I'm a real estate professional. I sold a rental property at a loss of $50,000 three years ago, which was offset against my income. My income was $170,000, so my taxable income was $100,000. If I sell another rental home this year for a gain of $70,000, my income is $180,000 and other deductibles total $30,000, what is my taxable income? Is it $220,000 ($70,000 + $180,000 - $30,000) or do I have to add back the $50,000 loss from three years ago?

September 2nd, 2023

I overreported my alimony income by $1400 on my tax return. Should I amend my return, even though it doesn't result in a tax savings for me, to avoid potential issues for my ex-husband?

September 30th, 2023

I have a small business set up as an S corporation that I have loaned money to in the past. When I take a payment on that loan, does it have to be accounted for as an S corporation distribution or can it be just a payment against the loan?

November 26th, 2023

Our 2-person LLC, which has always filed taxes as a partnership, is doing an S-corporation conversion for tax filing purposes. My understanding is that all shareholders, including spouses in community property states, must sign Form 2553. Additionally, I want to ensure that remaining an LLC filing as a Corp>Sub-S is handled correctly and understand if we need to file Form 3115 for changing our accounting method from cash to accrual. Lastly, I need to know if I can sign the tax forms as a co-president instead of a partner.

February 18th, 2023

Can employee bonuses be paid via 1099, or do they also have to be paid via W2 with taxes withheld?

June 22nd, 2023