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Recent Excise Tax Law questions

Doe dies on Sept 1, 2013, leaving shares of X mutual fund in

John Doe dies on Sept 1, 2013, leaving shares of X mutual fund in a trust. During probate, on October 1, 2015, executor of trust sells all shares of X mutual fund to put money in estate bank account. Will the beneficiary still be able to do tax basis step up to the value of the shares on Sept 1, 2013, or will the executor having sold the shares on October 1, 2015, spoil that opportunity?

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Dr. Fiona Chen

President

Ph.D.

560 satisfied customers
I need to file an objection to the tax court, IRS is trying

hi I need to file an objection to the tax courtJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: IRS is trying to get my case dismissed for lack of jurisdictionJA: Is there anything else important you think the Accountant should know?Customer: no it's straight forward objection to their response to dismiss

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32 satisfied customers
A tax professional filed the final federal and state returns

A tax professional filed the final federal and state returns for a California Corporation for 2014 as directed by corporate owner. If the corporation owner (we are talking one man S corp) sent no further forms to Calif Gov dissolving corporation, what happens?????Will CA bill them for another year corporate taxes, send them a notice, or what? Does the filing of a final return trigger the state to ask for the paper work dissolving Corp.? Or does the state simply assume Corp is dissolved? I realize some dissolution forms should be filed, but what is the result if they were not.

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PDtax

Owner

Master's Degree

6,994 satisfied customers
I am 67 years old. I contributed to my IRA, $6,500 for year

I am 67 years old. I contributed to my IRA, $6,500 for year 2016n (Jan.5, 2016) and purchased Service Credits from Washington State Retirement by rolling over the IRA. Jan. 28,2016. I realized now (6 months later) that I was not allowed to contribute to the IRA because I was retiring and did not have earned income in Jan. 2016. How do I remove the excess so that I do not have a 6% penalty "until the mistake is corrected"?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: The IRA was "rolled over" from the Ameritrade Account and that account is now closed. I have talked to both AMeritrade and the Washington State Department of Retirement. The Ameritrade IRA account was closed in February by my request and cannot be reopened. Ameritrade says that there is a form that the State should process called an "excess removal". I have the cash in my Savings account to fixed this myself if I am allowed to do this by IRS rules. Just could not find this on IRS site. Also, would like to avoid taking it from the Washington State Retirement account as it will effect my retirement significantly.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
Dependents on a return. Parent age 56 shows income of $1400

Dependents on a return. Parent age 56 shows income of $1400 for 2015 and reported on a 1099-MISC. Has a daughter who is disable and collects Disability. Parent moves in with another daughter in in order to survive. Can the Daughter she moved in with claim both disable sister and parent? They lived with them for 5 months.

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614 satisfied customers
I have 4 single family dwellings that were recently flooded

I have 4 single family dwellings that were recently flooded in an area of Louisiana that is declared a disaster area. I have insurance settlements coming and I'm selling the properties and getting out of the rental business --will I owe capital gains on the gains from the sale or both the insurance settlements and the sale as the homes have been depreciated?

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Robin D.

Vocational, Technical or Trade School

21,204 satisfied customers
I recently moved in to a second home, close to my first. 2

I recently moved in to a second home, close to my first. 2 or 3 of my adult children will live in the first home. I do not plan to charge them rent, but they may have 1 or 2 friends move in with them. I will charge the friends rent. The renters will have their own rooms and access to the rest of the house. How will this work tax wise? What are the tax implications of not charging rent to my children? My plan is to charge the renters the going rate for a room rental. I am still paying a mortgage on the house. Do I depreciate the house using only the depreciation on the rooms? Could it be worth it not to depreciate at all? The original price of the house was $105,000. It is now worth about $340,000. I have had it for 25 years. Due to refinancing the mortgage is currently at $125,000. I may sell the house within 3 years to avoid the capitol gains tax.

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Robin D.

Vocational, Technical or Trade School

21,204 satisfied customers
I have a closing tomorrow on a note and mortgage and I have

I have a closing tomorrow on a note and mortgage and I have to give a certified check to the title company whose address is an apt of the lawyer who owns the company, how do I know that he'll use the money to do what he's suppose to do, which is pay the taxes needed to register the lien

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PDtax

Owner

Master's Degree

6,994 satisfied customers
My husband and I are selling a rental property that we own

My husband and I are selling a rental property that we own in Florida. We would like to reinvest the money by building a house on another property that we already own in VA. Can we avoid capital gains taxes by reinvesting the money this way?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,222 satisfied customers
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