I'm considering shifting some of my stock markets index funds in a taxable investment account to a safer haven like money market or total bond index fund. How do I decide which tax basis method is the best way to go since I have some significant capital gains?

December 21st, 2024

Can a Wyoming-based LLC/C-Corp., called Creative Housing Solutions, Inc., be used to hold and sell a condominium in New Jersey for a period of 3-4 months in a flip situation, or do we need to set up a New Jersey-based LLC for this one transaction?

December 15th, 2024

I live in Ohio and have been married since 2011. My husband and I have separate bank accounts, and he has managed all our finances and tax preparation since 2007. We filed our tax returns separately until 2013 when my husband suggested filing jointly to save money. I agreed, but in 2015, I received a bill from the IRS for unpaid taxes from 2013, which my husband had not disclosed. He also had hidden debts for 2012 and 2014. We built a new house in 2013, and in 2015, we financed the remaining 40% of its cost, including his 2012 debts. Recently, I discovered more of his undisclosed debts. My questions are: 1. Was it legal to file a joint tax return without warning the other person about possible debts, and can I appeal? 2. In case of divorce, will the IRS take my spouse's unpaid taxes for 2014 from my part of the house equity, since we filed separately in 2014? 3. If my husband becomes disabled or dies, will I be responsible for his unpaid taxes for 2014 and 2015, whether we are still married or divorced? 4. Can the IRS come for my property that was bought before marriage?

August 10th, 2024

I previously completed my own tax returns, but this year I received a notice that IHSS wages were no longer taxable and that I could amend tax returns for 2011-2013. I went to a tax office on April 9 and was told they could prepare all the returns after April 15, and we would get an extension for 2014. All the returns were completed, and the amended ones were mailed on 4/24. I have received a letter from the IRS stating that the 2011 return was filed 9 days late. Now I am being told that there is nothing I can do. Is that correct?

November 18th, 2024

My mother is going to loan me funds to pay off a mortgage on one house so that I can refinance another property. With the refinanced funds (plus additional cash requested), I will be paying her back. Therefore, I interpret it as a loan, not a gift. Are there any tax consequences?

May 14th, 2023