In scenarios where an individual based in Dallas, TX provides a mortgage or loan to a California-based LLC or to me and my partner personally to purchase a property in Ann Arbor, MI, is the lending individual subject to Texas, California, or Michigan state tax?

November 27th, 2023

My wife and I file married filing joint. I have given her gifts in the form of jewelry and cash for Christmas and birthday (approximately $8000). The amount is below $14,000. Can I show the gift amount on L16 of form 1040, schedule A? If the answer is 'yes', what documentation do I need to present?

October 12th, 2023

Can S corporation stocks be transferred from brother to brother without paying for the stocks, and is it legal to sell real estate for $1 in the context of succession planning for a family business in Pennsylvania?

December 9th, 2023

We sold an investment property in September 2017, and the title company did not withhold 9 months of real estate property taxes as instructed. They have requested that amount to be paid now in 2018. Will that amount affect our capital gains? In other words, will we have to pay capital gains tax on that amount?

October 21st, 2024

If my sole proprietorship makes $50,000 net income, how much can I contribute to my solo 401k? What are the maximum employee and employer contribution amounts, and where would these contributions be deducted on form 1040?

July 2nd, 2023