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Recent Income Tax questions

What are the tax implications on an inheritance? I am one of

What are the tax implications on an inheritance?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am one of a number of heirs to my uncle's estate (he passed away last year). I will be getting a check for the first distribution within a month and the second distribution start of next year.JA: Is there anything else the Accountant should be aware of?Customer: That is all, I plan to withhold 15% to pay for taxes next year.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,922 satisfied customers
Does the church have to apy capitol gain taxes on land sold.

does the church have to apy capitol gain taxes on land sold. Land was acauired in 1996 and sold in 2017.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: What do you need to knowJA: Is there anything else important you think the Accountant should know?Customer: I know that we acquired the land for 40K sold it for 128K but paid a lot of money trying to get permits, licenses,m etc to build on the land, but was unable to do.

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Brian Michels

Partner

Bachelors of Business Administration

284 satisfied customers
Got irs letter requesting 8962 and 1095-a for 25 year old

Got irs letter requesting 8962 and 1095-a for 25 year old son. He had a job till early 2015 and got his own Obama care insurance through the health market. He has had no income since, so I claimed him as a dependent on my 2016 income tax return. Can I amend my filed tax return to remove him as a dependent?Right now my calculations show I'll have to repay $2,244 for his subsidy.I have no insurance and chose to pay the penalty last year and didn't answer that question this year.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,736 satisfied customers
My question is about the final year of a trust when all

Hi! My question is about the final year of a trust when all remaining trust assets are distributed to the beneficiaries. Do you know if stock distributions can be made in-kind in order to avoid recognition of unrealized capital gains?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: How much does it cost to have the Accountant help?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.Customer: ok

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PDtax

Owner

Master's Degree

7,970 satisfied customers
15 years ago my husband died... I continued to pay" our

15 years ago my husband died... I continued to pay " our taxes" I subsequently moved out of California and haven't lived there since 2004I just received a notice from California addressed to my dead husband for 16k that I KNOW he didn't owe! I'm not even sure I still have " our" old returns and the notice wasn't sent to me... can they come after me?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,922 satisfied customers
I'm confused with income tax reimbursement letter, Pa, Yes

hiJA: Hi. What seems to be the problem?Customer: I'm confused with income tax reimbursement letterJA: What state are you in? It matters because laws vary by location.Customer: PaJA: Has anything been filed or reported?Customer: Yes with tax return every year I have recipts for stuff I buyJA: Anything else you want the lawyer to know before I connect you?Customer: For my job hairdresser

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,922 satisfied customers
My daughter has spent the last 6 years in Kabul working as

Hi Hi,JA: Hello. What seems to be the problem?Customer: Hi, My daughter has spent the last 6 years in Kabul working as an independent war correspondent covering the war and human interest stories. Unfortunately , she loves what she does and does not make much money in a very dangerous job.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: As an independent contractor, in a foreign country, in a war zone must she file federal income tax? and what support forms must she include in the filing? Many Thanks

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,922 satisfied customers
In 2015 i converted a IRA to an roth IRA in the request

Hi Pearl, in 2015 i converted a IRA to an roth IRA in the request amount of $54,000. The actual disbursement amount received was $53,637.58 from the investment company. I was using the money to buy a piece of land with the remainder amount to go to pay taxes. I filed my taxes and payed $17,576.00 to Federal. I recently recieved CP2000 notice from the IRS stating that an additional amount of $18,907 is due claiming that another source reported an additional $54,000.00 totaling $107,638. I called the IRS and they advised me to fill out a "form 8608". I'm a little lost. I thought i did everything right when i filed my taxes in 2015. any help would be greatly appreciated.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: the 2015 Form 1099-R from TRowe. Price shows an amount of $53,637.58 with a distribution code of "J" and the following page shows an amount of $54,000.00 with a distribution code of "2" with the box checked for IRA/SEP?SIMPLE

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PDtax

Owner

Master's Degree

7,970 satisfied customers
I am going to be receiving an inheritance. I want to put

I am going to be receiving an inheritance. I want to put this money in a trust to keep it separate from marital property. My question is, if I withdraw money from it, do have to pay income tax?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I live in Illinois

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Matthew Breecher

President

MBA (Graduate Legal Studies)

324 satisfied customers
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