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Does section 1244 stock laws apply if the loss was an LLC?

Does section 1244 stock laws apply if the loss was an LLC? The business qualifies as a small business in every other way

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Lane

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I made some mistakes on my tax returns in 2007 and was

I made some mistakes on my tax returns in 2007 and was wondering if there'sa statute of limitations for the IRS ?

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Lane

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My mom owns her primary residence and a rental property(our

My mom owns her primary residence and a rental property(our old house) in a living trust. My mom has a late stage cancer and we are hoping for the best but preparing for the worst.How does a death affect capital gains on the rental property in a living trust if we decide to sell the house?Is there any advantage to waiting to sell the property if/after my mom passes away? She is under the assumption that a 1031 would not be necessary in this situation. Is this correct? For both properties inside the trust?

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Lane

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17,772 satisfied customers
As a tax pro myself, I prepared a return where I added the

As a tax pro myself, I prepared a return where I added the depreciation recapture from a prior (2003) tax free exchange property, to the depreciation recapture on the replacement property sold in 2015.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I hit enter by mistake, The 2003 exchange was a down exchange, so we recognized boot in 2003. I carried over the old depreciable basis and accumulated depreciation to the newly acquired asset, both MACR residential rentals. In effect, I grossed up the new depreciated basis carryover by the amount of the old depreciation, since I also carried over the old depreciation as part of the new accumulated depreciation. I was applying IRS Notice 2000-4, and various articles on how to do this. Another CPA used my gross up cost basis but deleted the old depreciation from the depreciation column. I say he should have reduced my gross up cost figure by the amount of the old depreciation, since he excluded the old depreciation from any calculation. Query: did I do it properly? 2d query: can I exclude this old depreciation from the current recapture calculation (that is, reduce the old cost by the old depreciation, and let the old depreciation as a special tax 25% rate classification just disappear? Rudy Hansen, CPA (A little bit of a complex issue)JA: Is there anything else the Accountant should be aware of?Customer: My client is a lovely long term client and I want to do my best for her.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,772 satisfied customers
I am 67 years old. I contributed to my IRA, $6,500 for year

I am 67 years old. I contributed to my IRA, $6,500 for year 2016n (Jan.5, 2016) and purchased Service Credits from Washington State Retirement by rolling over the IRA. Jan. 28,2016. I realized now (6 months later) that I was not allowed to contribute to the IRA because I was retiring and did not have earned income in Jan. 2016. How do I remove the excess so that I do not have a 6% penalty "until the mistake is corrected"?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: The IRA was "rolled over" from the Ameritrade Account and that account is now closed. I have talked to both AMeritrade and the Washington State Department of Retirement. The Ameritrade IRA account was closed in February by my request and cannot be reopened. Ameritrade says that there is a form that the State should process called an "excess removal". I have the cash in my Savings account to fixed this myself if I am allowed to do this by IRS rules. Just could not find this on IRS site. Also, would like to avoid taking it from the Washington State Retirement account as it will effect my retirement significantly.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,772 satisfied customers
My friend's son has a residence purchased for $950,000 5

My friend's son has a residence purchased for $950,000 5 years ago. The property is worth $2,000,000 today. Rather then sell it and pay capital gains tax, Federal, NYS and NYCJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: his father has offered tp become a 50% owner. Can the father pay $1 for the 50% share? They would then rent the residence. Will the father or son be liable for capital gains tax, at this time, as the 50% was transferred for $1?JA: Is there anything else important you think the Accountant should know?Customer: No.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,772 satisfied customers
A 94 year old female has medical expenses over 300,000. And

A 94 year old female has medical expenses over 300,000. And an income of around 200,000. An ira distribution of 45,000 and is being advised to send the whole amount to a charitable originization to avoid paying taxes. Is a this right≥. She is on medicare

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Mark Taylor

Certified Public Accountant

Masters

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I putting up a condo as collateral and paying a mortgage tax

I putting up a condo as collateral and paying a mortgage tax on it, When I transfer the collateral to a new lender at some point will I have to pay that tax again, when the amount of the collateral is the same, I have in the mortgage that it is assignable but it s does not say a Cema, is the assignment (not a CEMA) enough to transfer the collateral to a new lender without paying the tax again

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,772 satisfied customers
Like to get my inheritance money from india to us (around

like to get my inheritance money from india to us (around $300,000), is it taxable?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: property will be sold this yearJA: Is there anything else important you think the Accountant should know?Customer: i am us citizen

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,772 satisfied customers
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