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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?

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.

Robin D.

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.

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.

Robin D.

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.

emc011075

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?

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.

emc011075

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.

Matthew Breecher

President

330 satisfied customers

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?