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Recent tax questions
Per unencumbered residential property I own wish to exchange
Per unencumbered residential property I own wish to exchange my property A with another persons residential rental property B. B = is a Self directed IRA ////a custodian Trust is involved & a separate property manager performs most all services to saidSIDRA property as "B" ie a rental propeerty. In short can a person who owns a SIDRA = aka "A" residential property exchange her SIDRA (a residential property) for anther persons residential property aka "B".? In this idea , the end result/ plan is that theSIDRA asset "A" becomes a different property Prop B via an exchange of properties. ( .in a different city, in that property" B" becomes the asset in the SIDRA. I 's asking/trying to see if I can exchange my home/property B ( i am not a disqualified person)with another persons SIDRA " A ", ie the SIDRA property held by a Trust Co. . Thus my property "B". becomes the SIDRA for the IRA FBO =persons prop. thus a property manager & a trust exchange A for B thus The SIDRA asset becomes property "B" . ie as the asset,ie as a rental property. Then I take ownership of property A currently the SIDRA as mine in this exchange . Are there any SIDRA IRS rules ruling against this? I ask because I've read there are only a few specified IRS rules, thus if not excluded the exchangeis ok. yes no etc???
JD, MBA, CFP, CRPS
100% owner/officer/employee of C Corporation (highly compensated
100% owner/officer/employee of C Corporation (highly compensated employee) received $5000 fringe benefits under health reimbursement plan. Only other employee received zero.Question1) add the $5000 to taxable wages in box 1 of W2--not subject to social security or medicare?Question 2) any entry in box 12 or box 14?
JD, MBA, CFP, CRPS
I am going through a divorce and we will either sell the primary
I am going through a divorce and we will either sell the primary residence, or my husband may buy me out (not sure yet). My question has to do with the fact that we have a guest house on the property of the primary residence that we have rented out since it was built in 2003. We HAVE claimed it as a rental on our tax returns each year. I have allocated certain expenses based on the square footage of the two buildings (the main house is 3475 square feet and the guest house is 860, so 25%) and we have also claimed depreciation based on the build price, which was approximately $300,000 not including land. My question is this: Do I HAVE to do a 1031 exchange and invest 25% of my share of the proceeds in another rental property in order to be in compliance with tax law, or can I blow it off? I would prefer to use all of the funds to purchase a new property because property in the part of California where I live is very expensive. What are the ramifications for me tax wise if I blow off the 1031 exchange?
I retired from my job on 9/1/11 at age 59. Since this resulted
I retired from my job on 9/1/11 at age 59. Since this resulted in a significant increase in the cost of my health insurance, I changed to a high-deductible ($1,250) PPO plan through Blue Cross/Blue Shield of Florida and saved $900 on my annual premium for 2012. I put $900 in an authorized health savings account and have been using that money to pay my medical bills. I realize that I could lose the advantage of the $900 premium savings if my medical bills exceed $900 but do not reach the deductible of $1,250. My question is this: Will I have any tax advantages when I file my 2012 federal income tax return for using the money from my medical savings account? Will I be able to deduct anything if I exceed $900 in medical bills or do I need to meet a higher threshhold? I've tried to research the IRS website but don't understand exactly what I've found there.
My company provides an option to claim exempt as an employee
My company provides an option to claim exempt as an employee self service option to alter my W4. I have claimed this for a very short period of time only to get by annual bonus. They told me that if I did not change my status back from exempt that they would automatically change it for me. Is this legal?
I have an 18yr old graduating June 2012. Meets all requirementsView more tax questions
I have an 18yr old graduating June 2012. Meets all requirements as a dependent. Earned $2600 in 2011 for which I filed 1040ez and all Federal taxes paid are being refunded. My question is what form do I fill out for PA State taxes and does she qualify for a full refund of those taxes as well based on her circumstances.