asked
My client has K-1 suspended losses of $127,026 from 2014-2016. In 2017, the S-Corp had income of $32,659. My software is allowing a loss of $15,507 to offset the current year income, making $17,152 taxable in 2017. Please review the attached stock basis and statements to confirm if this calculation is correct.
May 16th, 2024
I am selling my rental home to my stepson and daughter-in-law for $420,000 and want to give a gift of equity to cover the down payment. The gift of equity will be $84,000. Will there be tax on this gift, and how does it affect my capital gains tax?
August 15th, 2023
A US citizen living in Finland with income produced only in Finland and taxed in Finland needs to file a US return for 2017. Should he use the Foreign Earned Income Exclusion or the Foreign Tax Credit for filing? What are the pros and cons of each option?
July 4th, 2023
Can the Illinois Department of Revenue file a lien or come after me for taxes that are over 10 years old?
January 26th, 2023
My wife and I will be traveling abroad for her job and will not be in the US for extended periods. She is domiciled in FL and I am domiciled in NY. What should my address be and where should I be paying taxes?
August 7th, 2023
I accidentally filed my taxes with insufficient funds. I now have the funds in my account (two days later) and want to know if the IRS will check again to see if I have funds in there now or if I should debit my account to show the IRS I have enough money to cover my account?
February 25th, 2023