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I have a LLC where I organize retreats.  I have 2 retreats to Greece in 2017.  The costs for the retreats have been paid in 2016, but all expenses (plane tickets, hotels, meals, etc.) will accrue in 2017. How do I prepare my tax forms where I will have a high income in 2016 but no […]

I have filed a schedule F on my taxes for many years, but in 2016 I did not do any farming. I will be farming again in 2017. Do I just leave the schedule F out of my 2016 return?   Votes: 0 Answers: 0 January 25, 2017

I am a 67 year old widow with one adult married child. If I inherit any money,  how much can I give my daughter without incurring some kind of expense.  What about my son in law?  What if I pay some of their bills?  Thank you. Votes: 0 Answers: 0 November 6, 2016

I own a rental house worth 1.3 m. I would like to teke a loan on it for 500k to buy a primary residence. If I take the loan out can I claim the interest on that loan when i buy the new house. I live in Ca. Votes: 0 Answers: 0 October 29, 2016

We purchased a second home in 2008.  For the months of January through August 2016 we rented the property out.  What are the tax ramifications of selling the property? Votes: 0 Answers: 0 October 17, 2016

Me n my ex have two children when I had custody it was court ordered that we each get to claim one, then he got custody n there was nothing in papers about taxes n who gets to claim them. But since he threatened to not let me see them if I tried to claim […]

Hello, I live in MI, am a single, 69 year old female who is going to have to do a deed in lieu of on my home and move into low income housing for seniors due to extreme financial hardship and medical issues.  I still owe $3,900 of $6,000 on the first time home buyers […]

I am planning to sell an undeveloped lot (owned for 5 years) at a loss of approximately $30,000.  Is this loss deductible – and/or can the loss be used to offset the gain on a sale of a second home?   If the lot sale loss is in one tax year, and the second home […]

My 20 year old daughter who attends college full time lives with me. I am divorced from her father. Prior to her 18th birthday, I received child support and we alternated exemptions. Now that she is over 18 years old, I receive no support for her. I currently support her and provide her a home, car […]

I am on a payment plan for 2012 taxes but calculate a large refund for 2015, will I receive or will it get applied towards 2012 Votes: 0 Answers: 0 February 2, 2016