asked
We created a single purpose LLC which was used to purchase land, build a home, and ultimately sell it for a profit. My wife is 80% owner, and we have 2 partners with 10% each. I have all expenses, costs, commissions, etc. I missed the 03/15 filing deadline. Can I do this through TurboTax or is it too complicated? Is there a penalty for missing the deadline? Is there a way to request a waiver of such penalty through TurboTax? Lastly, since it is a single purpose LLC, will I indicate that it’s both the first and last return? When we closed on the house, return of capital was wired to the bank account of the LLC, gains/proceeds were wired directly to partners. Does this affect how taxes are reported on 1065 K-1?
October 31st, 2024
My mom had an $800,000 annuity, and my brother and I are listed as 50/50 beneficiaries. My sister is contesting the change of beneficiary, and the case is pending. If the court releases 50% of the annuity funds to me, how can I split that with my brother now, and then if we win, split the other 50% that would be released to him? Additionally, can we deduct the attorney fees incurred due to the litigation from our taxes?
December 6th, 2023
Is it legal to deduct the monthly premium fees I paid for Veterans Group Life Insurance (VGLI) throughout the year on my Tax Year 2017 return?
July 4th, 2023
I retired from federal civil service in 2013 and live in California. Last year, I was part of a reserve voluntary recall to help my agency clear a backlog. The offer was up to two years but in 6-month increments. I worked from January to October in Virginia, renting a furnished apartment, and received no reimbursement for moving or housing, just a salary. Can I deduct the rent I paid in Virginia for the ten months I worked prior to returning to California? Additionally, I have a small business and use my home office all year. While on this temporary duty, I continued with the business and the office in my home in San Diego was used by my assistant. Can I still deduct the home office expenses?
April 3rd, 2024
We closed out a UTMA account and rolled over the proceeds to an educational trust, and the IRS wants our granddaughter to file a Schedule D with her return, but we do not know how to file it and show that the proceeds were never received by her. What steps should we take to report this correctly and satisfy the IRS?
April 13th, 2024
I haven't filed my taxes for the past 5 years due to personal problems. I haven't heard from the IRS about not filing. Should I just file this year and ignore the previous years until I hear from the IRS?
May 22nd, 2023