asked
My wife and I sold our primary residence in Oakland, California, in November 2018. I had retired and over the 5 years before the sale, I resided in our California residence for 2 years off and on as I traveled to Oregon and spent time there in a rental. My wife spent only about 150 days in our California home as she was in school in Oregon. Can we claim a $250,000 deduction from the sale profit on Schedule D?
July 5th, 2024
I am selling property abroad and repatriating the money to the United States. What kind of tax will I have to pay and what percentage?
March 7th, 2024
After agreeing to the IRS auditor's decision and closing the audit, can you request for an appeal?
April 12th, 2024
I bought my home in June 2003 and began renting it in February 2011 after a job relocation. Rental stopped on February 28, 2014, and it was sold shortly thereafter (closed in April 2014). Do I have to pay capital gains?
September 21st, 2024
Do personal guarantees on bank debt count as basis for an S-Corp client with a loss beyond their capital basis?
May 5th, 2023
I have $16,000 in a 401k account, am 68 years old, and want to take some money. I need to pay taxes on that. I am unsure about withholding taxes and my only income is from Social Security. Should I withhold taxes on my 401k distribution, and if so, how much?
July 25th, 2024