I have filed form 4250 to carry a significant NOL from 2011 back to 2009 and 2010. However, 2009 was also a significant NOL carried over to 2010. The IRS has accepted the 2009 NOL carried over and now has the paperwork for 2011 carry back. The IRS has asked for form 6251, emphasizing that lines 10 and 11 be different and that I need to show my calculations. My NOL for 2011 ($1,287,797) is greater than my taxable income for 2010 (AGI $688,995). Is the number for form 6251 line 1 calculated before or after adding the NOL to 2010? Line 10 is the combined NOLs from 2009 and 2011. How do I calculate line 11?

June 1st, 2024

In 1988, $600 US equals how much money in 2012?

January 27th, 2023

I am planning to sell a rental property which was formerly my residence. For the past 3 years, I have claimed a loss for this rental on my income tax. My understanding is that if I sell after 31 Dec 2012, I will have to pay larger capital gains tax, and I hope to sell before that date. The decision I need to make is whether to invest in fixing the property up to increase the sale value, or to sell it for a lower price as a "fixer-upper". Can I deduct the cost of fixing the property as a continued business expense and loss from my 2012 income?

June 30th, 2024

I live in Singapore and have been self-employed since 1996. I am an American citizen and have not filed tax returns since leaving the US 25 years ago. What is the best way to get back into the tax system and what penalties might I face?

April 25th, 2024

My mother's income is about $20,000 a year from farm rents and interest. She is 93 years old and is selling bare farmland for $900,000 with a base of around $175,000. What is the rate she will pay for capital gains tax to Wisconsin and what if any income tax in addition to the CG Tax will she have to pay? Also, is there any way outside of a land trade to reduce this tax burden?

August 15th, 2024