My dad died in April 2023. My siblings and I sold the home in October 2023 and each made approximately $60,000. I received a 1099-S from the law firm for the sale of the property. I thought we did not have to pay taxes on it, but when I do my taxes online, I have to report it and it looks like I will have to owe federal and state taxes which amount to about $6,000. Does this sound right?

December 14th, 2024

I am a private company employee with 40k qualified stock options granted at $5, exercisable at 10k after a year, requiring $50k out of pocket. With the company valuation at $15 per share, I would need to pay tax on $(15-5)*10000=$100,000 at the LTCG rate. If shares are trading at $20 on a private market platform like Hive, do I use that price or the company valuation price for tax purposes? Is this tax loss recoverable against future AMT? How can I mitigate this tax hit, and if I hold the shares for a year, can I sell them at regular LTCG?

November 3rd, 2024

What happens if an S corporation does not have income to pay the wages of its officers, and can the wages be accumulated for future payment?

January 14th, 2023

A client received a 1098-Mortgage Interest Statement. I am deducing Mortgage Interest $28,475.04 (added box 1+6) and reporting Box 10 $11,619.81 as Real Estate Tax on Schedule A. Am I doing it right?

June 28th, 2023

I didn't receive my statement to do my taxes. Have you checked your mailbox or any other possible locations where the statement might have been delivered? Are you referring to your Social Security statement that shows your earnings and estimated benefits? Is there anything else the Computer Technician should know about this issue? Do you know when I will receive it?

July 2nd, 2023