I have my parents on SSI living with me. They want to contribute $500/mo to our expenses. We claim them as dependents since we pay for the rental, utilities, provide a vehicle and pay for insurance. They have our other vehicles they can use. We also drive them if needed and provide care at home. How do I rate the vehicles we provide for tax purposes? Monthly rate? Mileage?

February 14th, 2024

My sister and I owned my mother's house, and the deed was transferred for $1. When my mother passed, my sister paid me $80,000 for her portion. Now I am selling the house and planning to buy another property. Do I have to pay capital gains tax since I am buying another property in 2 years, and this property is not my original home but a second home?

May 1st, 2024

I am getting my taxes done for 2016 and my tax preparer wants to prorate expenses for my rental homes based on the number of days they were rented. I don't believe this was done before and I had them for over 10 years. I tried to look it up and it appears he is trying to use the vacation home rental rules. They don't meet the test as I do not stay there over 10% of the time nor 14 days. They are my business (rentals). Is he correct in trying to prorate all my expenses on Schedule E or not?

November 5th, 2024

I sold shares worth 181,000 with a cost basis of 78,000 through a private employer's ESOP plan. The stock was gifted over 20 years. How does this get taxed?

August 2nd, 2023

Is there a cutoff date in December for when a truck purchased in 2016 can be counted for the Section 179 deduction, and can I still use the $25,000 deduction allowed under Section 179 if my truck meets the criteria and I have $22k in business income?

May 2nd, 2023