asked
I need assistance in filling out a 2005 Form 6252 for an installment sale of a business. My brother and I sold the business in April 2005 for $350,000, after purchasing it in 1985 for $200,000 and making $175,309 in improvements. The buyer paid all closing costs of $49,577.74, and we received $60,000 in principal and $12,107.04 in interest in 2005. The remaining balance of $200,000 is to be paid monthly at 7% over 20 years. I need help understanding how to fill out lines 8, 19, and 21, and whether I should use Schedule D or Form 4797.
May 23rd, 2023
Can a new partner purchase an old partner's basis in a partnership without dissolving it?
January 15th, 2024
I am the trustee for a family trust for a friend who recently passed away. I received a form SSA-1724, Claim for Amounts Due in the Case of a Deceased Beneficiary. I'm unsure if the Trust is eligible for this payment and if I need to fill out the form. The payment would be used for her son who is 49.
June 15th, 2024
For audit, I need a copy of my 2017 tax return. How can I obtain it?
September 5th, 2024
I am living in a condominium that has been my principal residence since 1/20/04. I am 65 and my wife is 62. We are finding it more and more difficult to live in this complex due to noise and accessibility issues. If we sell this unit, we will be faced with a large capital gain. Is there any way we can sell or exchange this home and avoid or ameliorate the capital gains tax on the sale? Please advise.
October 6th, 2024
If an unmarried friend receiving SS disability benefits gets married, will this affect the amount he is receiving, especially if his prospective wife is working?
May 21st, 2024