Ouman You
How much we will owe?
Hi guys,I need help figuring this out before hitting the CPA office.House was bought in the 70s 80k, single, 200k renovation, market value 3.5 mil the house in California....how much capital gain taxes state and feder...
Brendan August
CARES Act 401k Loans
Hey everybody, I was just wondering if anybody has made use of the the CARES Act to withdraw money penalty free from their retirement accounts? I understand that you still have to pay taxes on the amount but you can s...
Chris Ivy
File state taxes if net is a loss?
Hi all, I have an out-of-state rental in Oklahoma. It's net income is a loss due to high turnover costs, management fees, etc. If my net income (rents- expenses and mortgage) is below $0 do I still have to file in O...
Ashish Acharya
No Capital Gain Tax in Colorado
Qualifying taxpayers can claim a subtraction on their Colorado income tax returns for certain qualifying capital gains included in their federal taxable income. The subtraction is allowed only for capital gains earned...
James Peters
Clearing up an IRS and Franchise Tax Board Lien on a CA Property
So this discussion is not about investing in tax liens, but I thought the community here might be able to help. I have been spending the last 3 years cleaning up a mess that was made of my grandmother's estate and th...
Russell Roberts
Confused about K1 filing with states where investments reside
In 2018, I started some LP investing in syndications. I was thinking that the tax filing with this would be easier than direct real estate ownership because I would simply get a K1 from GP sponsor to input into my f...
William Bannister
Estate taxes and gifits to Children
Has anyone taken the steps to give there child assets in the form of equity in property? Would it be in my best interest to do this as I get older to get rid of my property without my son getting taxed on it? I alread...
Terry N.
Filing State Tax Return for State with Rental Properties?
I have a rental property in Michigan and one in North Carolina but live in New York.Do I need to fill out State tax forms for MI and NC? I'm thinking yes but wanting to confirm from anyone who may know. Thx!
Jon Fletcher
New York Historic Preservation Tax Credit
Am I the only one confused by New York State's Historic Tax Credit? According to the website for 'Parks, Recreation & Historic Preservation', the credit has been increased to 30% for buildings placed in service af...
Michael Rossi
Who's Attending a Tea Party Today?
I AM! One side of my sign says "Clinging to GUNS and GOD!" and the other side says "NO SOCIALISM IN AMERICA!"
Anyone else?