How do I treat a gain or loss on the sale of a timeshare?
November 16th, 2023
If two people filed a joint return and applied part of their federal and state refunds toward the next year's estimated taxes, and those same two people are divorced in the year, can both take 1/2 of the estimated taxes paid on their individual returns, or will the federal and state apply the entire amount to the husband whose social security number is first on the return?
September 7th, 2023
I was married in August 2009 and moved into my house that I already own since 1996. We want to sell the house to our neighbors but was told to wait at least 2 full years to get the $500K tax break. Can I sell in August of this year or wait until September of this year?
August 21st, 2024
I bought sports gear to engage in sports activities to increase networking with my business partners, and I'm wondering if I can deduct these expenses as business even though I don't always use the gear for business networking purposes.
October 1st, 2023
I am a shareholder in two S-corporations. The first company is in the process of closing, and I need to know the requirements for transferring ownership of equipment to the second company. Additionally, one shareholder has abandoned the company, and I want to understand if this shareholder is still entitled to any proceeds from the liquidation.
November 19th, 2023
I want to claim the withheld tax return and need to fill in Form 1040NR. I found that I don't have the Identifying number and have to fill in the W7 form first, which takes 6-8 weeks to be granted the number. But I got trouble to fill in both forms. Can you help?
October 4th, 2024
For the tax year of 2011, if my S corporation business had a net income of $100,000 (after paying my salary) and I, as the sole stockholder and employee, took owner's draws/distributions of $80,000 over the course of the year. As of 3/15/12, I finished my corporation tax return and realized that there is another $20,000 that I could have drawn without having to pay capital gains. How can I take that distribution today without it counting as a distribution for 2012? I will be paying tax on that $20,000, and I should be able to pay myself that $20,000 today without it counting against my 2012 basis.
September 26th, 2023
I am a limited partner in a partnership that invested in real estate and a private software company. In 2012, I had a $125 short-term capital gain from the sale of real estate. In 2013, the partnership reported a negative $50 on my K-1, indicating a business loss. I was not materially involved in the partnership. Is the negative $50 an NOL, and can I offset the capital gain from the previous year with it?
June 25th, 2024
Grandma A and Grandma B each take care of their 12-year-old granddaughter 50% of the time and provide 50% of her financial support. The biological father of the child lives with her intermittently and contributes a small amount towards her care. Who can claim the tax deduction for the child: Grandma A, Grandma B, or the biological father?
August 6th, 2024
If I am correct that 2015 taxes have been fully paid, how do I obtain from the IRS the cancellation of the Intent to Terminate my installment agreement for tax years 2012 and 2013?
February 11th, 2024