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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

21,234 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

7,000 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

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

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

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

24,192 satisfied customers
I am doing tax prep for 2015. I have a question regarding

I am doing tax prep for 2015. I have a question regarding two home offices on our property

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,786 satisfied customers
I am looking for someone who is experienced with Michigan

I am looking for someone who is experienced with Michigan and Federal employment law/Tax with respect to COBRA benefit extension. I left a Michigan employer on July 13 to take a job with a new employer also in Michigan. To bridge the benefit gap, I applied for COBRA to continue my health insurance coverage. I just received the bill for the COBRA extension from OPTUM health a week ago. My benefits for my new job are effective today (October 1). I spoke with a rep at OPTUM and she told me that if I haven't seen a doctor or incurred any claimable expense since July 13, that I could just cancel the COBRA coverage effect July 15, 2016 (when it started) and not be required to pay the bill. She also said that I would be out of coverage for that period of time (July 15-Sept 30, 2016). Are there any tax or legal implications to this?Thanks!Tony

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,236 satisfied customers
I have the following questions please answer underneath each

Hi,I have the following questions please answer underneath each one.I currently live in a house with $700 K loan amount. I'm planning to rent it out and build a new house.Q. Will the interest on the $700K be still tax deductible?Q. Will I only have $300k left as tax deductible? Or the $1 m cap will be still applicable since the first one will be an investment property?As for the new houseI'm going to buy 11 acres lot, I'm planning to build a house, horse farm, and horse boarding facility(for commercial use). My mom will pay half the price in cash and I'll pay the other half by borrowing on margin with 2.5 % interest rate.Q. Will this interest be tax deductible?As for the development,I have two options to finance the development .Borrow on margin from the brokerage account with a competitive rate of 2.5% for nearly half the cost and finance the rest with a construction loan at 4%Or get a construction loan for the whole amount.Q. Will the 2.5 % interest be tax deductible?Q. Will the interest on the construction loan be tax deductible?Also, should I set up an LLC for the horse business to protect my self?

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PDtax

Owner

Master's Degree

7,000 satisfied customers
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