asked
I purchased a house in 2006 for $52,500 as a primary residence and began renting it out in 2014, depreciating it annually. I have a cash buyer willing to pay $40,000, and I owe $30,000. Will I have to pay any capital gains taxes? Could I write off the loss of $12,500? I live in Pennsylvania and the house is located in Pennsylvania as well.
March 6th, 2023
I'm selling a piece of vacant land for $160,000 with a cost basis of $27,000. I earn $60,000 per year and file married jointly. I live in Idaho but the land is in California. How much capital gains tax should I expect?
February 10th, 2023
I need to make a payment for notice number 5078432220625. How can I proceed with the payment?
April 10th, 2023
How do I report my share of a Tenancy in Common (TIC) property on my individual tax return, given that I invested 25% in the property, made improvements, and sold it in 2021 without renting it out?
January 15th, 2023
I want to know if I need to change my tax deductions to avoid owing money at the end of the year. I have 3 kids and my wife does not work, so I have them listed on my taxes. I am on track to make over $100K, and I also had a second job from March to June where I made $31K. I am currently claiming 3 allowances. Should I change my allowances to 0 to ensure enough taxes are withheld?
July 25th, 2024
I had a Form 511 NR prepared by my tax consultant for the year 2020, but I was unable to send it to the Oklahoma Tax Commission by October 2021. I am eligible for a refund and do not owe the Oklahoma State. Is it still possible to mail the return now, and will it be an issue that I am mailing it almost a year past the due date?
February 2nd, 2024