If county government acquires a part of your principal residence land under threat of condemnation to make a bike path and gives you compensation, can one use this compensation to reduce the cost basis of the house for future time to calculate the capital gain rather than having to pay the capital gain tax at this point? The house will still be used by the owner and it is difficult to calculate the capital gain as only part of the land from the principal residence is taken. Or the tax has to be paid now.

August 31st, 2023

I filed my 2006 tax return and never received the refund. How can I get my 2006 refund?

November 21st, 2024

I am retired and Social Security is my only income. Do I have to pay income taxes?

October 26th, 2023

Do I have to pay taxes on a house that was repossessed by the lending bank?

January 6th, 2024

I went on the IRS site and found out I'm overpaying my tax obligation by $6,000. I'm single with no kids and would prefer to have that money to invest. What can I do?

August 21st, 2024