Who is responsible for the taxes on the sale of the primary residence?

It is a gift not income to you. Your dad will net to file a gift tax return. A tax and estate attorney could help.

How do I report this error to the IRS?

You need to send a letter to the IRS stating the error. If you do not get a response, call the IRS number on the notice. Plan on a long wait on...

State income tax advice for online bloggers? How to avoid it?

You are discussing the hot issue of State Tax Nexus. You need a good tax lawyer that has dealt with this issue in many States. It is very fact...

What type of business formation should I start? Should I start two LLCs? 1 for flipping 1 for RE agency? what about taxation?

First, get a good tax and business attorney to help structure your business. Secondly, the house acquisition business should be one or more LLC's,...

A Limited Partnership and LLC are entirely different. The LLC is set-up with the flexibility of a partnership, wirh the liability protections of a...

Privacy Policy, Copyright and other legal issues when publishing a blog.

You need an attorney to prepare the appropriate documents. Also, the attorney should review your business organization. Good luck!

What is the quickest and most cost effective way to transfer my Texas LLC to California?

Your tax and business attorney can either convert the TX entity into a CA LLC or set-up a new CA LLC and merge the two entities, Have your lawyer...

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How does the IRS calculate mortgage deductions? As a whole or according to one's tax bracket?

The deduction is on your Schedule A of your 1040. Therefore, it is based upon your other income and expenses and your resulting tax bracket. I...

Was the foreclosure your personal residence? If so it may be exempt. Also, if you are insolvent, it may be exempt. Please see your CPA or...

Would it be better to take the proceeds personally and loan the money to the business or have the funds directed to the S Corp?

First, the money should go to the owners rather than a separate entity. Secondly, you may want to have your lawyer consider a LLC as an alternate...