How are taxes (federal and California) calculated for bitcoin transactions? I had a few transactions of the following types: 1. Buy bitcoins, 2. Sell bitcoins, 3. Send bitcoins to a 3rd party. All these transactions were done via CoinBase. If some sell/send transactions resulted in losses and some resulted in gains, shall I subtract losses from gains? Shall I use the FIFO principle to calculate the cost basis for gain/loss?

October 8th, 2023

I redeem approximately $1,000 per month to help with taking care of grandchildren. Taxes are removed during each withdrawal. Does this put me in a higher tax bracket so I am paying more taxes along with what is taken out at the time of withdrawals? I am age 64 and retired and live off of social security, federal retirement check, and a small state annuity from my late husband.

December 16th, 2024

My son owns a tour company and for the last 2 years, he did not file 1099s to his sub-contractors who provide services. He only gets a 12% share of those payments, the rest goes to the contractor. How does he report those on his returns for those years? If he has to show 100% as his income, he will stand to be bankrupt.

September 12th, 2023

I own a condo unit in NJ that is currently rented out. I am considering establishing an LLC with my wife and transferring the ownership of the condo unit to this LLC. Is this possible, and what are the tax implications I should keep in mind?

November 20th, 2024

In scenarios where an individual based in Dallas, TX provides a mortgage or loan to a California-based LLC or to me and my partner personally to purchase a property in Ann Arbor, MI, is the lending individual subject to Texas, California, or Michigan state tax?

November 27th, 2023