Carroll Tax Firm

A trust can't own an individual retirement account (IRA) since a trust is not an individual. If you absolutely wanted to put the assets...

Instead of being able to take a current-year, full deduction for a business or income-producing purchase, some purchases require...

If you're using a revocable living trust, meaning you can change the trust and you keep possession of house that's inside the trust, then...

When you convert your former residence to income-producing use then your rental depreciation deduction is based on the lower of the...

By rental losses, I mean that your rental expenses (after allocating between rental and personal expenses) exceed your rental income. You...

When you sell your rental property, you will be taxed on any capital gains from the sale. Capital gains for this questions include the...

Yes, as long as it is in writing and signed by the person making the will and signed by two witnesses, Connecticut law will recognize the...

When you wholesale real estate you have contracted with a real estate owner to buy their property at a price, but this contract allows...

If the property is available for rent (as in uninhabited), then, yes, you can deduct your ordinary and necessary expenses against your...

Your tax will depend on several factors that determine if you are in the flipping business (as a dealer) or the investment business. ...

Yes, but the rent amount must be close to the fair market value ("FMV") for a property of a similar size, type, location, and condition. ...

The limited liability company will provide protection from contract based debt against personal assets of the owner of a single or...

In general, you can deduct expenses that are ordinary and necessary to operating a residential rental property. However, expenses for...

If you own your home on the day of your death, or your life tenancy ends, then before the home can be sold to a third party, your estate...

Yes, any time you make a gift to someone in an amount larger than $17,000. You report the gift amount that is more than $17,000 on a gift...

Maybe; if you bought it for almost nothing and it's value has increased a lot. If married, then you can exclude $500,000 of gains for the...

After an estate asset is approved by the local probate court to be distributed to estate beneficiaries, the asset’s cost basis becomes...

The main difference between a trust and a will is that the will's instructions must be approved by a court before being carried out. ...

If you're not working, and you're single, then you cannot contribution to a retirement account. However, if you're married, as long as...

No, but if you put that money into a bank account that earns interest then you'll report the interest income. If you stuff that money in...