My AGI was over 162k last year, and I have over 21k in rental losses. Since I am not a real estate professional, is there any exception that allows me to claim my rental loss on my taxes? If not, should I consider opening a business to claim the loss as a business loss in future years?

March 2nd, 2024

I owe $2,400 in New York State and New York City income taxes but do not have the funds to pay. I was unemployed for a large part of 2011 and cashed in some retirement assets, which were reported on a 1099R. I would like to set up a payment plan but do not want to adversely affect my credit rating. Should I file the return electronically and send a letter to the NYS tax department asking for a payment plan?

April 5th, 2024

I have an LLC taxed as a partnership with $180k in liabilities (one loan) and a negative capital account balance of $180K. There are no assets. Can I transfer the loan to another LLC taxed as a partnership since the partners on both partnerships are the same? Would there be any tax consequences? How would we do this?

September 23rd, 2023

How is it possible to owe taxes on a cash settlement made to a business partner who is not on the books of the company, especially when the settlement was made to cease partnership claims?

May 5th, 2024

Why did TT give me an adjusted tax due amount after it had given me a refund amount when I entered basis for stock trades? It went from a refund amount to tax due amount after I sent a copy to a tax consultant. Does it recalculate when it is opened? Was the refund after I entered the cost of the stocks sold wrong?

May 6th, 2024