Join the 9 million people who found a smarter way to get Expert help

Recent Calculation questions

Quick Scenario: Decendent: Widowed, The entities below have

Quick Scenario:Decendent: Widowed, The entities below have been in place for five or more years. All properties have been owned for over 20 years.Total Value of the estate $8,321,837.65% owner of LLC with Rental Properties valued at $3,287,980.0064% owner of LLC with Rental Properties valued at $1,213,15099% owner of FLP with Rental Properties valued at $774,202100% owner of Rental valued at $3,046,505(All are income producing)Annuity paid to beneficiaries valued at $166,136I have allocated the percentage owned at death 65%, 64%, 99% and 100% to the total value, respectively.A few questions:1. Can I utilize this "Special Use Valuation" in this scenario? If so, how do I come up with a percentage? Is it an educated guess?2. Do I need to attach all the K-1's for the LLC, FLP to the return to show percentages owned?3. No gifts over the limits were given.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Are interest in the FLP and LLC transferred to family member considered gifts?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,968 satisfied customers
I have a question on seller concessions. I am buying a house

I have a question on seller concessions. I am buying a house and the mortgage company wants to include seller concessions to help out on the closing cost. The House is for sale at $89,000 but the mortgage company wants to increase to $93,000 and the seller give back $4,000. So how does this impact the seller and buyer on their taxes.

Read more

Robin D.

Vocational, Technical or Trade School

25,356 satisfied customers
On CA form 3805v in Part II (calculation of MTI), if I have

On CA form 3805v in Part II (calculation of MTI), if I have a negative AGI from Form 540, line 17 and I have a deduction from Form 540, line 18 (the former is larger than the latter), do I: (1) add these to arrive at a smaller negative number, (2) subtract line 18 to arrive at a larger negative number, or (3) limit the amount to the figure in line 17 on Form 540? Is my question confusing?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I don't think so...I am just confused on subtracting a positive number from a negative number.

Read more

Arthur Rubin

Doctoral Degree

1,876 satisfied customers
I was self-employed (and still am) up until June of this

Hi! I was self-employed (and still am) up until June of this year. As of June 1st, I will be classified as an employee. I have always paid estimated taxes for the past 3 years on my 1099 income and typically pay about 36% of my 1099 income in estimated taxes and then get a small tax refund later. I am trying to fill in my W-4 now and I tried to use the IRS withholding calculator to verify that I don't need to withhold any additional taxes from my paychecks when I am officially employee status.I am single with no dependents. Is it likely enough for me to pay the estimated quarterly payments on my 1099 income at about 36% of that amount as I normally do and then file single claiming 0 on the W-4 or will I likely owe some additional taxes?Thank you for your help! I appreciate it.

Read more

Robin D.

Vocational, Technical or Trade School

25,356 satisfied customers
Inherited a property in Florida in 2014. Transferred deed to

Inherited a property in Florida in 2014. Transferred deed to a partnership LLC and used for rental income. Just sold for about a 30k capital gain after closing cost. Any tax burden other than capital gains?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Transferred deed from Livung Trust to LLC.JA: Is there anything else the Accountant should be aware of?Customer: I don't think so.

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,752 satisfied customers
Second opinion] I plan to move to California around mid-year

Second opinion] I plan to move to California around mid-year and become a permanent resident of the state. if I make my entire IRA withdrawal for 2017 prior to moving, can I escape paying CA state tax on the entire amount of the withdrawal?

Read more

Chad Caros

Certified Financial Planner(R), Pro

Master's Degree

274 satisfied customers
Got irs letter requesting 8962 and 1095-a for 25 year old

Got irs letter requesting 8962 and 1095-a for 25 year old son. He had a job till early 2015 and got his own Obama care insurance through the health market. He has had no income since, so I claimed him as a dependent on my 2016 income tax return. Can I amend my filed tax return to remove him as a dependent?Right now my calculations show I'll have to repay $2,244 for his subsidy.I have no insurance and chose to pay the penalty last year and didn't answer that question this year.

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,752 satisfied customers
Questions 1 and 2: 1. The amount shown on Schedule K-1 Line

Questions 1 and 2:1. The amount shown on Schedule K-1 Line 13 Code W Other Deductions represents debt-financed distributions; Section 743 (B).----> Does this get reported? There is no Code W in the software to enter this? How would you then code it if needed to be reported?2. Carryovers----> Do all of these amounts need to be carried over to 2016 individually? (see attachment)----> The CPA said they can be summarized; I don't think that is correct either.

Read more

Matthew Breecher

President

MBA (Graduate Legal Studies)

330 satisfied customers
I rated your last answer and at the same time asked an

I rated your last answer and at the same time asked an additional question. I'm not sure it went through so here it is again. I don't totally understand? If not married - and she waits until FRA she can collect 100% of her benefits PLUS 50% of her ex spouses benefits? Or does she just collect the higher amount of either her full benefit or a percentage of her husbands full benefit? If it's a percentage of her ex spouses benefit - what is that percentage? What is the maximum social security benefit paid at FRA for anyone?

Read more

Matthew Breecher

President

MBA (Graduate Legal Studies)

330 satisfied customers
View more Tax questions
In The News