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Recent tax questions

I have a question about real estate and retirement account.

I have a question about real estate and retirement account. First of all , I am 1 month from 60 yrs old. I own a 10 acre piece of undeveloped rural property adjoining a river. I have owned it for several years. I have been trying for over 2 years to sell it, via a realtor, at the price I paid, without any luck. I also work, and have a 403b and 457 with considerable amount of money. Would it be possible to sell the property at some loss I can live with , (maybe to a realtor)and use the capital loss to offset taking a fairly large distribution from the 403 and/or 457 now , which is taxed as ordinary income ?? I will likely have an increase in salary next year of $20-30k ? If so, would it just require the sch D to add to the 1040 ?

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Robin D.

Vocational, Technical or Trade School

 
20,340 satisfied customers
I have an investment property which I purchased above the

I have an investment property which I purchased above the appraised value. I am trying to find out what the depreciable value is. However, different methods yield very different values. If I use the land as % of total assessed value and apply it to the purchase value I get $150,000 as the depreciable value. However, my insurer has suggested that I insure the property for $200,000 as the insured value. My insurer said that that was the value that the insurance company suggested.Am I able to use the $200,000 as the depreciable value for tax purposes if that is the value I am paying my insurance premiums on? Or do I have to use the lower value of $150,000? Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,384 satisfied customers
FL law form DR-405- Tangible Personal Property Tax return.

FL law form DR-405- Tangible Personal Property Tax return. Who must file this? Only sole proprietor, who use personal stuff like furniture etc? What about S-Corp and LLC?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,906 satisfied customers
This is ***** *****. Here is my question. JA: Thanks.

Hi, this is ***** *****. Here is my question.JA: Thanks. Can you give me any more details about your issue?Customer: I sold my rental property last year. Turbo tax add $41k into 6251 line 19. I checked it . This amount from the the loss 2006-2013. Can I reduce it?JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,906 satisfied customers
Does anyone know the ins and out of tax form RP-5217NYC

does anyone know the ins and out of tax form RP-5217NYC

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Robin D.

Vocational, Technical or Trade School

 
20,340 satisfied customers
Dear, My Grandmother transferred a property in my name as

Dear,My Grandmother transferred a property in my name as part of inheritance on 01/2015, I started collecting rent from it and have expenses. The property was in a name of my Grandmother's trust.My question for income tax purposes, what is the basis of the land and building for depreciation purposes if the assessor shows the following values:Land value @ $42,000.00Building value @ $236,000.00She bought the building back on 01/2004 for $130,000.00

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,906 satisfied customers
I inherited the land in 1997. The Hand County assessor says

I inherited the land in 1997. The Hand County assessor says the land in question was valued at $230/acre at that time. The The land is now worth $1,736/acre. I remain concerned about tax consequences. Will it be better to receive full payment for land sale now or spread out the income over several years?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
We received a 1099 c rental property that taken in forclosure.

We received a 1099 c for a rental property that taken in forclosure. We are not sure of what we can doJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We first started receiveing forclosure paperwork back in 2010. It was forclosed on until 2015, there have not been any renters in it since 2009.JA: Is there anything else the Accountant should be aware of?Customer: We hadn't made a payment on the property since 2008. We are wondering if there are any exclusions that we would qualify for or reductions or just because we got a 1099-c does that mean we actiually have to pay. If that makes any sense at all.JA: 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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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Statute of Limitations in MA collection of property tax

Statute of Limitations in MA for the collection of property tax

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Robin D.

Vocational, Technical or Trade School

 
20,340 satisfied customers
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