When an investor sells investment real estate, they face not just a single layer of taxation but several layers. That’s why Section 1031 is such a potent weapon. In total, taxpayers face up to four distinct layers of investment real estate tax. They come into play when taxpayer’s […]
In the past, we’ve discussed how capital gain treatment of a given transaction (or series of transactions) depends on a variety of factors. In cases where there is uncertainty regarding the treatment of a transaction, courts will perform an independent analysis based on the particular facts of the case, but they will also give weight to established principles. Receiving […]
One of the fundamental distinctions in taxation is the distinction between ordinary income and capital gain. In general, ordinary income is any income from typical business activities. Capital gains, meanwhile, results from investment activities. If you generate income from a business you own, or earn money as employee wages, it is ordinary income. If you sell […]
Tax is a constantly evolving field, endlessly shifting and changing in response to public expectations and societal needs. If you take a break from the tax field and return, there’s a good chance you’ll be a bit clueless. This is true even for those who only take a very short break. Tax law changes rapidly. Accordingly, it’s imperative […]
The rise of bitcoin and other cryptocurrencies has brought about a whole new set of fascinating taxation issues. Currently, the market value of bitcoin is in the low $8,000 range, as of today it is approximately $8,270. Its value has fluctuated widely over the past several years. At its peak, bitcoin boasted a market price of […]
I had a wonderful experience with Mr. Callahan during my initial phone call. He fully understood my issues and provided me with helpful information on how to proceed with my tax issue. I am very appreciative of his time and expertise!
Erin
Mackay, you are a godsend. Thank you dearly for taking the time to go through in great detail options for our situation. You were patient, thorough and extremely helpful even after you knew we were unable at this time to pay for services. I wish other companies would follow your level of customer service.
I was in despair for years and now finally I have hope.
God bless,
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