I need a copy of my 2011 North Carolina Tax Return to send to the N.C. Dept. of Revenue. My original copy was sent to them in February, 2012, but it was an amended copy that had been corrected. The N.C. Dept. of Revenue requires a copy of the original document, along with the amended copy. I have a refund of $1345.00 due. Can you help me get a copy of the Original, not the Amended Return?

October 1st, 2024

If a shareholder took a loan from a C corporation and the interest was imputed (not physically paid), should the shareholder receive a 1099-interest, and should both the corporation and the shareholder pick up the imputed interest income on their respective tax returns?

November 20th, 2023

I have filed form 4250 to carry a significant NOL from 2011 back to 2009 and 2010. However, 2009 was also a significant NOL carried over to 2010. The IRS has accepted the 2009 NOL carried over and now has the paperwork for 2011 carry back. The IRS has asked for form 6251, emphasizing that lines 10 and 11 be different and that I need to show my calculations. My NOL for 2011 ($1,287,797) is greater than my taxable income for 2010 (AGI $688,995). Is the number for form 6251 line 1 calculated before or after adding the NOL to 2010? Line 10 is the combined NOLs from 2009 and 2011. How do I calculate line 11?

June 1st, 2024

In 1988, $600 US equals how much money in 2012?

January 27th, 2023

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