If I convert my primary residence, which I have lived in for 15 years, into an Airbnb short-term rental and later decide to sell it, what are the tax implications, particularly concerning capital gains tax? Additionally, if I choose not to sell and continue using it as an Airbnb, how will this affect my taxes?

September 20th, 2024

Can my boyfriend claim my son as a dependent on his taxes since he has supported us more financially than my ex-husband, and if not, what should I do to claim my children and potentially receive a tax return?

April 3rd, 2023

I am on a payment plan with the IRS for back taxes - $455 a month for a 4-year plan to pay off about $25k. I have paid about 1.5 years worth. As of August 15th, I am being laid off due to my company going under, making it difficult/impossible to make the payments on unemployment checks. I have no liquid assets, a small investment account, and a 401k that are severely devalued. I am 59 years old and own a small apartment with a mortgage of about $78K, which is my primary residence. I am worried that if I don't make my payments, the IRS will seize my home. Can this happen? What can I do to prevent this?

June 6th, 2024

What is the minimum income where you don't need to file?

September 25th, 2023

How can I reduce my farm property taxes in Michigan?

May 12th, 2023