I am considering buying a property with my 85-year-old father to rent it out or use as a second home. Who can claim the deductions and income, and how would the rental income affect his social security benefits?

November 4th, 2023

In Rhode Island, must a property owner claim income received from a roommate who is staying in their home month-to-month? There is no rental or any type of written agreement. The roommate is trying to settle issues he alone has with the IRS, and they've asked for household income. He advised them that he's just "renting a room," and that I'd be unwilling to provide financial info. Could they come after me?

January 8th, 2024

If I owe IRS and state taxes due to a failed business, can I start another corporation with partners, and will the new business be liable for the back taxes, assets, or profits of the failed business?

August 3rd, 2023

For a general partnership, if I purchase equipment for $45,000 in a given year, can I claim both the cost of the equipment and its depreciation?

April 16th, 2024

I live in Colorado and am selling a rental co-op in New York City. I understand I pay a 6.1 percent non-resident capital gains tax. Should I estimate this amount before closing or wait for the exact figures when I prepare my taxes next year? What NY State form do I use? Additionally, how should I handle rental income and expenses with my co-owner, and can I pay my partner for work done on the co-op?

April 20th, 2023