I have owned a property for 12 years, lived in it for 7 years, and rented it for 5 years. I am reporting rental income and filing US taxes, and I pay taxes in India, getting credit due to the Double Tax Avoidance treaty. If I sell the property, how much tax will I pay in the US and how much in India? In India, I am in the 25% tax bracket (highest). How will depreciation be accounted for in the US, and can I use any accrued tax credits from India to cover the US property sale tax?

April 20th, 2024

I have a question regarding the transfer of inheritance money from abroad and its tax implications. The money is in a Swiss bank, and I'd like to know the best way to get it transferred without being taxed, or at least with minimal tax penalties.

September 19th, 2023

I have a client who, advised by his attorney, set up an LLC where he and his wife have a 7% interest, and their respective SEP IRAs, managed by Provident Trust Group, have 57% and 36% interests. Once I prepare the partnership tax return and issue K-1s to each partner, do these trust groups FBO for the husband and wife require filing any tax returns?

July 19th, 2023

I have purchased a timber farm with no immediate income but significant expenses such as maintenance, equipment, and construction of buildings. How can I offset these expenses if there is no recordable income, and what should I know about potential future crop planting and tax implications?

June 27th, 2024

I am thinking of allowing my friend to run her horse therapy school 501(c) out of my home. Can I write anything off in taxes?

August 4th, 2023