My husband and I, both 79 years old, sold our vacation home which we used for 38 years. My husband has a brain tumor and a permanent disability, and we have an irrevocable trust with our primary residence. Our accountant says IRS Form 523 does not clearly state that it applies to a second home. How can I ensure we can use Form 523 to avoid capital gains on the sale of our vacation home?

August 29th, 2023

Can a non-profit LLC rent space to for-profit companies like Jazzercise and after-school bilingual learning programs, and what are the requirements and stipulations for doing so?

December 23rd, 2024

Is receiving a wire money transfer from my overseas bank account tax deductible? Do I have to report it and pay tax on it even if it was an inheritance from my parents and has been sitting in my overseas bank account for over 5 years?

June 2nd, 2023

I have clients with ITIN numbers instead of SSNs. My software enters tax information on Form 1040. Should Form 1040NR be attached to this return? The clients have lived in the US for 2 years but have not applied for citizenship. How do I determine if they are resident or nonresident aliens for tax purposes?

May 17th, 2023

What is the typical process for winding up a Canadian-controlled private corporation (CCPC) and distributing its funds to beneficiaries after the sole shareholder's death, given that the corporation only has short-term investments and a contributed surplus from which dividends have been issued?

November 8th, 2024