asked
If a C-corporation has bank debt cancelled, which was guaranteed by the shareholder, is there cancellation of debt income to the shareholder or does it stay with the corporation?
January 1st, 2024
Can I qualify for a Section 1031 exchange if I sell my S Corp's business property in CA in April 2018 and use the cash for other business purposes, then buy a business property in TX in May 2018 using an SBA loan? Additionally, can I buy the TX property under my personal name instead of the S Corp's name, and how should I declare the Section 1031 exchange for tax benefits?
November 15th, 2023
Is there a penalty for overpayment of taxes, how far back does the IRS go to collect back taxes, and will the IRS send a refund check if you overpay your taxes?
March 29th, 2023
I received a Schedule K-1 form for a trust after my father's passing, indicating $6,600 in net long-term capital gains. Do I have to pay taxes on this, and if so, at what rate?
March 23rd, 2023
My client took out $50,000 from her 401k to buy her first house. Will she still face the 10% penalty?
December 26th, 2024
I'm trying to claim the "Not Affordable" option for an exemption from not having healthcare in 2017. I meet the income requirement but can't get information on the subsidies/credits I may have qualified for since it was last year and I didn't apply. I contacted the state Marketplace and they said they don't have any way to provide eligibility for the previous year. Is this enough for me to claim the exemption since I have no way to obtain the information?
December 5th, 2023