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Recent Excise Tax Law questions

I want to withdraw money from my traditional IRA for a down

I want to withdraw money from my traditional IRA for a down payment on a home purchase. I believe I am considered a "first-time buyer" - I did purchase a home with my husband when I was married. When we divorced we sold the home in 2013. I've been renting since then. I want to make sure I am not penalized 10% by the IRS on my taxes next year.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no

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Lev

Retired

Bachelor's Degree Equivalent

24,434 satisfied customers
I had an ira variable annuity the amount 13,470.06 every

I had an ira variable annuity the amount 13,470.06 every sept theysent me the rmd this year it was for 902.81.which I spent. I decided to surrender the annuity and roll it over to scottrade which I did. Met life issued me a check of 12.600.59 on 12\22\2016 and I gave check to.scottrade on 1\6\2017 within in the 60 day period. I recieved a 1099r form for 13,470.00 from met life they added the 12.600.59 plus the rmd of 902.81 to 13.470.06, how do I show this on my 1040 tax formJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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Charles Markham

Principal

Masters Science Taxation

650 satisfied customers
When sending a 1040x to amend a return, do I also have to

When sending a 1040x to amend a return, do I also have to send a new 1040 with the all the changes or just the 1040x and the old return?

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Lev

Retired

Bachelor's Degree Equivalent

24,434 satisfied customers
My question about gift tax. If need to file form 709, if if

Hello, my question about gift tax. If need to file form 709, if if husband and wife sold house to their daughter and son-in-law and part of selling as a gift about $70K ? and is it taxable amount? thank you

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Robin D.

Vocational, Technical or Trade School

23,372 satisfied customers
I have a rental house I wish to convert to family use. What

I have a rental house I wish to convert to family use. What if any are the federal tax consequences?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have depreciated the house over the years. Is there an immediate tax liability when converting the house back to family use?JA: Is there anything else important you think the Accountant should know?Customer: No

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Robin D.

Vocational, Technical or Trade School

23,372 satisfied customers
Thx. How does capital gain tax work with a co-owned house

Thx. How does capital gain tax work with a co-owned house (4siblings)? A sister is homesteading the home. Looking at sale in 2-5 yrs.

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Lev

Retired

Bachelor's Degree Equivalent

24,434 satisfied customers
Regarding previous 1041 question. What line on the k-1

Regarding previous 1041 question. What line on the k-1 should the 65 in dividend income go and the capital losses?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,938 satisfied customers
Four siblings inherited house from my Mom, via Transfer on

Four siblings inherited house from my Mom, via Transfer on Death Deed. Do we need to get an appraisal right away, or better to fix house up first? Asking relative to capital gains tax when sold.

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Lev

Retired

Bachelor's Degree Equivalent

24,434 satisfied customers
I filed an initial 1041 estate return. There was 9,000 of

I filed an initial 1041 estate return. There was 9,000 of capital losses on stock sales. In 2016 I am filing the final 1041. Should the full 9,000 of capital losses be distributed via form k-1 or will it only be 3,000 per year?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,938 satisfied customers
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