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My question about gift tax. If need to file form 709, if if

Hello, my question about gift tax. If need to file form 709, if if husband and wife sold house to their daughter and son-in-law and part of selling as a gift about $70K ? and is it taxable amount? thank you

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Robin D.

Vocational, Technical or Trade School

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Can you claim the child as dependent if the child live in a

Can you claim the child as dependent if the child live in a difference state from the taxpayer

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Robin D.

Vocational, Technical or Trade School

23,372 satisfied customers
My son's divorce was finalized earlier this month. There is

My son's divorce was finalized earlier this month. There is a clause in the custody agreement saying that he and his ex would take turns claiming their daughter as a dependent. My son has even years, including this tax year 2016. His ex will claim dependent for odd years. The custody agreement said they should exchange all necessary info, including W-2s, by Feb 15 in order to complete Form 8332. They earn about the same salary, with the ex probably earning slightly more (by a few thousand). According to Form 8332, since they have joint, equal custody of the child, the one who has the highest adjusted gross income is designated as the custodial parent and would have to fill out Form 8322 to cede to the other parent the claiming of the dependent every other year. The ex has not submitted W-2s yet or made moves to fill out the form. While we think she makes a few thousand more, we are not sure if her adjusted gross income would be more because she may have a student loan. What should we do?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Custody agreement specifies the exchange of W-2s, but we understand that this is just a proxy for adjusted gross income. Would this be enough to ask of her to designate her as custodial parent and then to get her to fill out the Form 8332? Custody agreement does not specify any other paperwork, but we're wondering if her adjusted gross income will be necessary to determine who is custodial parent.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I had to close out some investments from my husband upon his

I had to close out some investments from my husband upon his death, but I reinvested them back into the same investment firm accounts. Can this be deducted from my taxes, or do I just need to count this as incomne.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I sued my federal agency for discrimination under the

I sued my federal agency for discrimination under the Rehabilitation Act and settled the case. I was issued a 1099. I read that discrimination claims are not required to pay taxed. But, I have to report the additional income. How do I report it on my taxes but receive the tax benefit? Do I receive a tax benefit because I settled, rather than received a court order? Can I also deduct my attorney fees for the two years I've paid the firm? The settlement was a total amount (lump sum), not itemized.

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Lev

Retired

Bachelor's Degree Equivalent

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I have an excess contribution to a roth IRA account

I have an excess contribution to a roth IRA account questionJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: By accident and not knowing that I had to have a actual job considered by the IRS to contribute to my spouses and my account. I do get a military pension and I draw rent from a property that I own. I do also draw military VA disability. I filed jointly with my wife.JA: Is there anything else important you think the Accountant should know?Customer: This is for the year 2016. I have received my federal refund but I have not received the state of Illinois yet or South Carolina where my rental property is.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
I sold a house as a partnership and received a K-1 and also

I sold a house as a partnership and received a K-1 and also a 1099-s from the title company. Both represent the same transaction. How do I show that on my tax return and not show a double increase on this capital gain?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The k-1 represents the LLC closing out since the one property was the only property involved in the LLC and closed the LLC after the sale of the home.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
I received a K1 form for 2016, but I received no

I received a K1 form for 2016, but I received no distribution in 2016.... I'm confused..

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
I have an LLC that I did a late election for mid-year 2016

I have an LLC that I did a late election for mid-year 2016 to be taxed as an S Corp, and I'm trying to figure out the right way to handle my income from last year.I'm without an accountant at the moment, but at the time my accountant advised me to take about half of my income as wages and half as shareholder distributions, so I did that with form 941 for the last two quarters of 2016. What I'm unsure about is what to do for the first two quarters of 2016 since the IRS gave me S Corp status starting Jan. 1 of 2016, but I didn't pay myself wages and file 941s since I hadn't made the election at the time. My concern is that just looking at total wages I paid in 2016 via form 941s versus total income for the year, the percentage is far less than half.What's the right way to report this income, and is there anything I need to do to rectify things to make the IRS happy? I have been paying my personal estimated taxes all year so they've still been getting a lot of my money, I just don't want to raise any issues based on percentage of S Corp income that's going out as wages vs distributions.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
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