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

I urgently need copies of business tax returns (Form 1120) and quarterly financial reports (Form 941) for the years 2003, 2004, 2005, 2006, and 2007. My business was located in TN and then GA, and it was closed in 2007. I have already tried contacting the IRS but have not had any luck.

May 8th, 2024

MN Dept of Revenue sent me a letter demanding $1500.00 in taxes for past cigarette purchases made online several years ago. Many in MN are receiving these letters. How can they target the cigarette tax while we can still buy online purchases for other items that the online stores do not pay the MN tax on those items? Seems they are only going after the smokers.

July 19th, 2023