I received a 1099-S Form for the sale of a family home where I had a life estate interest. My brother, who had a life estate, passed away, and the property was sold, with funds disbursed to his estate and my sister and me. Is the sale amount taxable, and how do I handle this on my tax return?
December 1st, 2024
What are the tax benefits of owning investment rental properties, and how can setting up an LLC for these properties affect tax deductions?
March 3rd, 2024
Where on the 1040 should I report the inheritance I received from my deceased father for tax year 2018, as the estate manager said I would have to pay tax and it was my responsibility?
November 9th, 2024
How should I advise my client, who is a shareholder in an S-Corp with multiple owners, on the timing and amount of distributions to avoid disproportionate distributions and maintain accurate shareholder basis, while ensuring compliance with IRS rules regarding S-Corp distributions?
October 17th, 2024
How can I change my voluntary federal income tax withheld to $0, and what is the address for the Evansville, Indiana Social Security office?
June 15th, 2024
A client wants to take money out of a surrender charge-free large annuity and set up 5 annuities, each worth $120,000, for his 5 grown children. He will pay taxes on the gain but wants to know if there will be additional taxes for his children if he transfers $120,000 into their names. If the children do not touch the annuities, will there be a tax consequence for them?
September 20th, 2023