Can I add my mileage (7,200 miles driven) to my adjusted tax basis of a home I just sold, which was a potential personal residence that didn’t work out and turned into a very profitable investment property? I made the trips to make home improvements; about a 220 mile per round trip.

May 22nd, 2023

I own a rental property that I plan to sell, resulting in a capital gain. I also own a condominium that I currently live in and plan to convert into a rental property. Can I shelter the gain from the sale of the current rental property by applying it as a reduction to my cost basis in the condominium?

September 16th, 2024

A client of mine, who is on Social Security Disability and now receives Medicare benefits, believes she owes $6000 in taxes because taxes were not taken from her disability income. What is the law regarding taxes on her income tax return, and who can answer this question?

August 23rd, 2023

I have a 1099-C and was insolvent, having filed form 982 for federal taxes to prove insolvency and avoid taxes. However, state taxes still show taxes due. How do I handle this situation for state taxes, and is there a state equivalent to form 982?

March 30th, 2023

I have a 41-year-old son who is disabled and receives SSI and Medicaid. He rents a room in my apartment and covers our Con-Edison bill. His SSI income is very small, and I cover all additional expenses like therapies, clothing, transportation, and food. I would like to know how declaring him as a dependent would affect me. Would it affect me or would he lose his SSI and Medicaid?

May 28th, 2023