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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

JD, MBA, CFP, CRPS

Doctoral Degree

17,646 satisfied customers
My elderly dad has been exempt from paying income taxes

My elderly dad has been exempt from paying income taxes because his earnings were small. He passed away. He did not have investments and made no interest on his only checking account. Do I still have to pay taxes on basically nothing and which form would I have to use to file if I have to?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The only income was less than 15K SSI. He had no retirement, pension, 401K or IRA. Since he was officially exempt from filing taxes, do I still file anyways?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,188 satisfied customers
I have a closely held shareholder that sold stock in his

I have a closely held shareholder that sold stock in his corporation; however, he also was allowed to keep the cash and one vehicle. How should that be handled on the corporate books and on his personal return?

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37,924 satisfied customers
Can I count the cost of sending money from my wife's

Can I count the cost of sending money from my wife's Peruvian business to the US as a fee to lower taxes?

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Dr. Fiona Chen

President

Ph.D.

536 satisfied customers
I recently made an LLC.I am the owner and the only one

I recently made an LLC.I am the owner and the only one working right now.I have a person that will join me as a 1099 soon.My question is,Should my company be an LLC taxed as an S -Corp or a C-corp?Later on my wife will join us also,when needed.

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Dr. Fiona Chen

President

Ph.D.

536 satisfied customers
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

JD, MBA, CFP, CRPS

Doctoral Degree

17,646 satisfied customers
I have some question about forming a LLC, I have some stock

helloJA: Hello. How can we help?Customer: I have some question about forming a LLCJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have some stock investment. In the future, I would like to form a LLC to protect the investment and at the same time to deduct some of the cost and expense for the investment. but I know that there is a rule for personal holding company taxJA: Is there anything else important you think the Accountant should know?Customer: I wonder if I setup a LLC but elect as through tax not S-corporate. but it help to avoid that PHC tax?

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PDtax

Owner

Master's Degree

6,966 satisfied customers
An S Corp owner has received more distributions than

An S Corp owner has received more distributions than retained earnings for income tax purposes which forces the balance sheet to be out of balance because the return (in Turbo Tax) won't accept a negative retained earnings amount. Where will I report the difference to make my balance sheet (and retained earnings) balance?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Not that I can think of.

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
I inherited 50k in stocks when my dad died in 2014 which I

I inherited 50k in stocks when my dad died in 2014 which I cashed in shortly after receiving them. I know there is no capital gains tax as they reset at the date for which I got them. However, in Florida, do I have to pay income tax if I cash them in?

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
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