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Recent Omnibus Budget Reconciliation questions
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.
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.
Bachelor's Degree Equivalent
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?
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.
Bachelor's Degree Equivalent
For our 2015 Federal Income Tax return, the IRS has reducedView more tax questions
For our 2015 Federal Income Tax return, the IRS has reduced our TurboTax calculated refund by $500, the exact amount that Fidelity, following our instructions, withheld from my wife's annual withdrawal from her IRA. Fidelity reported this amount to the IRS on a Form 1099-R All of the Fidelity data for our three Fidelity accounts was entered electronically into Turbo Tax by internet download. In entering data into Turbo Tax I also entered this withdrawal amount under "other withholdings". I'm assuming that this constituted a double entry of the withheld amount and was, therefore, the reason the IRS reduced our refund by an equivalent amount. Am I correct in thinking that if a financial institution files a 1099-R covering tax withheld from an IRA distribution and if that financial institution's data is subsequently downloaded into Turbo Tax, then I, the filer, should not also enter the amount withheld under "other withholdings".