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I am trying to be too cute.Just going to dump all of the expenses into Distributions.Will he have tax liability when he assumes the house at less than FMV?Thank...
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Just to do the accounting correctly.As he accumulates expenses to the building, these costs would increase his asset "Personal Home".Then when he transfers it t...
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What are the credits and debits, so he doesn't have a tax liability.? Credit his home on the P&L or Balance sheet and debit Distributions?At some point his new ...
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Doesn't the above client have to declare the basis of his new home as income since he will put his name on the title?Or is it just a distribution to him.He is t...
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Per client:For taxable IRA distributions, I see $6k listed and counted towards AGI but I believe it should be $0. The background is, in Jan'23 I did a backdoor ...
