How can I establish the basis for the sale of a rental property (a 4-bedroom ranch) that I purchased as a shell, had moved to a lot I owned, and made numerous changes to between 1968 and 1970, but kept no accurate records? I sold it in November 2017 for $100,000.

May 2nd, 2023

Are we required to use our son's 1098-T form on our tax return if we claim him as a dependent, and are we required to use the 1098-T information on his tax return if we do not claim him? We filed jointly and had a loss, so we owe zero in taxes federal and state. We did not claim our 20-year-old full-time student son because we thought it might help his tax return if he claimed himself. However, using the 1098-T would not change the amount owed or refunded to us, but it would make our son's tax situation worse and cause him to owe taxes. Is it fine for us to just not use that form this year?

March 16th, 2023

I had a rental property that I owned in my name, but the management (collecting rents, paying mortgage, accumulated depreciation) was done through an S-Corp that I owned 100%. I sold the property last year and received a 1099 for the sale under my name. How should I reconcile the accumulated depreciation and the acquisition of the property for tax reporting purposes? Should this be reported under the S-Corp or my personal tax return?

January 24th, 2024

I need to retrieve the AGI from last year's tax return I filed on TaxAct. Can you help me with the process?

May 4th, 2024

I sold a truck that I used for a previous business to someone personally. I am no longer self-employed. Do I need to report this sale for taxes?

August 9th, 2024