asked
We bought a townhome in May 2011, used it as our primary residence until July 2016, and rented it out from July 2016 to August 2022. We claimed depreciation for the last 6 years. If I sell this property, can the gains be used to pay off the mortgage of my primary residence that I am planning to rent out as an investment property? Does this transaction qualify for a 1031 exchange? Additionally, what are the tax implications for the depreciation claimed on the rental property, and are there any capital gains deferral options like Opportunity Zone Funds (QOF) that I could consider?
May 6th, 2024
How was my penalty amount of $77.95 determined?
November 20th, 2024
Why is my refund taking so long? I mailed my tax return on 4/3/22 and have been unable to access my account online despite multiple attempts and calls.
June 21st, 2024
My mother received a 5071c letter from the IRS asking for identity verification. She did not file taxes this year, she's 87 years old with dementia. What should we do about this notice, and how can we verify her identity?
December 16th, 2023
I want to change my address. I am currently located in Walla Walla, Washington, I am 76 years old with no dependents, and I made roughly $38,000 plus sold a home in Idaho this year. I need to ensure my checks are sent to my bank in Walla Walla and need a copy of my IRS forms sent to my new address.
December 8th, 2024
Do I need to file a FBAR (Foreign Bank and Financial Accounts) for the year(s) I'm not residing in the US?
December 28th, 2023