asked
I was laid off from work and bought two existing franchises last year for a total of $400k, owner-financed with a down payment of $160k from my 401k and retirement fund using ROBS. My questions are: 1. How do I classify the $160k down payment? 2. Can I use the interest on the loan from the sellers as a business expense?
September 7th, 2024
If someone sold a single family rental property in 2018, what opportunities in opportunity zones are there, what needs to be done to defer the capital gains tax and until what date does the person have to invest in one of these zones?
August 28th, 2024
Does the IRS send 1040 letters to the same person from different locations, and what do the CP504 and LTR2626C notices indicate?
December 8th, 2023
I originally sent in my tax return electronically on March 27th, 2007 for both my wife and I. We were told we would first get our return by April 10th, 2007, but then received a message 1301 and a letter 12C requesting additional information. I provided the requested information on April 24th, and now I am getting code 1481. What does this code mean, and do you think they are going to hold her return up again? I have never heard of a return being received on a Tuesday.
August 9th, 2024
I received 16 payments last year over $20,000 through PayPal. I don't think I meet the IRS reporting requirements, but I want to know the reporting requirements for states like Oklahoma and California. Additionally, I am a Canadian citizen living in Canada and was using a friend's address in Massachusetts for my PayPal account. How does this affect my 1099-K reporting, and what should I do if I need to update my information?
March 24th, 2023
What is the IRS taking out of my federal tax check?
January 19th, 2024