I am hoping a tax pro can help with the proper reporting of this foreclosure scenario.

I purchased a duplex and owner occ in 2005 and held title as a single man.

In 2010 I quit claimed title in to an LL...

Hi Everyone,

I have a former primary residence that I'm renting out and I can no longer qualify for the capital gains tax break if I sell it (have been renting it out for 3+ years).
My question is if I do...

Selling an investment property can result in significant capital gains taxes. To minimize this tax burden, consider the following strategies:1. Utilize a 1031 Exchange: Under IRS Code Section 1031, you can defer capit...

Hello everyone, been lurking for a while now. Now I have a question, hopefully in the future I'll be able to add to this forum.

I formed an LLC last January, bought a house to fix and flip in July (could my timing ha...

Does anyone have an excel spreadsheet with formulas that calculate federal capital gains tax based on assumptions for capital gains AND income?I can calculate capital gains in a vacuum assuming $0 of ordinary income, ...

I'm asking this question on behalf of a client who is selling a property where the total capital gain looks like it will be less than the suspended losses they have accumulated on their tax return over the years of ow...

I currently own a duplex, incoming rent after management fees comes to $2256, mortgage is $1252. I obviously am setting a good portion of the cash flow aside for futureExpenses but how much should I be setting aside f...

I have about $50,000 in unrealized stock market losses in my taxable brokerage account. I'm considering selling some of these securities for tax loss harvesting. I don't plan to change my exposure to equities, the pro...

Hello everyone, Have a Tax related question and looking for some clarification. It's the first time selling. and getting some different answers from accountant, so im confused as to what to do.  Here's the backgroundI...

Hello, everyone. I am a new condo owner in South Loop, Chicago. I bought a 2-bedroom condo in this area this year (2023), after renting for 11 years. I thought it was a good investment (for renting it out after living...