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I recently sold property I inherited. The land was acquired

I recently sold property I inherited. The land was acquired through a land grant to my ancestors in the 1700s. How do I go about determining capital gains tax?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,940 satisfied customers
I'm at a professional crossroads and am looking for a

Hi,I'm at a professional crossroads and am looking for a constructive way to figure and plot a new direction. Presently, in part, I'm a chiropractor, working for a multi-specialty medical group and have been with this group for twenty-five years but my position has just been downsized. I've also been developing a second career as a songwriter and that is beginning to take hold commercially but financially nowhere in such position as yet to bring in any predictable nor sufficient income. Songwriting is my primary passion and if it sustained me financially I wouldn't be here asking for insight. But I need to survive financially while I continue to develop that.More specifically, due to economic reasons, I've had my chiro position reduced to just 16 hours per week, beginning the 16th of this month. I feel in part that I don't want to practice anymore and would like to explore another career pursuit that's more in harmony and hopefully synergy with my songwriting, perhaps a writing career of some sort, something closer to my passion that sustains me while I continue doing my best to cultivate a fully sustainable endeavor in songwriting.In the immediate, I'd like input on whether it's smart to keep my part time position and file for part time unemployment to fill in the gap somewhat, aiming to increase those hours over time, which I was told was a possibility, or just resign and take full unemployment and thus have more time to take on a new career evaluation and pursuit. And what steps should I undertake to best figure out what career path to best pursue?Thank you,Robert

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Dr. Fiona Chen

President

Ph.D.

806 satisfied customers
Getting a severance check and wondering if I should change

Getting a severance check and wondering if I should change my w4 to avoid a 45%+ taxes taken outJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I'll be getting ~14k plus a bonus which should be about $20k. Is there a way lower what is taken out by taxesJA: Is there anything else the Accountant should be aware of?Customer: Not that I'm aware of

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Robin D.

Vocational, Technical or Trade School

22,410 satisfied customers
If I invest in an alternative energy (hydrogen

If I invest in an alternative energy (hydrogen infrastructure) company is my investment tax exempt?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I sold a gas drilling company and want to invest the money in an alternative energy technology company. Is any portion of my investment tax exempt?JA: Is there anything else the Accountant should be aware of?Customer: The company that I want to invest in is privately held.

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

4,116 satisfied customers
You must be the A.I. of the web site...always on, never

You must be the A.I. of the web site...always on, never tires. JA: I'm an assistant to the Lawyer. I work with them to help customers like you. Customer: It's complicated...We own our own home, but we are not married. I'm 67 she's 60 in July. I have cardiac issues and she has Parkinson's. we need the right life's coach to help us from running out of money. JA: Because real estate law varies from place to place, can you tell me what state this is in? Customer: BUFFALO, NY YUP....IT'S SNOWING....I'M TRYING TO SHOVEL AND TYPE AT THE SAME TIME . JA: Has anything been filed or reported? Customer: NO JA: Anything else you want the lawyer to know before I connect you? Customer: I'M BACK DR.JAMES *********** JULIE ***********

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Dr. Fiona Chen

President

Ph.D.

806 satisfied customers
Estimate potential overhead annual overhead costs for

Estimate potential overhead annual overhead costs for accountant and lawyer in northern CA. Attempting to ballpark, to estimate potential consulting fees.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Estimate potential overhead annual overhead costs for accountant and lawyer in northern CA. Attempting to ballpark, to estimate potential consulting fees.JA: Is there anything else the Accountant should be aware of?Customer: Not really. Just in the planning stages to estimate costs of doing business to figure into hourly rates.

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

4,116 satisfied customers
If i sold my house for a 400,000 profit of which 250k was

if i sold my house for a 400,000 profit of which 250k was exempy due to personal sale and 150k was exempt due to prior year stock loss carry forward does any of the 400k count toward computing roth earnings test and/or alternative minimuim tax?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,940 satisfied customers
Can you confirm Qualifying Small business exception with

Can you confirm Qualifying Small business exception with references to IRC Sections, Rev Ruling Procedures, etc?. Such a detailed answer would help as a support for management decision to continue Cash Basis. Accrual Basis is bound to be unfavorable.

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taxmanrog

Master's Degree

1,016 satisfied customers
I know P/L on QQQ options gets 1256 treatment. Because they

Hi.. I know P/L on QQQ options gets 1256 treatment. Because they are options on broader market index. In 1099B from Interactive brokers - they list them in regular category. They have 1256 section that have options on VIX,SPX etc listed. They claim in IRS is ambiguous about treatment of QQQ options and they choose not to list them as 1256.Can I move QQQ options from regular to 1256 while filing taxes. Risk is Numbers reported by IB to IRS will not match with my tax return. Will this be red flag for audit.

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

4,116 satisfied customers
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