I have a Simple Trust which passes all Land Lease Rental Income to Beneficiaries via K-1. This year the trust received a Lease Security Deposit, held in a trust account, interest to be shared between tenant and beneficiaries. The question is how to r...read more
HiMy husband passed away in 2018, according to IRS 2018 Publication 501 “filing requirement” I do NOT REQUIRE to file tax return for us (me and my deceased husband). I would like to know which FACTOR will determine whether I MUST file tax return or n...read more
My wife is planning to start a business in which I will be helping out a bit (say, 80-20 work split between her and me, with my participation potentially increasing in the future). We are thinking about forming this as a LLC we both will co-own. For ...read more
My girlfriend has been living with me since July of last year 2018. She has two children, 7 and 4 year old. She doesn’t work and receives child support from the father. I pay for the bills in the household and rent. Can I claim her children on my tax...read more
"I’m getting a divorce. My husband and I owned a rental home that brought in income, but my husband paid all the expenses and kept all the profit. If we file separately, is there a rule that requires him (and not me) to claim that income? Or do we ha...read more
I have lived in this property for 5 years, I am considering renting it out and purchasing a new home for my primary residence.My understanding is that, as long as I have lived in the rental for more than 2 of the previous 5 years I will not have to p...read more
My husband and I purchased our first rental property in Texas. We also formed an LLC (with just us on it) to shield us from liability issues. We both work and receive W2s. Do I claim the rental property under our personal taxes? Or do I need to file ...read more
My friend is an authorized user on my credit card because she has a bad credit score. She pays me back $1,000-4,000 every other month for her charges. Do I file this as a "loan"? Or is it considered a gift under tax rules? Thanks in advance!