asked
If a senior couple were to have a significant gain on the sale of their home but were to roll it into the purchase of a new home, would they have to pay gains? The original purchase price was $300k, the sale price is $2.5m, and they will be purchasing a new home for roughly $2m. Additionally, can they carry over their original property tax based on the $300k purchase price despite the sale price of $2.5m and the new purchase price of $2m?
May 28th, 2024
How do capital gains regulations work for investments, particularly in terms of calculating holding periods and gains for assets like stocks and collectibles, especially when multiple purchases are made at different times?
June 2nd, 2023
I have a Chinese client who wants to buy a house in the United States, but she can only bring $40,000 into her account due to restrictions. She is asking me and three other friends to help her by receiving her money into our accounts. What will be the taxable consequences if she sends me $40,000 to my account?
June 28th, 2023
I divorced in 2015 and receive SSI income, alimony, and a distribution from my ex-husband's 401k. I am on permanent disability and do not work. The distribution has increased my income and resulted in higher taxes. I am unsure about the best type of IRA to open to reduce my tax burden. Should I open a traditional IRA and transfer all the money, or just contribute annually? What options do I have to lower my taxes in this situation?
March 18th, 2024
I had a short sale on a rental property. Reading Pub 4681, it appears I may not need to include the cancellation of debt on 1099-C in my income. Is that correct?
September 27th, 2024
When I sell my rental property and purchase a second home, does the section 1013 rule apply, or will I have to pay capital gains tax?
June 3rd, 2024