Question: As a surviving spouse, most of my assets are held in my deceased husband’s bypass trust to which I am entitled to distributions of income and principal. Since I will no longer be subject to estate taxes, is there an advantage to my withdrawing as much money as possible from this trust?
Question: I am one of several members in a limited liability company treated as a partnership for tax purposes which is being sold. If we sell our membership interests to the buyer, can the gain be reported as capital gain?
Question: My father died holding all of his assets in a revocable trust. Must the trust’s tax returns be filed using a calendar year-end?
Question: I have been pondering converting my traditional IRA to a Roth IRA for many years and question whether the new tax law makes a conversion more or less beneficial?
Question: My spouse and I are about to divorce. Can I deduct any alimony payments I make to my spouse?
Question: I have historically itemized my deductions on my personal income tax returns, a meaningful portion of which consist of charitable contributions. What if anything can I do now that my charitable contributions will not provide any tax benefit to me?
Question: I am a partner in a two-person partnership which holds two condominium units for rental. Can we dissolve our partnership without paying tax on the appreciation in the condominium units?
Question: I own a 50% membership interest in a limited liability company (“LLC”) which is taxed as a partnership and I also own stock in a S corporation. The corporation advanced funds to the LLC in 2017. Since the LLC is no longer in business, do I as a LLC member have to report income from the non-repayment of the advance?
Question: I will be renting out my vacation home for part of the 2018 year. If I have income from the rental, do I have to pay tax on the income? Alternatively, if I have a rental loss, can I deduct the loss?
Question: With most of my estate consisting of cash in a bank account, I am considering retitling the account in joint tenancy with my daughter who is my only child. Isn’t this much simpler than preparing a Will and having my assets probated?