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My husband and I would like to buy a little fixed wing

My husband and I would like to buy a little fixed wing airplane for our LLC. We develop apps and software specifically for pilots and aircraft operators.Our clients are spread all over the United States and most of them are located at an airport or small airfield and we could visit them much easier in a plane than with a car.We could also fly to airshows, aircraft exhibitions and trade shows since all these events offer fly-ins for aircraft owners. Owning and flying our own aircraft would also improve our image in the pilot community (“We use our own products and we know what we are talking about”). My husband holds a US private pilot license for fixed wing since 1999. He also has a private and commercial helicopter pilot license since 2010.My tax question: Would the purchase an aircraft bring us any tax benefits? Let's assume we buy the plane for $50,000. Would the plane become an asset which we can deduct for depreciation over several years? What about the running costs such as: maintenance, repairs, hangar rent, landing fees, aircraft fuel?What if we go on a promotion tour with this plane and document about this trip in a web blog to generate more traffic on our website? Would the costs for the tour be “Promotional Costs” similar as having a booth on a trade show?Thank you very much in advance!

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Lane

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What are the taxes involved: a) if a US company has 1m in

what are the taxes involved:a) if a US company has 1m in profits in 2016 and before the end of the year the company spends 1m in the acquisition of shares of a foreign company.b) if a US company has 1m in profits in 2016 and before the end of the year the company spends 1m in the acquisition of copyrights from a foreign company.

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Lane

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We are a tax exempt non-profit church. We employ "called

We are a tax exempt non-profit church. We employ "called workers". We just called a new pastor and are advancing him roughly $15,000 of future years pay to be used as a down payment on a home. He will repair this amount (no interest) over a four year period beginning in four years. We are not charging any interest. Since we are not charging any interest I'm assuming that the IRS would view this as a "gift" The Bank making the home loan is having us fill our a "Request for Verification of Gift" form.Questions are:Is there any way to handle this without our pastor paying taxes and social security on it now?Are we correct in our assumption that the IRS would treat this as a gift subject to taxes and social security?Assuming the pastor must pay payroll taxes and social security how do we handle that?Richard YerkeyPresidentEmanuel Lutheran Congregation

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Lane

JD, MBA, CFP, CRPS

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Is it true that a married couple in the 10% and 15% (with

Hello - is it true that a married couple in the 10% and 15% (with ordinary income under $70,000), tax bracket would pay no capital gains tax on the sale of real estate?

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Lane

JD, MBA, CFP, CRPS

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I am looking to take out money out of an ira to use to

I am looking to take out money out of an ira to use to purchase a house. I know that there is a 10% early withdrawal and then I know I will be taxed the highest tax bracket as well. Is there anything I can do to limit the taxes - like do quarterly taxes or should I just have 49% taken off the top when I withdraw it?

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Lane

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Good afternoon. I have a non qualified pension plan from

Good afternoon. I have a non qualified pension plan from derived from income earned while working in Pennsylvania. At the time of my employment, Pennsylvania withheld state taxes from the contributions going into this plan. Accordingly, my distributions from this plan are not taxable in Pennsylvania. If I change my primary residence to S. Carolina, will these distributions become taxable?

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Robin D.

Vocational, Technical or Trade School

 
20,248 satisfied customers
If I get an inheritance from a family member that died, do I

If I get an inheritance from a family member that died, do I have to pay taxes? or up to what amount will taxes be required

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
Co-owned a house since 2001 which is being sold. I lived in

Co-owned a house since 2001 which is being sold. I lived in the home from 2001 to 2007. My friend lives in the home and has the entire time. I know capital gains will need to come out of my porition of the proceeds. Can you explain how this will work for both of us based on the capital gains calculation.

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Richard

Owner

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45,860 satisfied customers
I am currently a California resident. I have a non qualified

I am currently a California resident. I have a non qualified deferred comp payout next year. If I am resident of a state like Nevada next year. Would I still be subject to California income taxes on my deferred comp payout ?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: noJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Mark Anderson

Attorney

Doctoral Degree

 
472 satisfied customers
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