My wife and I own a condo in Atlanta and a house in Michigan. Our oldest daughter lives full-time in the Atlanta condo and is our dependent. We have two other daughters in Michigan, one in college and one in high school. Can we file taxes separately, with my wife claiming the Atlanta condo and our oldest daughter on her tax return, and both claiming residency in Atlanta for homestead exemption and in-state tuition? I would then claim the Michigan property and our other two daughters. Is this scenario possible?

July 25th, 2024

Is it legal for US residents (permanent green card holders) to invest in HYIP programs that are for worldwide investors and are founded offshore in the UK on the internet? Additionally, what tax form should be submitted to the IRS for reporting such investments, especially if filing a joint tax return with a spouse who owns a local firm?

April 8th, 2024

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