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I've got a bit of a complicated situation with some relatively

I've got a bit of a complicated situation with some relatively simple questions. Mainly I'm interested in what comes first... Background: In about 3 weeks we will be selling our primary residence. With this money, and an investment from a friend, we hope to relocate approximately 2 hours away (same state, Ga), and open a business. After discussing with others, it will be an LLC filing as an S-Corp. In addition to all of these moving parts, we will be buying a new home and closing on a mortgage in May. To start an LLC, it seems smart to do all the legal work *after* we've got the new home established. (GA LLC requires physical address...will be incorporated at home.) So...I'm thinking the timeline would be:1) sell current home2) purchase new home3) start LLC, and then file as S-Corp4) open business checking5) sign franchise paperwork, pay initial feesThe main question is to how to receive the investment from the friend. It will be sizable. Would the transfer have to go to the business checking? Or could I initially hold it in a personal account? If I pay the franchise fee of $50k with it, before the LLC, will that mess with all the book keeping and tax stuff? How do I handle the investment from a tax perspective? Bit of a mess... :/

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
Tax question - a property is held by a irrevocable trust.

Tax question - a property is held by a irrevocable trust. The trust holds the property for 20 years. The trust sells the property and distributes the money received to the trust beneficiaries.Do those benefeciaries need to take that as a capital gains on their income tax? Or is that a clever way to distribute the proceeds to avoid the money being considered income for other purposes, say child support calculations?

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

 
3,896 satisfied customers
If a person wish's to safeguard there finances by placing in

if a person wish's to safeguard there finances by placing in a trust. is it wise to have an attorney as trustee as he technically would be the owner of the assets?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
By setting up the LLC as a S-CORP does the following federal

By setting up the LLC as a S-CORP does the following federal tax bracket apply? (Cooperation tax bracket) How would the tax brackets work? Is this accurate? 100,000 to 335,000 $22,250 + 39% Of the amount over 100,000: THAN 335,000 to 10,000,000 $113,900+ 34% Of the amount over 335,000 What tax bracket would be better for my business and why? By playing with the numbers they seem to be close to each other as far as percentage wise after adding in the “flat” number in front. They both look like they averageout to 34% across the board? Is that correct?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
Re: 2014 MA Form 2 - Fiduciary Income Tax Return Facts: 1.

Re: 2014 MA Form 2 - Fiduciary Income Tax Return Facts: 1. Complex Trust 2. 3 Beneficiaries 3. All Distributions of Principal & Interest are at Trustee's discretion 4. Trust Income comprised of Interest, Dividends & Capital Gains 5. 1041 Capital GainsTaxed at Trust Level 6. 2014 Distribution to Only 1 Beneficiary 7. Distribution Less than Total of Interest & Dividends, so 1041 K-1 reports only Interest & Dividends Questions Regarding MA Form 2 Reporting: 1. Does MA Trust Law follow the Fed, in that, CapitalGains are taxed at the Trust Level? 2. Schedule B/R - Beneficiary / Remainderman - For the 3 beneficiaries, how can this Form report Total Income, Percentage of Income & Percentage of Taxable Income, where Income & Principle Distributions can be made in anyamounts at anytime, to one or more beneficiaries and to the exclusion of one or more beneficiaries? 3. Should only the Distribution to the one beneficiary be reported as his Total Income? 4. Bottom of Form - Income Summary - Similar issues: Line 2 - Totalof Beneficiaries' Income - What amount should be reported here? Would it be only the Distribution to the one beneficiary? Line 2 - Total remaindermen's income - What amount should be reported here?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,896 satisfied customers
Mom is alive but with dementia. Her house is in a trust and

Mom is alive but with dementia. Her house is in a trust and I just was given successor trustee rights so I can sell it to pay for her care. Question is, She lives in California in a care facility and I am out of state. On escrow paperwork, on the IRS formfor tax purposes, it wants the sellers name which I assume is the name of the trust, but then wants a mailing address. For tax reasons I want everything in California. Do I put the care facility address for her or a relative nearby? Or, do I put mine? Thebank where funds will be deposited will be set up in California.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
my name is***** have an elderlaw question concerning buying

Hi my name is***** have an elderlaw question concerning buying a house and having my 88 year old mother live with me. Her house is in a trust now. I have been told that it would be protected in a trust if she has to go into nursing home within 5 years. I wanted to sell it and have her live with us. I have been told we should not own the home- she should. Any insight?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
i transferred shares from an irrevocable trust to a personal

i transferred shares from an irrevocable trust to a personal account. do i pay taxes based on the original cost basis that the trust paid for the stocks or is the cost basis $0

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

 
3,896 satisfied customers
Taxpayer died before taking her irs dist. , is there

Taxpayer died before taking her irs dist. for 2014, is there a tax consequence for that? trustee is paying for father's nursing home expenses from his trust, The trust has no income, just monies that have been contributes to it. Can the father claim thenursing home expenses on his 1040 for 2014 and coming years? Thank You, Fred

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,896 satisfied customers
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