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Recent Excise Tax Law questions

I cashed in (same year) an inherited IRA my dad gave me when

I cashed in (same year) an inherited IRA my dad gave me when he past away. Invested it in to real estate. How can I avoid claiming the amount as income?

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Robin D.

Vocational, Technical or Trade School

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20,604 satisfied customers
I just had a question regarding my son who we have both

I just had a question regarding my son who we have both determined he will claim himself since he is no longer a full time student... What would happen if he put zero. I know the correct way is to put 1 (himself) but he asked what would happen if he put zero. thanks again Dee.

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Mark Taylor

Certified Public Accountant

Masters

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332 satisfied customers
I am getting divorced. My ex husband lives in Australia. I

I am getting divorced. My ex husband lives in Australia. I live in North Carolina. He is paying me a settlement in return for me signing our house over to him. The property is in Australia. Would this settlement be considered taxable income? It's being paid over several years so that it doesn't create a financial hardship for him. Thank you.

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Megan C

Master's Degree

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29,944 satisfied customers
I was contacted by Travel Marketing World with a buyer weeks

I was contacted by Travel Marketing World with a buyer for 10 weeks of my timeshare in Cabo San Lucas. Money went into an escrow account at Bancomer in Mex. Colonial Title is handeling the closing but so far I have paid $3500 to resister in Mx as a US citizen receiving money for a real estate transaction. Then I paid $3440 for SAT tax which I was told now needed to be paid up front. Now the are requesting $3500 for a S.R.E. Permit. Each time matching money is put into the escrow account to reimburse these fees by the buyer. Are these fees legit I get a statement showing the money in the escrow each time but i am becoming worried

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Richard

Owner

Doctoral Degree

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46,276 satisfied customers
I recently sold my rental property after 25 years. After

I recently sold my rental property after 25 years. After adding back in my depreciation and subtracting capital investments (and closing costs) I had a Long Term gain of $157,000. My wife is currently working at a salary of $52K and I am not working at this time. I have two questions: What is my Federal and State tax liability (I live in MA) for this transaction and two, Do I need to make an estimated payment by Sep 15 2016 or can I wait until Apr 15 2017?Thanks for any insight!

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Mark Taylor

Certified Public Accountant

Masters

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332 satisfied customers
If I transfer money from my secondary business account to my

If I transfer money from my secondary business account to my primary business account, how do I categorize it without making it look like income? By the way, I use QuickBooks. Thanks

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Dr. Fiona Chen

President

Ph.D.

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62 satisfied customers
I have a piece of land and I was thinking about attracting

I have a piece of land and I was thinking about attracting investors if I set up an assisted care facility. It's not in the best neighborhood and has a large Hispanic population. How much would the government give for assisted care to elderly who don't have much money or family.

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Dr. Fiona Chen

President

Ph.D.

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62 satisfied customers
I have a husband and wife partnership, we file a form 1065.

I have a husband and wife partnership, we file a form 1065. both the partners do not receive a w2 or a 1099. nor dothey receive any "guaranteed income"! we do however divide the partnership profit (50%) to each partner. are theprofits taxable as far as "self employment". is there a better way to do this? should I just pay each partner a "guaranteedincome" and 50% of the partnership profits. and are both distribution "self employment" taxable?? bh

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,738 satisfied customers
What needs to be included on a c-corporation dissolution

What needs to be included on a c-corporation dissolution plan to the IRS?From IRS form 966: "Attach a certified copy of the resolution or plan and all amendments or supplements not previously filed." I want to file the final corporate tax return for this entity. Thanks.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,764 satisfied customers
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