I inherited about $120,000 from a great aunt in 2015. All the money went into my 401k. Is this taxable income for 2015 or is it only taxable income when I start to withdraw it as retirement income?

April 19th, 2023

My wife and I formed a living trust this year and moved all our property and assets into that trust. We also formed an LLC with the trust being the single member and my wife the registered agent. We own a rental property which we moved into the LLC in October. For tax purposes, should I continue to fill out Schedule E for the rental or Schedule C because it's a business, or fill out Schedule E for part of the year then Schedule C? I am using TurboTax Home and Business.

March 23rd, 2023

I am an independent paper delivery person and received my 1099 Misc for 2015, but it does not reflect the amount I actually received for the year. They claim it includes what I should have collected from customers and what they collected (which was my monthly check). Can they include a projected amount on the 1099?

May 13th, 2023

A client has a house he has lived in since 2002, with a first mortgage of $590,000 and a second mortgage of $209,000 that was forgiven on October 30, 2015. The bank is foreclosing on the house, and the house is valued at $700,000. Is the cancellation of the second mortgage debt tax-free since it has been his primary residence? Is the house considered an asset as of October 30, and how does this affect his tax situation if the first mortgage is successfully foreclosed?

May 3rd, 2023

My wife and I operate an S Corp in NYC. In February 2015, we sold our apartment building at a gain and purchased another building for far less through a Section 1031 exchange. We have long-term capital gains on the sale less the amount reinvested into the 1031 exchange. Can we take these monies out and invest them personally without paying tax on these monies again? How would I account for this withdrawal on my books? Is this double taxation?

February 7th, 2023