Would transferring our LLC interest (married 50/50 member managers, non community property state, currently required to file partnership 1065) to a revocable living trust, allow us to elect and file as a Disregarded Entity single member llc moving forward? Would this trust owned llc require filing 1041 or allow us to use…
I'm considering gifting appreciated stock to a minor child so he can sell it to pay for expenses he has. My confusion stems from what his tax rate would be in this case vs UGMA/UTMA Ideally he'd be able to sell more or less immediately and take the long-term capital gain of 0% because he makes far less than $45k a year,…
what should I do on my tax return? Should I expect any return?
My son got divorced and as part of the divorce settlement, they had to sell their house. They were in it just shy of 2 years. Is there any exception to the capital gains tax rule when it comes to divorce and having to sell the house prior to the 2 years?
How do I exclude interest earned from an I Bond in the year we paid higher education expenses? Thank you
The deed for the property I owned with a partner shows that I had 60% interest in the property. It was a cash purchase, and I paid over 90% of the total payment. When I file my return for the sale, can I use the actual amount I paid as my basis or is it based on our ownership percentage? We have records of how much each of…
Hello, I wanted some guidance on my taxes this year. For the first half of the year, I lived in California on Unemployment Insurance while looking for work, but have since found a new job in the Netherlands. Where (or with whom) can I find the information that I will need to understand this situation for my US taxes for…
Allot of things happened this year. My husband came to America and started working as a contractor for a courier company. He has a SS. Do I need to obtain an EIN# and should we file jointly? Also, can I file head of household since he didn't make enough money? Also, I sold my house in New Jersey and bought a new house in…
Husband has been depositing his Social Security check into our joint bank account to maintain the home and pay his bills. As my lawyer puts it.. to maintain the status quo. This money will be taken by him after Divorce. I am trying to keep the home on my own. My question is … if I file Married filing Separately this year…
Our 25-year-old adult daughter with multiple disabilities qualified for a 2024 Healthcare Marketplace subsidy based on a projected income of $16,000. However, her job ended unexpectedly in July, and she has been unable to find work (even part-time). Her income will fall well short of the projected income…and the federal…
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