Is it legal for a father to buy a house for $1 million, transfer it to his son via Section 1031 when it's worth $2 million, and then have the son transfer it back to the father via Section 1031 when it's worth $3 million? If so, would the cost basis of the house be $3 million for capital gains purposes?

July 17th, 2024

My daughter incorrectly filled out her tax form in 2019 by not allowing me to claim her as a dependent, which affected my taxes. How can I correct this on the 1040X so that she can be my dependent?

July 15th, 2024

I haven't received my stimulus payment and my IRS account online says it was supposed to be deposited on January 4th. I am 35 years old, live alone, have no income, and was recently divorced. What should I do?

October 8th, 2024

Can I report a CARES Act distribution received in 2020 on my 2020 tax return, file it, and then recontribute some of the money as a rollover in 2021, and amend the 2020 return?

May 12th, 2023

What is the best way to get a letter from the IRS stating that I am exempt from taxes for my mortgage company, given that I am 63 years old, disabled, receive survivors benefits from the VA, and haven't filed taxes since 1993?

December 21st, 2023