How do I legally save on my taxes?

November 16th, 2024

I have a business with my brother and he wants out. I am unsure how to limit my tax liabilities: a straight buyout, sale of his share to a third party, or total dissolution with sale of all assets. Additionally, can another family member buy out my brother?

December 19th, 2023

My wife is receiving a small pension from the UK and social Security benefits in the US. Her US pension is being partially offset by the amount of the UK Pension. How do I report her foreign pension on our Joint Tax return for the year 2016?

May 24th, 2024

I am 89 years old with an IRA worth about $480,000. I have been taking Required Minimum Distributions (RMDs) and my current annual income is around $80,000 from Social Security and pension. I am a widower and have been using Table III for RMDs. I have a financial advisor suggesting converting my IRA to a Roth IRA. What are the implications of this conversion, and should I proceed with it?

May 26th, 2023

How can I increase the basis of a gifted property in New Jersey, where the original purchase price was $4,000 and the property was sold for $1.5 million, without having documentation of improvements made in the 1940s?

September 20th, 2024