If real estate is placed in a non-revocable trust and the property taxes are paid by the trust via money deposited by the person who set up the trust, who gets to deduct the property taxes on their tax return? Is it the beneficiary?

December 20th, 2023

Can a shareholder of an SCorp deduct travel expenses for board meetings if they bring an unmarried partner along?

May 27th, 2024

If I purchase a business for $30K and take over the operations (including the lease of space, all equipment, leasehold improvements, and client list), how do I expense that on my Schedule C?

December 30th, 2023

Can a L1 visa holder receive wire transfers of US dollars from her husband and/or father who live in China, and if so, what are the implications regarding money limits, taxes, and reporting requirements? The visa holder is legally residing and working in Wisconsin and will be trying to get her green card later in the year.

September 2nd, 2024

My wife and I have been living apart for over 2 years and our divorce will finalize this year. I have a salaried job, and she lives off her savings and investments. She has a personal business with no income yet. I want to file Married Filing Jointly (MFJ), but she wants me to file Married Filing Separately (MFS) because she wants to carry her capital losses from 2015 over to future years. If we file MFJ, will her ability to carry over her capital losses be affected, or can I apply my capital losses to our taxes for 2015 and leave hers alone for the future?

November 22nd, 2023