I have a beach house that I am selling and I would like to use some of the proceeds from that sale to buy another house cash. I was told that I could not do a 1031 exchange because it will not be an investment property. My question is will I get taxed for all of the proceeds or just the amount that I do not use to buy another house?

March 18th, 2024

If I sell my house in Texas for $140k, which I bought for $30k and invested $30k into, do I need to pay taxes, and if so, what type and at what rate?

June 1st, 2023

I need a copy of my 2022 federal tax form that has my Adjusted Gross Income (AGI) on it. I filed my taxes online last year. Do I have access to my IRS account?

March 11th, 2023

How can clients ensure that an heir can run an S Corporation without hassle from probate, especially in cases where the corporation is a one-man LLC or a husband and wife LLC, and the heir is often the spouse or offspring?

June 17th, 2024

I have a partnership return to send in late for an LLC that owns a building, leases the first floor, and operates a boutique hotel in the remaining portion. The business has two types of income: ordinary business income from lodging and rental income from a restaurant lease. The utilities and other expenses are split and included in the monthly rent. I received an error message stating I need to create two K-1s for my partners, but I'm unsure how to proceed. Does the IRS require separate K-1s for each type of income, and can I combine them for simplicity?

May 20th, 2023