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The allocation uses the ratio of the period of nonqualified use (after 2008) over the total period the taxpayer owned the property (not just the time the property was a residence). (See IRC Sec. 121(b)(5)(B).) They can't use the full exclusion on the ...

We have an individual client who has a Texas Sales Tax Lien and a TWC Tax Lien on his personal record. These liens are from the mid 1990's. He called regarding the sales tax and was told he owes over $100,000 from a $1,500 tax bill from 1995. Does ...

There are several matters that have been raised here, and I'll try to share my experience/observations about various things. First, as far as doing account research, I agree with several that the first thing to do is for the tax preparer to take From ...