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Recent Omnibus Budget Reconciliation questions

An employer offers to pay an employees medical for 3 months

An employer offers to pay an employee's medical for 3 months as part of her severance package. Is this taxable compensation to her?

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Robin D.

Vocational, Technical or Trade School

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20,648 satisfied customers
Have a client who owned a hotel....they ended up having to

Have a client who owned a hotel....they ended up having to let the hotel go to auction, where another hotel ended up buying the note and forcing them into forclosure...the other hotel ended up taking all the assets of the hotel with them. My question is, I need to get the note off my clients books and the assets off the books....What are my steps.

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PDtax

Owner

Master's Degree

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6,786 satisfied customers
My fiances mother, 93, just went into assisted living , lives

My fiance's mother, 93, just went into assisted living , lives in calif, half the house is in trust from her fathers death in 1987. Can they have her buy the half of the house with her remaining dollars, pretty much all her cash,so they can pay for her assisted living. She is totally with it. Her doctor asked her to spell world and then asked her to spell it backwards and she did it faster than me and I went to medical school.what are the tax and gift issues.

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
Here is the senario, I started a new job after being laid

Here is the senario, I started a new job after being laid off, I got a new job and my current employer does not off health insurance but he offered to pay my COBRA premiums for me, his accountant at the time told him that as long as he paid the premiums and I did not have unrestricted access to the money that it would be tax-free payment for him since its healthcare, since then he has a new accountant and he states that the premium payments would be taxable. So we are a little confused as to what the status of these payments would be?

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Anne_C

Attorney

Doctoral Degree

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1,496 satisfied customers
i have an employee on LT disability who is terminating his

i have an employee on LT disability who is terminating his employment due to illness. The firm would like to continue to pay his health insurance. Is this taxable to him? How is it reported?

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JKCPA

Certified Public Accountant (CPA)

Bachelor's Degree

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4,664 satisfied customers
I was gifted my fathers house for $1.00 in May 2005 and it ...

I was gifted my fathers house for $1.00 in May 2005 and it has a life estate clause in it. My father was put into the nursing home in May 2007 and was approved for Medicaid in 2007. I need to sell the house now as I cannot afford the expenses and taxes. Can I do this with out the Nursing Home getting anything. I have always lived in the house and am my fathers care taker and Power of Attorney. My father is now under medicaid and hospice care.

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
Which of the following would you not find in the Chart of

which of the following would you not find in the Chart of Accounts in QuickBooks?a. Checking Accountb.Depreciation Expensec. Accumulated Depreciationd. Deferred Revenuee. Sales OrdersIndicate which one you choose and give reasons.

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594 satisfied customers
An elderly neighbor asked me a question re. rental

hi...an elderly neighbor asked me a question re. rental taxes...she has a 3 family, lives in one unit, was renting other 2...she is thinking of having her son move in to help her with things...that would leave one unit rented...for taxes, would she divide expenses in half? is that how it would affect it? currently I think she divides expenses by 3 for 3 units, times 2 for the two rentals and claims the two for the two rentals leaving her unit out....so if it is just her unit and one other unit rented, is it just divide by 2 and claim one of the halves? or is it divide by 3 and claim one of the thirds as there are 3 apartments(2 that can be rented and one owner occupied)...thank you...

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,764 satisfied customers
I am card holder citizen of argentina. i plan to become us

i am green card holder citizen of argentina. i plan to become us citizen. i want to give my house in argentina to two my children .JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: is there a tax to be paid here?JA: Is there anything else important you think the Accountant should know?Customer: i am married to a us citizen

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Mark Taylor

Certified Public Accountant

Masters

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432 satisfied customers
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