Child bought condo with parents help. Both names are on the deed. Child made the downpayment. Both were on the Purchase and Sale. However, the parents took out ... read more
Two parents gave their son and fiancé 100,000 to buy a house. The kids are going to pay it back but no formal loan and no interest will be paid. I see it as eac... read more
Client paid an amount to buy out contract of an agency, said its non business but can it actually be a business deduction or just a miscellaneous deduction?
I am claiming my sister as my dependent, how ever she was under marketplace and she received a1095A form assign to her name. so how should i file my taxes if sh... read more
I have a client that sold his interest in a partnership in 2022 for $195,000. He received payments in 2022 and 2023 but in 2024 had to file a lawsuit in an atte... read more
Clients often inquire about the service fees for these forms.What is the typical fee charged by a small CPA firm for preparingForm 3115 (Application for Change ... read more
From Bloomberg: After a court ordered the Internal Revenue Service to rehire some 7,000 probationary workers, the employees were put on administrative leave – k... read more
Where in ProConnect do I enter a measly $12 of foreign tax paid as reported on 1099-div, box 7. I know it goes on line 1 of Schedule 1, but CANNOT figure out ho... read more
Hello,I have an individual client with a K-1 from a trader hedge fund. The K-1 reports some interest/dividends/capital gains. In the supporting footnotes, there... read more
A couple clients have received Form W-9 from Chase Bank, asking for their SSN. These people do not have accounts at the bank that would generate a 1099, which i... read more
Do you inherit the depreciation schedule of an asset when the asset comes with a business that was bought, or do you revalue the asset at its current market val... read more
Cedar Fair partnership units holders received 1 share of common stock in the surviving corporation for each owned partnership unit. The adjusted tax basis of th... read more
