In 2003, my mother-in-law bought a house and put my husband's and my brother-in-law's names on the title, rather than her own. In 2011, the house was sold, and my husband received 50% of the proceeds. We got a 1099-S from the settlement. My brother-in-law's accountant said he did not have to include the proceeds of the sale on his 1040, as this was not a main home, vacation home, or investment property. Does this sound correct?
March 10th, 2024
I inherited money in the form of a CD. Must I report this?
January 31st, 2024
I owe 2011 NY City income tax. My 2012 Federal return for 2011 does not include the additional NY City tax I will pay on 4/17/2012. How do I adjust my 2012 return for 2011 income to account for the additional paid city taxes?
January 3rd, 2023
I have passive activity losses from rental property in 2011 which TurboTax says I cannot deduct. Can I pass these passive losses to next year when the property earns more income?
August 6th, 2023
What is the tax treatment for money given as a gift and as a loan?
March 1st, 2024
I have a tax question regarding my LLC and converting it to a Corporation.
December 22nd, 2023