I have a property (second home) in NYC that I don't use a
I have a property (second home) in NYC that I don't use a lot.. It increased value a lot (about doubled). I want to transform it into an investment property so that I can sell it in the future and minimize capital gain taxes. Do I need to transform the property into a LLC before doing it?
Quot;Like"exchanges I have to sell my property(owner
quot;Like"exchangesI have to sell my property(owner occupied),which I purchased about 1 year ago.I know that I have to be living in the property for 2 years before selling,in order to avoid paying capital gains/taxes on profit.ORI would have to buy something else within a certain period of time ,like 90 days?"Like "exhange..."Can you please clarify how much time do i have to buy a different property "Like Exchange"?
My father in law just passed away yesterday. They did no tax
My father in law just passed away yesterday. They did no tax planning although talked about it on several occasions. The family consists of a surviving spouse and 5 children. The family are all residence of the US. They own a cottage in Ontario, Canada. The property is used only as a summer vacation home and generates no rental income. The property was owned in joint tenancy. I am fairly certain the property goes to the surviving spouse upon death with no tax consequences. It was the wish of the father to pass down the property to his 5 children. Will the children be subject to inheritance tax upon transfer from the surviving spouse? How do I establish FMV? How do I come up with a basis for the property? This land was purchased about 50 years ago and the cottage was built about 25 years ago. My in-laws were not very good at keeping records. What is the capital gains tax rate?Thanks,Peter
Quickly after my father death I transfer or sell the shares
Quickly after my father death I transfer or sell the shares in the cooperative apartment that belonged to him to someone else. At some later time (after I have already sold/transferred shares in the coop apartment) the Mediciad comes in and tries to recouphis medicial expenses in the nursing home prior to his death. What and how, and if at all, can Medciiad recoup the medciial expenses with regards ***** ***** coop apartment he owned in the past? For example, I understand the Medciiad would not be able to put anylien on the coop as it no longer belongs to his estate. Can Medciad do anything else.
Daughter & son-in-law (active military) bought a townhouse
Daughter & son-in-law (active military) bought a townhouse in Hawaii in 2008. Hawaii does NOT tax non-resident military. Daughter divorced in 2012 after 14-1/2 years of marriage. Both parties now live in California. They finally sold the jointly-owned Hawaii townhouse which closed August 2015. Ex-husband is still active duty military & supposedly is exempt from paying any state taxes on the sale of the Hawaii townhouse. My daughter, however, is no longer married to him so the Hawaii tax laws for non-resident military do not apply to her. Does she pay Hawaii taxes on the full sale amount or only on her half of the profit?
I own a NYC Taxi Medalion-Yellow Cab. The value has decreased
I own a NYC Taxi Medalion-Yellow Cab. The value has decreased $300,000 and looks like it is heading south due to UBER and other APP services. I am 79, my income from the lease of my medallion is predicated on the value of the medallion and my income has been reduced $400 a month. Based on diBlasio caving in on 7/22 I think it will be reduced further. The Medallion is my retirement fund. I owe $140,000 on a Medallion loan, $19,000 in personal debt. If I lose any more income I will not be able to pay my rent and other obligations. Should I declare personal Bankruptcy? Thank you.
I file a simple 1040 each year to report my SS and a small
I file a simple 1040 each year to report my SS and a small pension. Last year my brother died and I was the executor. I had his house cleaned up and sold it for $140,000.00. The Atty. sent me a ck after broker expenses and I sent half to each of his two children, after I paid his bills. Now I have to report the full amt. as a capital gain on Sch. D. Do I list the full amt. as Proceeds (Short Term) and do I have to fill out 8949 to show disbursements? There was no monetary gain or loss.This is my second request as the first one got lost and I can't get into the login site. Please do not charge my acct. twice***** *****e-mail is *****@******.*** phone is ***-***-****