I have a custodial account for my 11-year-old daughter that contains a mutual fund and cash. Is my daughter liable for taxes on the income from the mutual fund? Will she be at age 18, when she will be in college?

May 21st, 2023

I inherited a piece of unimproved land in New York in 1990 and want to sell it. My realtor suggests a price of $109,000 based on comparable sales. What information is accepted by the IRS as proof of the land's value in 1990, and will I have to pay capital gains taxes to New York and Idaho? Is there any tax break for reinvesting the sale proceeds in a home for retirement?

January 29th, 2024

I am in a 2-person LLC, and my partner wants to leave. How do you determine the value of the company for the buyout? My partner is asking for 2.5 years worth of his profits, which totals $67,500 x 2.5. Is that fair?

October 3rd, 2024

I just found out I will be short about $60K in taxes to the IRS. I know there are payment plans with the IRS but is this my best choice? I have about $150K in equity in my house, should I use that?

June 10th, 2024

My recently separated wife and I were audited for 2011 before she left. I called the IRS and was told to send in payment of only the back taxes, then send in an abatement letter requesting CNC status shortly after I sent in the payment. She moved out with depression and therapy, and I forgot to send in the letter. Now a second form came requesting the rest. I called and someone new told me I can't request abatement until everything is paid in full, and neither of us have the funds to pay the remaining amount. What might be our next move?

September 2nd, 2023