My parents gifted land and a home to a trust in 2008 with a fair market value of $517,700, but the gift amount was $386,872. They each filed a gift tax return showing a gift of $193,436, with a basis of $97,250 each. Why is the basis different from the gifted amount, and how will this affect capital gains when we sell the property?

January 16th, 2024

Do I qualify for a tax deduction for the installation of a non-geothermal heat pump in 2022 at my home in San Francisco?

March 8th, 2023

I want to pay my income tax arrears for the year 2020-2021 online but I'm not sure which payment code to use.

February 29th, 2024

What was your pathway to becoming a certified public accountant (CPA) and what kinds of professional development did you do that helped you along the way?

May 17th, 2024

I need help with 2021 taxes because my company mistakenly filed my taxes twice due to switching payroll systems from Paycor to Paycom. I'm being penalized by the IRS for something I had no control over. How can I resolve this issue and get a copy of what I'm being penalized for?

September 26th, 2023