asked
We started an LLC (partnership, Delaware) with me and my partner each owning 50%. We each sold 20% to another individual. He made the check out to us personally. Do we book anything for that on the books? Would it be considered a purchase from us rather than the business and not an investment?
November 12th, 2023
The IRS says you can add owners title insurance to basis. What about lenders title insurance? I don't see this addressed anywhere. Please provide specific references.
November 22nd, 2024
For my 2017 tax return, I filed an extension and today, 4/7/2018, I am filing my tax return using TurboTax. I have a balance due. Does that mean I can pay the balance from today until the extension date without interest and penalties?
July 24th, 2023
I have rental property in which 2 of the last five years I rented out 66%. I now want to sell it. How do I avoid Capital Gains without doing a 1031 exchange, or how do I calculate capital gains tax?
February 22nd, 2023
I am considering investing $100K in a Limited Partnership that invests in multi-family real estate. The projected returns are approximately 8% cash on cash invested. I am advised that I could also obtain tax advantages such as depreciation. Is this a good investment, and is my principal safe since the general partner will be taking significant fees?
March 31st, 2024
I received a $5000 payment from my Cancer Insurance policy after being diagnosed with Breast Cancer, which I used to pay medical bills not covered by my regular medical coverage. I received a 1099-MISC. Does this payment need to be claimed as income on my 2017 tax return even though it was used to pay medical bills?
December 27th, 2023