Can the IRS penalize you for something you did not claim a deduction for, specifically the PTC (Premium Tax Credit) when you have employer-based health insurance covering your children and did not claim the PTC or your children on your return?
February 16th, 2023
I started a sole proprietor LLC in 2015. Am I eligible to set up and contribute to a self-employment 401k? If so, what steps are required to do so?
September 28th, 2023
I started a business in 2016 where I purchased a house at an auction for $17k with plans to renovate and sell. Can I write off the acquisition expense on my 2016 taxes? What would be the IRS Business Code for this type of business, and do I need to file a tax return for my 14-year-old daughter who received a 1099 for $2,180 and SSA-1099 for $4,068?
May 10th, 2023
For depreciation recapture on the sale of a rental property in December 2017, do I include only the depreciation taken in previous years, or do I also include the depreciation for 2017?
June 16th, 2024
When my father died, his house fell to me via a quit claim deed. I have a brother and share the rental revenue with him. He lives near the house, but I do not. The house is in Michigan and is renting for very little. ($500/month for a 5 bedroom house on 4.5 acres) How do I file on the income at the end of the year, and how does my brother account for his share of the revenue?
July 5th, 2023
In my situation, my UK citizen parent wants to gift me approximately $500,000 to help buy a house in the US while I am on a work visa (L1). I am applying for a green card. I understand that I would not be taxed on the gift, and my parent, as a non-US citizen, is not subject to US gifting rules. However, I am concerned about the source of the funds and potential tax implications. Does it matter which account the money comes from? For example, if a third party owes money to my parent, can they transfer the cash to me directly instead? What do I need to disclose about where the money came from and why? If the money is payment for goods bought from my UK parent by an EU citizen, does transferring money to me directly (from an EU bank account to me in the US) potentially avoid UK tax on the goods sold, and could this present a problem for me in the US or my parent in the UK?
July 6th, 2024
I sold the mineral rights I inherited from my mother in 2003. All they sent was the legal paperwork and a check. Do I report this as a capital gain, and if so, is my basis the same as what I sold it for, considering that is probably what it was worth then?
February 19th, 2023
On previous tax returns, I used the standard deduction on Schedule A. It turns out that I should have itemized my deductions to lower my total tax liability. Can I now file 1040X's with the deductions itemized? For how many back years can I do this? I live in Maryland. Can I file 502X's for those years for the same purpose?
February 17th, 2023
What considerations need to be made to convert a C corporation into an S corporation? Specifically, do I need to get an independent appraisal for the built-in gains tax, and what forms or elections do I need to file or make?
March 6th, 2024
I am divorced and was wondering if I can file Head of Household using my son and can his father file child tax credit?
August 21st, 2024