I operate a home-based business entirely in my name, but the home mortgage and bills are in my wife's name. I use about 15% of the property for the business. Can I apply that 15% to the mortgage bill and utilities for tax deductions if they are not in my name?

January 26th, 2024

How should I estimate my tax liability for an extension when I have a new LLC that does not have a tax return for last year, and my bookkeeping is not yet accurate?

March 16th, 2023

I sold an apartment building in Las Vegas in 2017 and I am trying to reduce the gain of the sale. What costs can I add to increase the 'Cost of the sale' to reduce my taxable gain?

March 5th, 2024

I have a Net Operating Loss (NOL) from my small business, which was closed in 2017. The tax software generated a form 1045 with a Schedule A-NOL. What is this NOL exactly? Will it reduce my federal tax liability next year or my taxable income next year? What if I have no Schedule C next year due to no self-employment business? Also, for the NJ return, it generates a form NJ BUS 2 with a loss carryforward to tax year 2018, but I closed my LLC and will not file to NJ again. What will happen to this carryforward loss for NJ?

August 8th, 2023

If a taxpayer transfers her personal residence to an irrevocable trust, does the residence get a step up in basis to fair market value? The trust subsequently sold the residence, and the taxpayer died three months later.

July 2nd, 2024