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I have heard there is a special tax on S-Corps that

I have heard there is a special tax on S-Corps that converted from C-Corps and have more than $1M in retained earnings. However, I can't find any information online. Can you reference the code / IRS publications?

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I have been renting a property to my sibling years. She is

I have been renting a property to my sibling for 5 years. She is moving and I plan to sell the property for a $100,000 profit. I plan to give her $75,000 of the profit for a down-payment on her first home. Can I deduct the $75,000 as a selling expense on my taxes?

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Lane

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Doctoral Degree

 
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I have a question related to publication 519 ( i´m a

hi. i have a question related to publication 519 (http://taxmap.ntis.gov/taxmap/pubs/p519-014.htm).i´m a brazilian, and i live in Brazil; i was never an US-resident.a) i have an account with an US-based brokerage firm, and I currently trade stocks, securities and commodities in the USb) i am considering to acquire a stake in the company incorporated in Floridacurrently, i understand that i am a non-resident alien, and therefore i should not pay taxes in the US (including related to the securities trading activities).my questions are:if "b" above takes place, which would be my tax duties? would it have an impact on taxes related to activity "a"?i look forward hearing from you.all the best,alessandro

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Robin D.

Vocational, Technical or Trade School

 
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I just sold my house and I am trying to figure out what my

I just sold my house and I am trying to figure out what my capitol gains tax will be.I bought if for $112,000. I sold it for 119,500. I have had it for 15 years and it is not my primary residence. I had it as a rental for 2 years.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
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How much capital gains tax will have to be paid if your

How much capital gains tax will have to be paid if your annual income for spouse and self is $50k (includes ss) and you sell a home you purchased for a gain of 35k? Are there deductions that can reduce the tax?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
My mother who was the surviving spouse passed away in April.

My mother who was the surviving spouse passed away in April. The trust that was established contains stock. Me and my two siblings are beneficiaries of the trust and we are looking to dissolve the trust. We have already distributed the cash. We are trying to maximize the value of the stock distributed to us. The question that we have is does it make sense to liquidate the stock in the trust, pay the capital gains tax based on my mother's lower tax basis or is it better to distribute the shares equally to me and my siblings? If we transfer the stock, do we assume the stock at the price basis on the day of the transfer and avoid any capital gains if we liquidate ourselves?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I am located in the United States and am interested

Hello:I am located in the United States and am interested in creating an offshore, LLC in Belize or British Virgin Islands in the Caribbean.The revenue generated for the LLC will be gleaned on the internet via merchant credit card services. Hence, the revenue will be directly deposited into the offshore bank. Probably located in Belize or BVI.Questions:Can the funds in the offshore bank be invested in the equity and bond markets using US brokerages, like Charles Schwab?Are the capital gains and dividend taxed when transferred back to the LLC's offshore bank.When withdrawing money from the LLC, as a member(partner) do I pay US taxes based upon my personal tax bracket?If the LLC pays for services or awards funds to a vendor or individual for outside services in the United States do they pay taxes based at their tax bracket?Thank you

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I'm selling my office building that I lease purchase on a term

I'm selling my office building that I lease purchase on a term that lasted 15months. We have owned it now for 3 months. I'm selling it with a profit of $60,000 what's my taxes and is there a way to diminish a tax payout? Can I roll it into other business stuff with out paying lots of taxes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I have limited partner units that are being help in American

I have limited partner units that are being help in American Stock Transfer Co and I want to convert them to a Class A stock. I am told I will be hit with a huge tax obligation if I do this. Can you help me? I received these units as an inheritance.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
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