What happens to a rental property when it is sold?
Often when a rented property is sold, the tenancy continues. The new owner simply becomes the new landlord. But sometimes the buyer doesn’t want tenan......
How do I report interest on a family loan?
The federal income tax results are straightforward if your loan charges an interest rate that equals or exceeds the AFR. You must report the interest ......
What is severance tax in oil and gas?
Severance Taxes by State Thirty-four states have enacted taxes or fees on the extraction, production and sale of oil and natural gas. These “severance......
Is a freelancer a business entity?
Sole proprietorship is the default business entity for freelancers. This means that if you start working as a freelancer without forming an LLC or cor......
Can one member of an LLC do a 1031 exchange?
Is a Single Member LLC able to do a 1031 Exchange with LLC? Yes. If you are the only partner in a single-member LLC, you’ll have no issues if you’re t......
