asked
What is the best tax strategy for mutual funds capital gain and loss, and is there a workaround to avoid being taxed too much or to deduct investment-related expenses?
February 27th, 2024
What is the correct amortization code for capitalized loan/financing costs on Form 4562, and what is the appropriate description for these costs?
May 19th, 2023
My daughter, a college student, took tuition credits for tuition paid in 2015 in 2016. Two weeks later, she was dropped from two classes and could only pay the tuition in 2018. Her 1098T states she received a $1747 refund in 2017. How should I handle this on my 2017 tax return, and do I need to amend my 2016 return?
May 3rd, 2023
I'm preparing a return for an S Corp (1120S) that is no longer doing business. The unappropriated retained earnings (for past years) is $284243.00 and the loss is $3370 for this year. All are PTI. What do I need to show on Sch L, M-1, and M-2 to zero this business out? Specifically, how should I handle the retained earnings and distributions in the balance sheet and schedules?
November 14th, 2024
I bought a rental property in 2006 for 528K, with 132K down and a loan of 396K. The current loan balance is 319K. The land value is about 55K. I've taken 172K in depreciation over 10 years. I'm considering selling the property at 550K or 500K. I need help calculating the taxes due, including depreciation recapture, capital gains tax, and real estate agent commission, to determine my net proceeds after paying off the loan. How do I calculate these correctly?
January 21st, 2024
I have W2 and 1099 income, and I bought health insurance through the federal marketplace because neither job offers health insurance. Am I able to deduct my monthly premiums for the 2018 tax year?
March 7th, 2023