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Recent Income Tax questions

My husband and I are sole owners of S Corporation. Can we

My husband and I are sole owners of S Corporation. Can we give the yearly gift amount of $14,000.00 to each of our grandchildren, and others? Can the amount we give be used as a deduction on our taxes?

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,952 satisfied customers
I am in the process of assisting my daughter in purchasing a

I am in the process of assisting my daughter in purchasing a “repossessed as is” house. The house is listed at $69,000 and we have made an offer of $65,000. I am assuming that I will be paying one of these amounts for the house out of my personal cash money. FYI my daughter has two kids with one being in collage and one 17-year-old that is also handicapped.My question is what is the best way for me to handle this transaction. As I see it I am in total control of all of the options but I just don't know what's best. Please look at the following items and give me some information as to how I should do this.1. Maybe I could purchase the house in my name and either give it to my daughter or somehow indicate that she is purchasing it from me. In affect I am giving it to her but which of these would be the best way to do it.2. I could also just give her the money and allow her to pay cash for the house.3. I'm also thinking that it might be a good idea if I at least give it to her in a way that allows me to be able to come back and protect my investment if something should happen to her.4. If I give it to her would that mean that I would be able to write it off in terms of income tax and if so how would this affect my daughter's taxes.I'm sure there are other ways to do this so I am asking you to tell me what is the best way for me to do that and how would this way affect both me and my daughter.JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: New JerseyJA: Have you talked to a lawyer yet?Customer: NoJA: Anything else you think the lawyer should know?Customer: I'm open for questions but I've tried to ask what I am interested in.

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Megan C

Master's Degree

29,954 satisfied customers
Iam a retitred senoir on SS i have invested in a mm fund. I

Iam a retitred senoir on SS i have invested in a mm fund . I notice the funds go up and down mostly up in value from my initial investment . When it goes up considerably can i sell that day a recieve the profit and maintain the initial balance without penalties from the fund and hopefully continue taking profit at ervery oppurtunity.? Or is there a provision that allows me to only sell at specific times. In other words can i sell as many times as i want in order to take profit and maintain my initial investment. I am with Vanguard Fund

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,194 satisfied customers
If someone rents a stabilized apartment in NYC and gets a

If someone rents a stabilized apartment in NYC and gets a roommate, who is not on the lease, whose rent is paid by welfare checks to the primary tenant -- is that money required to be claimed as income on the primary tenant's federal and state tax returns? Does anything change if the primary tenant signs the checks directly over to the landlord (rather than putting them in the primary tenant's checking account and then paying the landlord)? [The total amount paid by the subtenant is exactly half the rent plus 10% for furnished room, plus half of gas/electric/cable/phone bills, it is an even split.The subtenant has a larger room however).

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TaxRobin

Vocational, Technical or Trade School

20,922 satisfied customers
I am an international resident on H1B, working in a company

I am an international resident on H1B , working in a company (A) and I have a question 401K. Currently my balance, 401K account is $ X out of which, I can withdraw $ Y (approx 1/2 of X).I have few questions:1. Can I transfer my 401K acoc**t from one company to another. What is the procedure?2. Is their a ceiling on the amount that I can transfer from company A to company B?3. Is their an option to withdraw all vested amount (current balance) from 401K?4. Why $ Y that I can withdraw from 401K is lesser than $ X. Is there a way to withdraw whole amount?5. In case I need to return to the country, where I am citizen of, how can I withdraw the complete amount?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,194 satisfied customers
Lottery Payout Question: Once and for all I would like to

Lottery Payout Question:Once and for all I would like to know, if you were to win the Powerball (say 40 million)....1: Is it better to be paid out over 20 years or take the hit and get paid all at once.I figure it is better to take the 20 years because interest rates are so LOW you would get nothing for the funds in the bank and you could borrow to purchase something big now. (say buy a yacht, island, etc.)2: I would assume it would be better to put the funds in a trust (with many names as beneficiaries) to protect the assets and pay out to others from the trust (verses me receiving the funds, paying taxes then disputing funds and the recipients paying taxes a second time, etc.)3: Would putting a portion into a "non-profit" be beneficial to do things like purchase land, build trails, purchase grounds equipment, etc.That way I could buy things that would benefit me while alive then leave to a land-trust, etc. after I am gone.4: is it better to move to a non-income tax state before collecting.(I used to live in Florida (still have a home there) but live in VT full time now).I am open to any other suggestions that you can add to this question.

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Mark Taylor

Certified Public Accountant

Masters

862 satisfied customers
I have an investor from Argentina buying two investment

I have an investor from Argentina buying two investment properties in the U.S.Does he have to pay income tax in both countries?

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TaxRobin

Vocational, Technical or Trade School

20,922 satisfied customers
Someone I know hit the lotto and cannot claim the money for

someone I know hit the lotto and cannot claim the money for 50,000. He is willing to pay me 5000.00 to claim it for him. Would this effect my yearly amount I get back from paying income tax on what I make every year. I know they take money out for taxe at high tax bracket, trying to see if its worth my while to file like I'm the owner or if it will hurt me

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Mark Taylor

Certified Public Accountant

Masters

862 satisfied customers
My wife and I opened a revocable living trust (we both are

My wife and I opened a revocable living trust (we both are trustees), and are gradually moving assets into it. For non-retirement brokerage accounts, is there any reason to keep those outside of the revocable living trust? We are in the state of North Carolina, and our assets are solidly middle-class (<$1 million).JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: When moving non-retirement assets into a trust brokerage account that are currently held in my name or held in a jointly owned account with my wife, would there be any tax implications?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,194 satisfied customers
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