Category Archives: Cash Basis

Shut it Down

Today TaxMama® hears from Jeb in the TaxQuips Forum, with a long, complicated issue.  Let me summarize. “We want to close down our 3-member LLC, but there are outstanding issues. The CPA says we all need to file extensions, but one member has a big refund and wants it now. What can we do?”

Reverse Mortgages

Today TaxMama® hears from Dave in the TaxQuips Forum, with this question.  “How do we deduct interest on a reverse mortgage?” 

Expensing Accounts Payable

Today TaxMama hears from Cinda in the TaxQuips Forum with a quickie question. “I bought a company and with it came  $72,310 worth of outstanding debt.  How should I initially set this up and how would I track the payments I make towards these payables?  The payments are an expense correct?”