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Recent Deficit Reduction questions
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.
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)?
Bachelor's Degree Equivalent
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.
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
Bachelor's Degree Equivalent
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?
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
I just had a question regarding my son who we have both
I just had a question regarding my son who we have both determined he will claim himself since he is no longer a full time student... What would happen if he put zero. I know the correct way is to put 1 (himself) but he asked what would happen if he put zero. thanks again Dee.
I am getting divorced. My ex husband lives in Australia. IView more tax questions
I am getting divorced. My ex husband lives in Australia. I live in North Carolina. He is paying me a settlement in return for me signing our house over to him. The property is in Australia. Would this settlement be considered taxable income? It's being paid over several years so that it doesn't create a financial hardship for him. Thank you.