How should the tax return be prepared for the sale of a house bought by two men, "A" and "B", as tenants in common, where "B" transferred his interest to his daughter due to illness, and both "A" and "B" continued to invest in the property? Specifically, how should the capital gains and expenses be reported, considering the daughter has no investment or expenses but will face capital gains tax?

May 15th, 2024

My divorce decree states that my ex-husband and I will file a joint tax return for 2018. He is refusing to share the business return, which reported all of our income, with my tax accountant. My tax expert suggests filing singly if the supporting documentation is not provided. My divorce attorney warns that I might be found in contempt if I refuse to sign the joint return. Should I sign the joint return without reviewing the business return, or is there a way to ensure the return's accuracy without violating the divorce decree?

January 7th, 2024

I'm trying to decide if I should create an LLC, Corporation, or nothing. I currently live in California and plan to create a business that will house other small ventures using DBAs, with a focus on an app for iOS and Android. I expect to generate $100-200K in revenue the first year, with about $50K in distributed income and $20K in other fees. I'm also considering creating a Corp in Delaware or Nevada. What business structure would optimize my taxes given my current situation and potential revenue growth?

November 3rd, 2023

I cashed an investment of $50,000 and gave each of my 4 children a cash gift of $12,500. I received a 1099-R for the investment to include on my 2011 taxes. Where do I deduct the 4 cash gifts of $12,500?

October 8th, 2023

I am retired, over 65, with income from Social Security and a small amount in interest and dividends. I determined that I do not owe any taxes for calendar year 2009. Because the interest and dividends have been reported to the IRS, do I need to submit Form 1040 showing no tax owed?

February 9th, 2023