asked
In a forced sale of rental property due to eminent domain, one spouse died in February 2008, and the property is in a trust with the other spouse still living. The forced sale was completed in January 2011. How long do I have to reinvest to avoid capital gains tax, if any? Is the revaluation done in February 2008 the new basis for capital gains determination, or only 50% of it? Does taking it as a 1035 exchange compromise the time one has to reinvest?
November 27th, 2023
I received a fraudulent call where I gave the last four digits of my SSN. I reported it, set up credit locks and fraud alerts, and tried to create a 'My Social Security' account but couldn't. Is this due to the credit locks? Do I need to visit a Social Security office to set up the account? How can I monitor if someone is using my SSN? What additional steps should I take to protect my identity and SSN, especially regarding potential fraudulent tax returns?
February 29th, 2024
I lost copies of my tax returns and can supply my social security number. Do you need my social security number to get copies of my tax returns?
January 2nd, 2023
I sold two rental properties acquired via 1031 exchange over 14 years ago. I would like to know the tax implications regarding recapture and the initial investment 1031 tax, including the impact of depreciation taken over the years and the deferred capital gains from the initial investment.
August 21st, 2024
My wife and I are considering deeding our home to our two children for one dollar while retaining a Life Estate. Will there be any Capital Gains Tax that our children will have to pay when we die, and how is the gain calculated if they sell the home after our death? The current value of the home is around $375,000.00.
May 24th, 2024
My not-for-profit organization in Kansas works concession stands as fundraisers. We noticed different companies deduct different amounts of tax for our beer sales. One company deducts 8.75% for beer and food sales, while another deducts 10% for beer and alcohol sales, even though the beer is only 3.2%. We thought Kansas sales tax was 6.3%. Could you explain the difference between on-site and off-site sales tax rates and what the actual tax rate is?
July 26th, 2024