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I am a tax professional, with experience in individual taxation. I would prefer not to answer questions about non-resident aliens or corporate taxation. Please do not ask me state related questions, unless the state is Pennsylvania. There are 42 taxing states and 42 TOTALLY different sets of state tax law.
I have been preparing tax returns almost all my life. I have been in professional practice for 25 years and I am enrolled to practice before the Internal Revenue Service.
National Association of Enrolled Agents
I am a prior Money Magazine Tax Test taker and have been quoted extensively in all media including monthly periodicals and books by tax authorities.
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You must charge tax to the end user. You need to check with your state's taxing authority and find out if you can either get a resale license or take a credit on the taxes paid by you already. Your CPA
Sorry, since you bought it from your parents you are not eligible for the first time homebuyer's credit. The law specifically says you cannot buy from your parents. If you have already applied for the
If you sell before you own the property a year or less, your gain is ordinary and taxed at whatever your tax rate is. If you do the like kind exchange (correctly), your basis in the new place will be
The man has done nothing illegal if the child's mother is the custodial parent and has allowed him to claim the child as long as she does not file a return and he supports the child. So unless the
Sorry, but no. If you did not receive the rent, you do not claim it. You can still take expenses as long as you are charging your son what you would charge me for the rental. If not, your loss is
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