I have a client who has 30 secured notes and receives interest income from them (130K). The notes are secured by real estate, some of which are wrapped by other notes on which he pays interest (42K) to the wrap owners. He also has auto expenses (6K), legal expenses (9K), rent expense (16K), and repairs (32K). It is a 2-owner partnership. Prior accountant put interest income on K1 and interest expense and the remaining in Form 1065 as ordinary. I believe if anything, they all are investment interest and the rest investment expenses. Please advise.

November 6th, 2023

Do I need to file taxes if I am only receiving Social Security benefits and earned $3,000 from working for two months last year, living in Idaho now, and previously lived in Washington state for 20 years?

January 2nd, 2023

Should I form an LLC if my husband and I file jointly, he owns an LLC, and I am a freelancer on a 1099? Our combined income is about $200K, and we don't own a home, so we generally don't claim itemized deductions.

May 4th, 2024

How should I report the sale of a duplex, where half is my personal residence and the other half is part of a deferred exchange, on Form 8949, given that I received a 1099-S for half of the gain?

December 17th, 2023

Should my wife and I start claiming Social Security? I am 67 and she is 66, turning 67 in one month. Should I file and she file a restricted application?

March 10th, 2024