asked
If a guarantor assumes a recourse loan with a non-recourse guarantee, and the lender closes the borrower's loans, would the IRS consider the borrower's loans forgiven, and could the lender send the borrower a 1099-C while still collecting from the guarantor?
June 24th, 2024
I purchased my house in September 2015 for $63,500. I lived in it until July 2017 and then converted it into a rental property. When I sell it, what part of the sale price is subject to capital gains tax, and how does the time I lived in the house affect this?
October 2nd, 2024
I want to make payments on City Real Estate Taxes. I owe last year's taxes, and I have until February 2020 to pay this year's taxes. Which should I concentrate on at this moment?
August 10th, 2023
Can a US person living abroad own an S corporation and pay themselves a salary to reduce self-employment tax? What are the rules for this situation, and is it a good option to reduce self-employment tax?
April 29th, 2024
I haven't filed taxes since 2016. How can I start the process of resolving this and what are the steps to file for the years I missed?
July 14th, 2024
My mother lives in Florida and is considering maintaining two residences, with a second one in Pennsylvania. Would she end up paying taxes in both states? Would she pay taxes on interest income and social security? She is fully retired at 76 years old and a widow.
January 14th, 2024