I have a 1099-C credit card charge-off from 2016 and I'm looking to see if I can have the amount be non-taxable due to insolvency. I need help with tax form 982. I've filled out the insolvency worksheet and my debt is bigger than the 1099-C amount. On form 982 part 2, I don’t know what box to check off for credit card debt that applies to my situation.

November 10th, 2024

We started an LLC (partnership, Delaware) with me and my partner each owning 50%. We each sold 20% to another individual. He made the check out to us personally. Do we book anything for that on the books? Would it be considered a purchase from us rather than the business and not an investment?

November 12th, 2023

The IRS says you can add owners title insurance to basis. What about lenders title insurance? I don't see this addressed anywhere. Please provide specific references.

November 22nd, 2024

For my 2017 tax return, I filed an extension and today, 4/7/2018, I am filing my tax return using TurboTax. I have a balance due. Does that mean I can pay the balance from today until the extension date without interest and penalties?

July 24th, 2023

I have rental property in which 2 of the last five years I rented out 66%. I now want to sell it. How do I avoid Capital Gains without doing a 1031 exchange, or how do I calculate capital gains tax?

February 22nd, 2023