I am considering refinancing a residential investment property to cash out about $100k. I plan to spend $30k on improvements and remodeling, and use the remaining $70k to pay off other short-term personal debt. What are the tax implications of this?

October 17th, 2024

Our Quilt Guild got its 501c3 status in May. The new board panicked and moved $4700 to a new account under a new name and EIN. Does this eliminate our IRS responsibility, and does the new EIN protect the board from legal suits?

September 22nd, 2023

A non-US resident from Greece has formed a US Delaware C-Corp and plans to create a subsidiary in Greece. What is the best way for them to pay themselves, and what are the implications of doing so as a non-US resident? Is a subsidiary necessary for this purpose?

March 28th, 2023

My husband passed away in 2007. I received a letter stating that I can collect his Social Security when I turn 50. However, I remarried and got divorced. Can I still collect my deceased husband's Social Security when I turn 50? I am currently on Social Security for a disability.

February 25th, 2024

I have a client who wants to gift the equity in a piece of real estate to his son. Are there any tax consequences to that? The client currently owns a piece of real estate with a loan on it and wants to gift the property to his son who will refinance it. I am pretty sure he will have to file a gift tax return since the equity is over the annual gift tax exclusion amount. I am also pretty sure you can give something away without paying income tax, but I'm not sure if there are no tax consequences to being relieved of the debt. Please answer and provide citations to code, regs, etc...thanks.

September 4th, 2024