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Recent tax questions

I have a question about real estate and retirement account.

I have a question about real estate and retirement account. First of all , I am 1 month from 60 yrs old. I own a 10 acre piece of undeveloped rural property adjoining a river. I have owned it for several years. I have been trying for over 2 years to sell it, via a realtor, at the price I paid, without any luck. I also work, and have a 403b and 457 with considerable amount of money. Would it be possible to sell the property at some loss I can live with , (maybe to a realtor)and use the capital loss to offset taking a fairly large distribution from the 403 and/or 457 now , which is taxed as ordinary income ?? I will likely have an increase in salary next year of $20-30k ? If so, would it just require the sch D to add to the 1040 ?

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Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
I am a recent retiree from VAH and initially ytransferred

I am a recent retiree from VAH and initially ytransferred TSP savings to NWLI for an annuity but before signing policy I changed my decision due to unexpected financial difficulties. The company returned a check to me without retaining taxes. I ant to comply with legal regulatory taxes that apply. My question is if that is payabke when filing in 2017 or now. Please help me with your advice.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,320 satisfied customers
I am getting my sales tax cert. revoked due to unpaid sales

I am getting my sales tax cert. revoked due to unpaid sales tax from 2013. I was working with a local tax agent and when i hadn't heard back from her i called and she said her boss wouldn't give me a payment plan she sent it to revocation.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The amount is $14,000 and i am about 3 months behind currentlyJA: 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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DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
936 satisfied customers
Although we have lived, worked (and paid taxes!) in the US

Hi,Although we have lived, worked (and paid taxes!) in the US for many years, I still have some British pensions which are paid into my UK bank account. These pensions and some lump sum pensions are tax free in the UK. We have declared our one-and-only UK bank account in a Report of Foreign Bank and Financial Accounts (FFBAR).My question is;If we transfer any of the money from the UK to the US, even using an ATM, are we liable for US tax? I think I know the answer, which will be yes, but I am seeking absolute confirmation.Many thanks

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I have 2 cp171 letters, they are business, but my new tax

I have 2 cp171 letters, they are for our business, but my new tax guy said businesses get paid thru individual tax returns? Either way I just want to pay them now, they are due today the 16th. The irs website doesnt have an option for cp171, just cp healthcare. They are not open 24/7 so i cant speak to anyone but i am afraid they will put a lien on my bank account. Can you explain the correct way to pay online? Thank you.

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Megan C

Master's Degree

 
29,942 satisfied customers
I HAVE TWO DIFFERENT EIN IRREVOCABLE TRUST. IS THERE ANY WAY

I HAVE TWO DIFFERENT EIN FOR ONE IRREVOCABLE TRUST. IS THERE ANY WAY I CAN INPUT THESE TWO EIN NUMBERS TO A DATA BASE, MAYBE IRS, TO SEE WHICH NUMBER HAS THE NAME OF MY TRUST? OR MAYBE I WILL FIND MY TRUST HAS TWO SEPARATE EIN?

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Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
I have a question regarding firpta taxes with a real estate

I have a question regarding firpta taxes with a real estate purchase. If the buyer does not live in the property for the 2 year period required who is responsible for paying the 15% tax?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,320 satisfied customers
We have a very large term capital gain . Does this push our

hi...we have a very large long term capital gain for 2016. Does this push our regular income tax into a higher bracket?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: we have a long term capital gain of $330,000 for the 2016 tax year. My wife and I have combined income of about $180.000 and file married jointly. Will the regular income of $180,000 be taxed at the high or highest rates of 35% and 39.5% respectively?JA: 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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Megan C

Master's Degree

 
29,942 satisfied customers
I had a tax ID number company. I retired and my accountant

I had a tax ID number for my company. I retired and my accountant put it on hold?? My accountant retired I know live in AZ. how can I reactivate my old TIN?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: He is retired, he was in Ohio. I can't locate him? When we retired we moved to AZ in 2006JA: Is there anything else the Accountant should be aware of?Customer: No I want to start doing case management again I am a nurse. My old company was home healthJA: 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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Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
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