My husband and I are 50% shareholders of an S corporation. He passed away in August 2015, and I am late filing the S corporation return. I am the only beneficiary of our estate, which went into probate in July 2016. I need to compute the stock basis of his shares. We incorporated in 1995, so there are many years of gains and losses. How do I change his stock from 500 shares to zero for 2015 and file the return? Additionally, we were a C corporation the first year before choosing S status, and we have earnings that were taxed of $88,000. How does that play into the tracking of the basis of the stock?
July 25th, 2024
If we buy a residence in Puerto Rico, are we federal tax exempt?
December 16th, 2023
I lived in California from 1/1/06 until 3/17/06 and then moved to Oregon on 3/17/06. How do I file my state returns?
May 8th, 2023
If I loaned money to someone who was supposed to pay a small interest fee but ran off without paying, can I claim the loss on my tax return? The court ordered him to pay me but allowed him to return to his home state without paying. I haven't received any money and don't have the resources to chase him across the country. I want to know if I can claim this as a loss or theft on my tax return and how to do it.
May 15th, 2023
I'm filling out a form IT-2663 for NYS real estate tax. What are the guidelines for what can and cannot be deducted as 'closing costs' and 'improvements'? Can I deduct refinance fees? Also, if I'm selling the house now but will be married by the time I'm filing my taxes, should I use the $250K deduction on profit, or the $500K deduction? If I pay taxes on the sale of this NY property while living in California, will I need to pay CA taxes on the sale as well?
August 17th, 2023
Can a creditor garnish my income tax refund?
May 1st, 2024