Before 2018, my business was a joint venture between my wife and I, and we were depreciating some business assets (Laptop and monitor). For 2018, we changed the business to an S-corp. How do we treat the assets that we were depreciating for 2018 taxes, and how do I contribute the assets to the S-corp if they have already been partially depreciated?

February 3rd, 2023

My girlfriend and I purchased a house in Puerto Rico last spring, each with 50% ownership on the title. She has invested more cash in the house while I've done all the labor in remodeling it. We plan to rent the house when it's finished, and she wants to deduct the money she has invested as an income property. She's concerned that my name being on the house title could be a problem for this. I am not claiming any deductions on the property myself since it's been her money we are working with. Can she still make her full deductions she wants to make as long as I take no deductions on the property?

June 15th, 2023

I am filling out an Insolvency worksheet (Form 4681) for my taxes. It asks for 'Interest in a 401(k) account.' My 401(k) account is invested in stocks and doesn't have interest. What are they asking for?

April 16th, 2024

I sold a commercial building in NYS in 2005 while I was a NYS resident and held a 7-year mortgage. I paid federal and NYS income tax on the gain over three years as I received payments. When I became a GA resident in 2008, NYS sent me a bill for the remaining state taxes, which I paid. In 2012, I received the balance owed on the mortgage and will owe GA income tax for 2012. Am I correct that I should get credit for state taxes (NY) already paid on this gain, and if so, what GA form do I use to get this credit?

February 23rd, 2023

Does assessed home property value include fixtures such as a refrigerator, stove, etc.?

April 19th, 2024