asked
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
My wife and I file married filing joint. I have given her gifts in the form of jewelry and cash for Christmas and birthday (approximately $8000). The amount is below $14,000. Can I show the gift amount on L16 of form 1040, schedule A? If the answer is 'yes', what documentation do I need to present?
October 12th, 2023
Can S corporation stocks be transferred from brother to brother without paying for the stocks, and is it legal to sell real estate for $1 in the context of succession planning for a family business in Pennsylvania?
December 9th, 2023
We sold an investment property in September 2017, and the title company did not withhold 9 months of real estate property taxes as instructed. They have requested that amount to be paid now in 2018. Will that amount affect our capital gains? In other words, will we have to pay capital gains tax on that amount?
October 21st, 2024