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  • Posted in: All Member Forum

    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 ...

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    State Tax Liens

    Posted in: All Member Forum

    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 ...

  • Posted in: All Member Forum

    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 ...

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