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My mom owned her property in a trust and died in 2011. It

My mom owned her property in a trust and died in 2011. It has appreciated since then (by approximately 220k) and we the beneficiaries are thinking of selling now. It was not transferred from the trust to the beneficiaries. What are the tax implications?

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
An initial distribution is being made from a family real

An initial distribution is being made from a family real estate trust consisting solely of my father's house that was sold following his death last year. I have options on whether to take the distribution directly or take it to a Trust in my name. I also have children and grandchildren. If there are no tax ramifications I can take the distribution directly and decide what to do with it later.Please advise on the most tax advantaged option

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
I am a Healthcare provider of Home Health services and our

Hello!I am a Healthcare provider of Home Health services and our patient wants to revert her Medicare designation to Primary Payer status, and her HMO insurance, AARP, as the secondary payer. Under the patient's current setup which is TOTALLY WRONG, Social Security has designated her Medicare to be managed by the ***************** Plan of San Francisco when the patient said that she has never had or requested ********* to manage her Medicare benefits.The NGS office of CMS instructed for me to contact the SS card holder's local Social Security office to correct the patient's Medicare payer designation. Please help asap. Patient needs Home Health services asap per her PCP, John ******.Thank you.Ben ******Home Health Services Director*****************************************************************Cell: ***************eFax: **************Office: ***************Fax: **************

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
I am an instructor in the alternative health & wellness

I am an instructor in the alternative health & wellness industry. People have started giving donations to help support the spread of the modality that I teach. This is not money for me as an income, but rather it will be used to offer scholarships for students, and pay for expenses aspt the many volunteer events we hold (which have expenses without income).How should I handle this money in my paperwork/tax reports?

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
My Mom is turning 90 years old. She needs to cash out a

my Mom is turning 90 years old. She needs to cash out a annuity policy that has about $67,000 in it. Her social security and pension income are less than $25,000 per year. Somewhere in the low 20's at best. How much Fed and State Tax should she ask them to take out. She lives in NJ. Need an estimated rate for her to use when completing the cash out...JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no. I just want her to fairly reasonable with the tax so that she does not owe much afterward.

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
IRS and state Taxes: Maryland, New York, Colorado I need to

IRS and state Taxes: Maryland, New York, Colorado I need to go to the IRS first thing in the morning.The IRS just leaned me and took 20% of my social Security check. I need to find out what forms I need to file to let them know that I do not have any money or assets. I do not own a home and am presently renting but can not even pay my rent because they took the cash from my social security payment.Where is the nearest IRS office in Tucson, Arizona near my zipcode of 85749 or 85750.Next since they say I owe $31,000 what Fresh Start Program can I apply for and what forms and instructions do I complete?What financial statement do I take to them to show them my financial status so I can present to them my expenses and how they just wiped me out?I am not working and do not have anything except my social security at this time and with the liens and the fact that I was not able to report to them when I lived in Maryland they reversed my previous return and hurridedly closed an audit with no meetings with me and has caused extreme hardship.I have creditors constantly calling me, and liens and as I have undergone surgeries of my eyes, Retinal Surgery first and in 2015 2 catarac surgeries in my right and left eyes.When they called me in for the audit I was recovering from knee replacement surgery and physical surgery and could not walk or drive.I asked the agent to leave the audit open until I could gather receipts from 2008, 2009 and 2010 the years that they reversed my expenses from my schedule C.I have lost everything and have notices from states as well as interest that is getting to be higher than the amount that they say I owe.I am 64 years old and devistated.I was not able to file for 2013, 2014 and 2015 as I could not see and am still recovering. I need an answer as soon as possible as the very complex statements can be filed for 2013, 2014 and 2015 tomorrow, and then I can go back to do a 1040X for the years that they erased my expenses,I do not have money for an accountant or attorney so please do not reply asking me to pay you to answer these questions as I do not have the money.I just need to know where is the nearest IRS office and what is the office and forms and how do I file an offer in compromise and what forms and instructions do I use and what can I do for me owing over $30,000.The lien was filed in New York City borough of queens but I worked and lived in Silver Spring Maryland at the time and Maryland has liened me and put me in collections.Please expert only in federal and state taxes for Maryland , New York City and now live in Arizona although I have not worked in Arizona at all and just moved here as I could not afford to live elsewhere. I have not worked since I had my last eye surgeries in July and August of 2015.My 2008 tax boxes were inadverdtantly tossed by the maintenance workers assisting my physical therapist so that I would not hurt myself as my home was my office.

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PDtax

Owner

Master's Degree

6,868 satisfied customers
I have a new client who is a 70% partner in a privately

I have a new client who is a 70% partner in a privately owned manufacturing outlet in Bangladesh. My client is a US Citizen due to which I have advised him to file form 5471.When I prepare form 5471 is it true that I would take the line 5D number and report it on 1040 Other Income?Would I have my client pay taxes on 70% of his Income?Also for Depreciation for foreign assets would I calculate using ADS with Plant Equipment for 7 years and Real Property for 40 years?Thank you,Prashant

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Mark Taylor

Certified Public Accountant

Masters

940 satisfied customers
I have a question about an S Corp loan and stock basis. If a

I have a question about an S Corp loan and stock basis.If a single shareholder of an S Corp personally guarantees (consign) a car loan, that is registered under the business name, does it increase that the shareholder's stock basis or the loan basis (or both)?My initial though that is does increase because the shareholder personally secures and be liable for the loan. If the business defaults then the shareholder is on the hock.Alternatively, can I argue that the loan was taken by the shareholder (since he was the one who initiated the transaction and his name is ***** ***** the car financial instrument) and the shareholder simply contributed the car to the business?Could you please help me with that.Thanks!

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Mark Taylor

Certified Public Accountant

Masters

940 satisfied customers
My dad owned a two family and lived in it. in 2005 he

hi. my dad owned a two family and lived in it. in 2005 he changed his ownership to a life estate interest with me as the new owner. i paid him ten thousand dollars. (this was to help qualify him sooner for medicaid if needed) he passed away a few years ago.it has been a rental property for me. if i sell it, will it be taxed as inherited property? i.e. no capital gain tax or as purchased?

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
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