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I am the executor uncles estate and s house was secured with

I am the executor for my uncles estate and his house was secured with a no recourse reverse mortgage. we abandoned the house and received a 1099-A with the balance outstanding being 53,000 and the FMV being 160,000. Can I show this as a capital loss of 107,000 on his estate income tax return (1041) and the beneficiaries K-1s?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,894 satisfied customers
My friend is living in my house why I help my dad they are

My friend is living in my house why I help my dad they are paying rent but it doesn't cover the whole payment for the assessments for so sewer. When it comes to filing taxes do I have to claim the rent their are paying me ?

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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
If I sell a $100,000 house to a family member for $10,000

If I sell a $100,000 house to a family member for $10,000 will this impact either of our taxes? Either as a gift of equity in a house or as a capital gains tax on the $90,000 of value in the house? Thanks so much for your time.

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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
I am a non resident non US citizen married to a US citizen,

I am a non resident non US citizen married to a US citizen, we live in London UKJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Looking to buy a property in US, what is the most efficient way to do it from tax perspective?JA: Is there anything else important you think the Accountant should know?Customer: We both work and pay taxes in UK, my wife files tax returns in US but she pays enough tax in UK so that she does not need to pay any tax in USJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
I am preparing a estate tax return. I need to calculate the

I am preparing a estate tax return. I need to calculate the value of future retirement benefits I will receive as the beneficiary of my spouses retirement payments and will include on the estate return. Is this something that you can calculate for me if I give you the necessary information?Thank you

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
Would it be worth itemizing and increasing deductions on my

Would it be worth itemizing and increasing deductions on my paycheck for this year?I have been filing standard.This year...I bought a car 3 months ago... $14,800.. 2.4% loanClosing on a house before Aug. 1... sometime in July... $141,300... 3% loan....Should I just wait till next year to adjust my deductions on my paycheck?I made $39,800 last year

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
My elderly mother put me and my brother's name on her

My elderly mother put me and my brother's name on her property in Oregon. When she passes on, what rights do I have if I want to sell. The taxes are a lot and he is living there already not keeping them up. I payed them for years myself does that benefit me in any way?

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Anne

Master Tax Preparer

 
3,084 satisfied customers
My father added me to a savings account of s. s reasoning is

My father added me to a savings account of his. His reasoning is that I can go and take it out right away so it doesn't go thru probate. My question is - will this be taxable income to me? I would not need the money right away and I'm ok with going thru the probate process. The amount is around $90,000. His total estate would be under $500,000

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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
I am about to buy a condo and I have a copy of a 1099-misc

I am about to buy a condo and I have a copy of a 1099-misc from the current owner. It is from 6/1/15 - 11/30/15. It says box1: $10,621.38. And state ( SC ) of same amount. How will this effect my taxes? I am recently divorced, so I guess I will be head of household now, and I will be paying cash for the condo (settlement from divorce). This will continue to be a rental for my retirement, I live in NC. My current salary is $27,000/yr . Please let me know if you need any other information.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
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