asked
My husband and I started a foreign LLC in Costa Rica as a holding company for some land in Costa Rica that we purchased. We elected to be treated as a foreign partnership and are thus filing Form 8865. Schedule M of Form 8865 asks us to report US and foreign assets. The only asset is the Costa Rica property that is titled in the name of the Costa Rica LLC. There are 3 categories for foreign assets: "passive", "general", and "other". We are assuming that this foreign asset would go in the "general" category - would this be appropriate?
April 3rd, 2023
Did my request for an extension on my tax refund go through?
September 4th, 2024
Can my sister, who is filing a New Jersey return as a single widow over 65, take accelerated depreciation on her South Carolina rental property for 2022 to offset her $56k federal tax burden, instead of using the normal 27.5-year depreciation schedule? She has income from pension and social security, and she gifted $300k from her IRA to her brother.
April 3rd, 2024
I started my company and mailed my 83(b) election form about a month ago, but I just noticed that USPS still hasn't delivered it yet, and there is a chance that it has been lost in the mailing process. What should I do considering it has passed the 30 days deadline?
April 5th, 2024
I collect Social Security disability and started driving for Lyft last year, earning $1875.09. I am not married, have no dependents, and live in Ohio. How do I file my taxes?
March 21st, 2023
I am unable to get past the identity protection PIN page and need to obtain my wife's PIN to get our 1040 tax return approved. What steps can I take to resolve this issue?
September 14th, 2024