is in a trust, which was my grandmother's (the grantor) and has been our primary residence since 2012. My wife is the trustee, and I am the beneficiary. I want to take advantage of the capital gains exclusion for the sale of this home under $500K. Should my wife quitclaim deed the house to me before the sale to avoid capital gains tax, or can she sell it as the trustee and pass the profit to me as the beneficiary? What are the tax implications for both scenarios?
July 30th, 2024
As an NJ-based Amazon seller, I need to understand the tax requirements for sales in Kansas. Specifically, I'm unsure whether I need to register for the Retailers' Sales Tax or the Retailers' Compensating Use Tax, as these are separate in Kansas but combined in NJ. Can you confirm which one I need to sign up for?
July 14th, 2023
Can my LLC cover a partner's car payment and use it as an expense against taxable business profit since the car is used mostly for business?
January 20th, 2023
I am distributing rental property assets from an estate to a trust. How do I dispose of the assets from the estate?
July 7th, 2023
How can I reduce federal income tax withheld from my W2 paycheck?
September 16th, 2023
I mailed my 2019 tax return on March 27, 2020, and still haven't received my refund. The IRS website's 'Where's My Refund' tool always says, 'Your tax return is still being processed.' I'm concerned they never received my return and want to send it again, but the IRS advises against it. I've tried calling but it's nearly impossible to reach a live person. What else can I do?
May 20th, 2023