I live in Oregon and own a property in Texas that generates rental income monthly. Is income tax based on where the income is earned or where one resides? Since Texas does not have an income tax, does that mean I don't have to pay any state taxes on that income, or would it be subject to tax in Oregon? If it is taxed in Oregon, wouldn't that be a form of double taxation?

October 19th, 2024

Can I claim my newborn twins as dependents for the tax year 2005 if they were born in December 2005?

February 24th, 2023

I live in North Ridgeville, Ohio, and have not paid income tax since 1989. Now, they are wanting me to pay. Can they go back to 1990 and current year and collect all that, or can they only go back so many years?

July 8th, 2023

How do I determine the fair market value (FMV) loss to my house caused by a flood that destroyed a recently finished and furnished basement, and how do I estimate the loss for the contents of the basement if the insurance company has not yet offered a reimbursement figure? Additionally, will the IRS accept the FMV assigned to the contents by my adjustor, and how should I handle the casualty loss on my tax return if the amount exceeds my total income for the year?

December 26th, 2024

I'm forming a new company and looking for advice regarding what would be more beneficial for my tax status, S-corp or other, and why? (Single Member LLC)

September 3rd, 2024