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Recent Dividend Tax questions

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

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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

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I was trying to find out about line 12 of the 1120 form for

Hello. I was trying to find out about line 12 of the 1120 form for C corps Compensation of Officers. I wanted to know if I need to deduct ss and medicare taxes from this since the person is an officer and not an employee.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no that I can think of.

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Mark Taylor

Certified Public Accountant

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I have company stock from my old company. I had planned to

Hi. I have company stock from my old company. I had planned to roll it over, but was told that I should check abut taking it in kind and putting it into a brokerage account to take advantage of net unrealized appreciation. I'm a little confused about the advantages of NUA and if it's beneficial for me.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The cost basis is $29,948.38 and the Market value is $36,359.15

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Lane

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1065 Partnership -- A client has sold property (rental) in

1065 Partnership -- A client has sold property (rental) in 2016 that was recorded as an Asset. It has been depreciated for a few years. (purchased in 2012) He has had a gain on that sale. I have used the asset entry worksheet to record that sale including expenses and the K-1 to the partner reflects only a small part on line 9c and the remainder is reflected on line 10 1231 gain. I have made sure that part III shows on the form 4797. Will this client be able to use capital gain tax rates on all of this gain or will he have to pay tax as ordinary income on at least a portion. I'm confused. If it should all be long term gain how do I make that happen in my tax program? I am using pro-series.

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Lane

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I will have a $150,000 capital gain on the sale of a domain

I will have a $150,000 capital gain on the sale of a domain name. I consider it part of my collectible business DBA that includes other collectibles such as silver coins, vehicles etc. Can I do a 1031 asset exchange to shelter some of mu taxes by purchasing more silver coins from the sale of the domain name to shelter some of the capital gains taxes?Thx Jeff Wingad(###) ###-####

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Lane

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I am a US Permenant Resident and File tax returns. I have a

I am a US Permenant Resident and File tax returns. I have a rental property in Canada. If I sell the rental property, how will the gains be treated ? as Capital gains? and at what rates?

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Lane

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I sold my half of a Condo in Fl to my brother. He is sole

I sold my half of a Condo in Fl to my brother. He is sole owner now. Will I have to pay tax of any kind when I fill out my income tax.I have been claiming 1/2 for over ten years. On income tax, our accountant has used depreciated value.After paying off Mortgage, my half is $40,000

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Lane

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This year I sold my shares in my family ranch (S-Corp) back

Hello. This year I sold my shares in my family ranch (S-Corp) back to the corporation for $152,000. How will this affect my taxes? This amount is approximately 65% of what the price might be on the market.

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Lane

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