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I am having trouble trying to decide whether to take a 1031

question for taxmanrog, I am having trouble trying to decide whether to take a 1031 exchange or just pay the taxes on the rental property sale I have asked you about before. The property is being sold for let's say 200k and I have a basis of 70k. I have 100 k in capital losses I'm carrying and want to sell a residence which will have a 50k profit above the exclusion . I am wondering whether I would be doing myself a favor if the capital gains taxes are increased again in the future or if leaving the funds in the bank is a great idea.

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taxmanrog

Master's Degree

1,006 satisfied customers
What if S-corp has two non-equal members (stock ownership and

What if S-corp has two non-equal members (stock ownership and stock basis) and received different amounts of non-dividend distribution throughout the year...How would this be reported on 1120S tax return (K1, M-1, M-2, Schd L) and how would the non-dividend distributions affect capital stock (schedule L line 24)?

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Lev

Retired

Bachelor's Degree Equivalent

24,194 satisfied customers
I have been retired for many years. I have a farm and a farm

I have been retired for many years. I have a farm and a farm house that I own. I have been ill as of late and my family have been kind enough to allow me to stay with them as I recuperate. I would rather give my income away to my daughters who take care of me instead of getting into a nursing home. I rent my farm land for business purposes and I rent my house since it is empty. The income for my house and farm are the only income besides the social security check I get every month. What are the tax implications if I give my daughters the money for my care instead of giving it to a nursing home? Also, if I sell my farm and give the proceeds away to my family before I pass, what are the tax implications. I'm just interested in protecting my assets and providing for my family.Thanks.

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CGCPA

Owner

Bachelor's Degree

3,360 satisfied customers
Is Social Security taxable in New Mexico When I moved to

Is Social Security taxable in New Mexico? When I moved to NM 12 years ago there was a line item deduction on the state return for SS taxed on the Federal Return. The line item is not there anymore and I have not seen nor heard of the state passing a tax on SS. VTY Homer Dale

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Lev

Retired

Bachelor's Degree Equivalent

24,194 satisfied customers
I recently was married in October of 2010 and I am now completing

I recently was married in October of 2010 and I am now completing a new W4 for 2011 to adjust withholdings. In my past W4, I've claimed 2 allowances and never had a tax debt and never had a significant tax credit. In filling out the W4 and utilizing the Two-Earners Worksheet, it appears that I'm supposed to claim 0 allowances which will increase my tax withholdings. I make $89,000/year and my wife makes $44,000/year. My wife recently completed her W4 and submitted it with 1 allowance.1. How many allowances should I claim?2. Should I have any additional amount withheld based on the Two-Earner Worksheet or is 1 allowance going to withhold enough taxes?3. Should we adjust my wife's W4 based on the information above?

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38,836 satisfied customers
My tax situation for 2010 year is the same as 2009. My adj.

My tax situation for 2010 year is the same as 2009. My adj. gross income will be approx. $23,800. I paid $900 into my FSA. I claim one . 2009 I received a $500 fed. refund and broke even with the state. Now in 2011 I will start receiving a check from my ex-husband's retirement ea. month of $1200. Should I still claim 1 at my job? What should I claim on the W4p I need to submit to his retirement agency. Should I have additional taken out? This year I'm only paying $600 to FSA. Any advice is welcomed.Thank you,Kim

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38,836 satisfied customers
Sir/madam I know that the statue of limitations is 10 ...

Sir/madam I know that the statue of limitations is 10 years, I need the name and number of the law that created it thanks John

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Ed Johnson

Senior HR Consultant and Business Devlpm

Bachelor's Degree

6,994 satisfied customers
I got married in 2016 and I'm wondering if I should file

I got married in 2016 and I'm wondering if I should file with my husband. He got his taxes taken last year because of school loans and I'm afraid if we file jointly, then they will take mine to.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I think that is all.

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Mark Taylor

Certified Public Accountant

Masters

2,642 satisfied customers
My wife and I own a residence in Connecticut and one in

My wife and I own a residence in Connecticut and one in South Carolina. Can one of us be a resident of each state and if so How does that affect both our state and federal taxesJA: Has anything been filed or reported?Customer: We are both Connecticut residents currently, however we are thinking it would an advantage if each of us claimed separate state residencyJA: Anything else you want the lawyer to know before I connect you?Customer: No

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Robin D.

Vocational, Technical or Trade School

22,384 satisfied customers
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