Where do I enter the amount from a 1099-S on my 1040? I have a 1099-S showing income from the sale of farm property. Nothing was withheld, and it is our share from the sale of family land, with mineral rights reserved.
September 13th, 2023
Where do web hosting expenses and outsourced development and programming expenses for software companies go on Schedule C of a tax return, and how should income from a credit card processing company be categorized?
June 30th, 2023
When filling out Form 8594 for the sale of a business, how should I categorize the items sold (equipment, furniture, computer, and building improvements) and how do I distinguish between aggregate fair market value and allocation of sales price in Part 2?
March 12th, 2024
A taxpayer purchases a residential rental property for 500k, taking out a mortgage of 400k. If he sells the property for 600k and pays off the mortgage at closing, can he invest the net proceeds into another property under a Section 1031 exchange, or are 1031 exchanges limited to transactions where there are no mortgages?
April 28th, 2024
A UK-based company partners with a US company to teach workshops in the US, utilizing UK-based instructors who travel on the Visa Waiver Program. The UK company claims their income from these workshops is not taxable in the US. Should the UK company generate an EIN and pay US taxes, as the IRS considers it US-based income? What is the correct protocol for this situation?
October 26th, 2023
Last year I sold my partnership interest back to the owners of a business. I want to know what I need to file for tax return and what I should receive from the business owners who I sold my interest to?
January 24th, 2023