My elderly parents have a Social Security income of $17,000 per year and also receive $5,000 per month from an annuity created from the sale of their primary residence. They currently live in an Assisted Living facility. Do they need to file an income tax return?

January 14th, 2024

I have a client, a husband and wife, who had a failed adoption last year. Even though they did not get the child, are the expenses they incurred still deductible?

January 15th, 2023

Where can I find capital loss in my previous years' taxes and how can I see how much of it was already carried over?

August 8th, 2023

I have a 1099-C credit card charge-off from 2016 and I'm looking to see if I can have the amount be non-taxable due to insolvency. I need help with tax form 982. I've filled out the insolvency worksheet and my debt is bigger than the 1099-C amount. On form 982 part 2, I don’t know what box to check off for credit card debt that applies to my situation.

November 10th, 2024

We started an LLC (partnership, Delaware) with me and my partner each owning 50%. We each sold 20% to another individual. He made the check out to us personally. Do we book anything for that on the books? Would it be considered a purchase from us rather than the business and not an investment?

November 12th, 2023