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Recent Dividend Tax questions

I'm an Enrolled Agent tax preparer in California. I can't

Hello,I'm an Enrolled Agent tax preparer in California. I can't find a guide anywhere on how to properly report a Canadian Form T5 on a U.S. tax return. Can you explain what boxes need to be reported? I'm mainly concerned with boxes 24, 25, 26, 15, and 16.Thank you.

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Matthew Breecher

President

MBA (Graduate Legal Studies)

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I have a somewhat complex question regarding capital gains

I have a somewhat complex question regarding capital gains and a 1031 exchange on real estate.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Great. I have a lot which I bought as an investment in 2000. I am not a professional builder. I would like to have a house built on this lot, and then sell it. The lot has a basis of about $6000, and I would value it at about $100,000 now. Is there a strategy to be able to roll over the long term capital gains on the lot? Perhaps by the lot being held by a separate tax entity from the tax entity selling the house and lot?JA: Is there anything else the Accountant should be aware of?Customer: We expect we would sell the house shortly after it was built. Alternatively, we could rent it out for a period of time if that improved the tax situation.

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Lane

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I have a tax questions regarding captial gains, i need to

i have a tax questions regarding captial gainsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: i need to speak to someone regarding capital gainsJA: Is there anything else the Accountant should be aware of?Customer: no

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,938 satisfied customers
Our family Trust sold a commercial building in 2016. What is

Hello. Our family Trust sold a commercial building in 2016. What is the tax rate applied to the capital gain ? (gain is 100,000 approx.). Mark W.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I need to know the appropriate tax rate. ThanksJA: Is there anything else important you think the Accountant should know?Customer: No.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,938 satisfied customers
I have a successful s corporation involved in hazardous

I have a successful s corporation involved in hazardous waste remediation (service based company). It has worked in the past for tax purposes; after I receive my salary, the remaining is distributed payroll tax free. However, this year I am already running profits over $250,000 and in all likelihood will reach $500,000 by the end of the year. Not looking forward to federal taxes.I did some looking into possibly converting into a c corporation for tax purposes (I know the cut off date was march 15th for this year). Besides the usual medical deductions I can take etc., I read of being able to use an income trust to take the earnings from the corporation and direct qualified dividends to the beneficiary (myself). That way the dividends can be deducted from the corporation pre profit tax, take the favorable dividend tax rate and avoid double taxation. Is this a viable alternative to my present arrangement?

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Matthew Breecher

President

MBA (Graduate Legal Studies)

330 satisfied customers
I am currently about to leave my job but have some stock in

I am currently about to leave my job but have some stock in a company that is not public yet. I expect that the market value will go up in the next few months. I was told that I had 90 days from the time I leave to buy the stock. They hold events where the company does a buy back of stock usually towards the end of the year. The question is should I buy my stock now share price is 8 dollars and Market value is $27.00 or should i wait to buy. My concern is the Market value will go up . When I do sell will be taxed on the gain from 8.00 to $27.00 ($19 per share) or would I be taxed on the price on the gain on what I sell it for in the future, for example if it goes up to $35.00 would I be taxed with the gain of $27 a share? I am trying to figure out if I should buy the stock now or wait until my 90 is up but there is a chance the market value will go up in the future.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,938 satisfied customers
I had options from a startup that were repurchased. The

I had options from a startup that were repurchased. The company gave me a check with no taxes taken out and is not sending a 1099. I held the options fore more than a year But never exercised them. Can I tax at LT capital gains? Or as regular income?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I made an 83B election relative to the shares

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,938 satisfied customers
I need to discuss tax implications of paying off a mortgage

I need to discuss tax implications of paying off a mortgage by cashing in stock. We're in California, retired, now living off 401k distributions.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Have 15 yr 2.5% fixed mortgage, paying $3K/mo. Payoff $109K. Have $180K stock in former employer, cost 21%. Not yet drawing Social Security - I turn 65 in July - willing to wait to 2018. Would like to reduce 401k withdrawals, but concerned with tax implications of these actions.JA: Is there anything else important you think the Accountant should know?Customer: Husband already retired, receiving small pension and Social Security.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,938 satisfied customers
I transferred $50K in stock to my daughter in 2014 and

I transferred $50K in stock to my daughter in 2014 and didn't report anything, what should I do?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: It was for college expenses, my basis was $2K, wanted her to sell to minimize cap gainsJA: Is there anything else important you think the Accountant should know?Customer: NO

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,938 satisfied customers
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