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Recent Alternative Minimum Tax questions

Retirement IRA. received one from father-in-law's estate.

Retirement IRA. received one from father-in-law's estate. Can we donate from that to a 501c3 charity without incurring tax liability?Thank you!

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Mark Taylor

Certified Public Accountant

Masters

2,586 satisfied customers
I'm wanting to file an S corp but want to report as little

I'm wanting to file an S corp but want to report as little income as possible because my student loan repayment is based on my personal return. I'm considering starting a business in my wifes name, paying her business to manage my clinic, and both of us filing married but separate income taxes.

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Mark Taylor

Certified Public Accountant

Masters

2,586 satisfied customers
I retired this year and am receiving a lump sum distribution

I retired this year and am receiving a lump sum distribution from an excess 401k plan/ Non-qualified plan. I thought it was eligible for rollover, but it is not. What kind of options are there to lower the taxes?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I retired in September

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,382 satisfied customers
How much can I use as a credit for the money I pay for his

How much can I use as a credit for the money I pay for his care at a memory care facility?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.Customer: where do I see page 1?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My husband is in a memory care facility as prescribed by his doctors. Is there a tax creit I can file under itemized deductions?JA: Is there anything else important you think the Accountant should know?Customer: He has parkinsons and lewy body disease and requires observation and care of ADl's

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ABC Accounting Group

Bachelor's Degree

492 satisfied customers
I got an extension and am trying to file thru Taxslayer. I

I got an extension and am trying to file thru Taxslayer. I usually get back around $2,200. This past year I had a significantly larger amount of mortgage interest that I paid, but the refund is only $2,500. I've gone back and added my medical deductions and some charity and property taxes I had overlooked, but the refund amount stays the same. I know I'm above the standard deduction. Does this sound normal?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,382 satisfied customers
We have a very large term capital gain . Does this push our

hi...we have a very large long term capital gain for 2016. Does this push our regular income tax into a higher bracket?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: we have a long term capital gain of $330,000 for the 2016 tax year. My wife and I have combined income of about $180.000 and file married jointly. Will the regular income of $180,000 be taxed at the high or highest rates of 35% and 39.5% respectively?JA: Is there anything else important you think the Accountant should know?Customer: noJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Megan C

Master's Degree

29,996 satisfied customers
What is the difference between prior depreciation and prior

What is the difference between prior depreciation and prior AMT depreciation for a vehicle when claiming business usage deductions and credits?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,910 satisfied customers
I moved from uk to usa nearly 6 years ago on a work visa as

I moved from uk to usa nearly 6 years ago on a work visa as my job transferred me to usa. I just got my greencard. I purchased a leasehold property in uk 16 years ago and have always rented it out, never lived in it. There has been a substantial capital gain. In uk my tax liability is negligible as a non-resident. How can I avoid usa capital gains taxes? I have heard that 1031 exchanges cannot be included for foreign property unless the new property is foreign, is thus true? I have also heard there may be an exception if there was an exceptional circumstance such as moving job.,please advise on whether I need to pay any usa capital gains tax

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Lev

Retired

Bachelor's Degree Equivalent

24,194 satisfied customers
If I leave a private, venture backed company and exercise vested

If I leave a private, venture backed company and exercise vested incentive options, are there any tax ramifications with respect to AMT (or anything else) at any point in time prior to selling the shares in the event of a liquidity event? Specifically, does the IRS consider there to be any income or gain based on any spread between exercise price and "fair market value" as determined from time to time?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,658 satisfied customers
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