Can you include in the Operating Agreement of a Limited Liability Company that upon the death of a partner, the share of the deceased automatically goes to another specified partner under a Full Right of Survivorship clause? The LLC owns a single residential rental property.

October 11th, 2024

What is an estimate of the capital gains when selling a property that was inherited through a trust in California? The stepped-up basis at the date of death in 2011 is $240,000, repairs and upgrades to rent paid in 2011 are $15,000, the listing price is $459,000, and the balance owed on the mortgage, home equity loan, and condo special assessments is $200,000.

January 15th, 2024

If I do work for a foreign country (Sweden) and receive income from them, how do I declare it to the IRS, especially if the company does not have a presence in the U.S.?

December 5th, 2023

A Revenue Officer (RO) has found information on a TRW report indicating that my client is paying on a mortgage, but according to personal financial statements submitted, my client claims not to own any property and is renting at a specific address. The RO is threatening to levy my client's bank account if documents supporting the statement of non-ownership are not provided. How should my client proceed, and what steps are involved in the process of levying a bank account by the IRS?

January 8th, 2023

My parents and I are selling a NYC co-op for $145,000. I have a 33.3% interest and they have 66.6%. I am a NYC resident and they are non-residents (Canadians). Are there any NYS capital gains withholding requirements, and if yes, what are they?

August 30th, 2023