How much can my 14-year-old stepson earn from working before he would owe taxes or be required to file a tax return, given that he receives $228 a month from his mother's disability benefits and we claim him as a dependent?

December 7th, 2024

I bought a house in 2017 with the plan to flip it in 2018. Do I report the purchase, real estate taxes paid, mortgage interest paid, and repairs made to the house on my 2017 tax return, or do I wait until my 2018 tax return? Additionally, how do I handle this gain for tax purposes under a 1031 exchange?

June 28th, 2024

If I convert my 1065 partnership to an S Corp, does my K-1 basis carry forward to the S-Corp?

December 11th, 2024

What is the form to request an Installment Plan from the Massachusetts Department of Revenue for an individual?

August 7th, 2023

My father is quit claiming a rental property to me, which I will then quit claim to an LLC that I will be the sole owner of. He insists on this method to take advantage of the parent-to-child reassessment exclusion of $1M under Prop 58. Is it not possible to transfer directly to my LLC and keep the same exclusion? If I follow my father's suggestion, will I encounter any tax events or triggers by transferring the property from my name to my single-member LLC?

October 22nd, 2023