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Recent Ad Valorem questions

Which uses are 'exempt uses'? In Albuquerque New Mexico, my

Which uses are 'exempt uses'?In Albuquerque New Mexico, my IRS 501C3 (religious organization--25+ years good standing) has a 'property tax exemption [ad valorem] on our 'parsonage', (where, as pastor of a small church, I live with my family). The property remains exempt from these real estate taxes as long as the house is:1) Exempt owned (NM Non Profit Corporation owns the property)2) Exempt use (parsonage)We own another house which is now being used as a (NM Department of Health) licensed Elder Care/Hospice [for up to 8 clients, currently 3-4]Can an Elder Care/Hospice qualify as Exempt Use? Would it need to be 'religious' also? or denominational (Baptist, Methodist, ...or simply Christian? etc.)What types of uses might be 'exempt use' for NM property tax exemption???

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Dr. Fiona Chen

President

Ph.D.

552 satisfied customers
New question.My wife and l work . we have W2.1.

new question.My wife and l work for hospitals. we have W2.1. My income is 94.000 and my wife is 16.000. total = 110,000Based on this income how much exemption l will get. for me, my wife, and my 3 year, 7years old child and my dependent mother?2. Is the money l paid for car registration and insurance tax deductible?3. my mom medical and my family including myself have medical insurance but doesn't cover all expense. l paid out of pocket. can l claim that on my tax return?4. l have nurse license - l pay to renew it also l paid for mal-practice insurance can l claim that?5. we have union at work and l paid $1,175.00 is this tax claimable.6. After school l don't have someone to look after my boy and l send him to boys and girls club. l paid for that. Is this consider child careif so can l claim this on my tax return?

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Robin D.

Vocational, Technical or Trade School

21,204 satisfied customers
Perhaps a challenging one here... Various clients invested

Perhaps a challenging one here...Various clients invested in oil and gas domestic exploration partnerships over the past few years. Law allows immediate write-off of substantial portion of intangible drilling costs in year one. I think it's 90% for general partners and I'm comfortable with year one.This is unrelated to the drop in cost of oil the past few years...Any idea if/how further cost can be written off in year two and beyond?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
My husband and I had paid off our home loan and are retired

My husband and I had paid off our home loan and are retired however to help our son we took out cash equity home loan to pay for his condo. This was done because there was ongoing condo litigation requiring a new buyer to use a high interest rate from one particular bank for their new purchases. (This litigation is now resolved.) My son makes all pymts for the condo loan and lives there but we did buy as co owners. Now we want to buy an RV. We were told that an RV can have some taxes and other costs written off as a second home. This would be great as we are retirees for our finances. But are we still able to take advantage of this tax break since we are co owners of the condo?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Sales Tax - FL : Please explain: if person has commercial property

Sales Tax - FL : Please explain: if person has commercial property and wants to rent it, he need to sales tax or not?If yes , he needs to register in Fl revenue department? Thank you

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Robin D.

Vocational, Technical or Trade School

21,204 satisfied customers
I am asking about any special forms I should fill out

I am asking about any special forms I should fill out for a single oil well I have invested in. Several years ago I invested $50,000 in an oil well. It produced oil and natural gas for several years, but is now shut-in. The gas lines connecting the wellare no longer working. There were no operating income or expense for 2014. There were ~$2,000 in "Re-work" expenses, given the following percentages Tangible Property 22.65% Intangible Costs 77.35% Non-deductible 0% This information was sent to the workinginterest owners this year "The Tangible Property is subject to depreciation. The property qualifies as both IRS Sec. 1245 and 38 property. This means the property will qualify for Sec. 179 Treatment if the investor meets the criteria for Sec. 179 treatment(deduction of up to $108,000 of qualifying property; this allowance is reduced dollar for dollar for all investment property over $430,000). The Intangible Drilling Costs are deductible in the current year 2013. These are the expendable parts of the completionprocess. They will not be subject to the Alternative Minimum Tax, unless they would have increased the Alternative Minimum Taxable Income by more than 40% had the tax preference been applicable."

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
WE have a ranch is California where the assessed value is $370K

WE have a ranch is California where the assessed value is $370K for the land and improvements of$527K; total price of$897k. We are in a LLC where we own 50% and the other half owns 50%. we have set the value of the ranch at $4.5 million; our half is worth $2,250,000. We want to buy the other half out @ $2,250,000. What would our peoperty taxes set at the $4.5 million our the $2,250,000 we paid for half of the LLC?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Hi Lane - I am about to exercise a stock option on Dec 12.

Hi Lane -I am about to exercise a stock option on Dec 12. The value will be reported on my W2. Will the amount be taxed at a different rate? Are there write offs that can be applied?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
By what authority do States impose sales taxes upon its citizens?

By what authority do States impose sales taxes upon its citizens?Optional Information:State/Country relating to question: United StatesAlready Tried:reading various state statutes, finding what is and what is not taxable, or taxable, e.g. autos, clothing etc, but not finding the authority to impose taxes.

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jgordosea

Enrolled Agent

Bachelor's Degree

2,802 satisfied customers
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