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I was advise incorrectly to file form 8832 to change my

Hi PearlJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I was advise incorrectly to file form 8832 to change my election on my llc to be taxed as a corportation 2014 I just correct it with FTB to change it back to a partnership which is should have been but my question is how to i make the change with the IRS to i fill out the 8832 form again changing it back to a parntership?JA: Is there anything else important you think the Accountant should know?Customer: I had the LLC since 2019 but haven't use it until 2014. When it was change to a corportation. The LLC is a real estate investment company and i have one rental property under the LLC i tihnk that's it think*

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taxmanrog

Master's Degree

1,148 satisfied customers
Handling an estate with a distribution of $500,000. payable

Handling an estate with a distribution of $500,000. payable to the Estate. How do I handle the taxes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,512 satisfied customers
I received a 1099Q in only my name. Since divorced my X

I received a 1099Q in only my name. Since divorced my X added by courts so became a joint account holder. Our son decided to cash out tuiton account. So check sent to my X house and we both signed back of check. My X said would put in sons bank account but never did. She deposited in her bank account and keep the funds. How can I change this 1099Q since only in my name to her name? How do I get her as the beneficiary since she did not give funds to my son whom is listed as beneficiary? Also will my son be on the hook since doing his own taxes for 2016 and he was the beneficiary listed on the account, as box 6 was checked on 1099Q?Thanks Michael

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Robin D.

Vocational, Technical or Trade School

23,278 satisfied customers
Lane, Is there any checklist available that i can give my

Hello Lane ,Is there any checklist available that i can give my client to see if the Exit tax is applicable to them? I know how much they have here but i dont know how much they have in his country? also this is only on asset that is under his personal name , because he has 2 LLC as well. Just by the look of what you send me , he doesnt have more than 2 million and he didnt have a 139K tax liabiliaty in the pass 5 years.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,512 satisfied customers
This question relates to "-to-market" election under IRS

This question relates to "mark-to-market" election under IRS code section 475. To make the election for the 2016 tax year, you must attach an election statement to your 2015 return filed by 4/18/16 (or to an extension request Form 4868 filed by 4/18/16). Is it possible to file 1040X amendments for 2015, 2014, and 2013 to make the election for the applicable year?

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taxmanrog

Master's Degree

1,148 satisfied customers
Aloha. This in Hawaii. I have another question for you. If

Aloha Mark. This Chris in Hawaii. I have another question for you. If my dad uses 100000 cash from his refi to buy another house and then sell his old house for 100000 more than he bought it for what is the cost basis for the old house when he sells it? will he still have to pay capital gains tax on the old house when he sells it?

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Mark Taylor

Certified Public Accountant

Masters

3,300 satisfied customers
An IRA owner dies at 68. He did NOT designate a beneficiary.

An IRA owner dies at 68. He did NOT designate a beneficiary. The executor and the heir are the same person. Does the IRS's five year rule allow the estate to use some of the IRA money to pay estate expenses prior to the final close of probate without jeopardizing the HEIR's use of the five year rule?This is the IRS link: https://www.irs.gov/retirement-plans/required-minimum-distributions-for-ira-beneficiaries

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Robin D.

Vocational, Technical or Trade School

23,278 satisfied customers
Can you confirm Qualifying Small business exception with

Can you confirm Qualifying Small business exception with references to IRC Sections, Rev Ruling Procedures, etc?. Such a detailed answer would help as a support for management decision to continue Cash Basis. Accrual Basis is bound to be unfavorable.

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taxmanrog

Master's Degree

1,148 satisfied customers
I have an S corp that has always filed cash basis tax

I have an S corp that has always filed cash basis tax returns. Currently, their average sales exceed $10m for the prior 3yrs. I believe we need to file a form 3115 to change from cash basis to accrual basis method of accounting. Does changing from cash to accrual qualify for their automatic accounting method change?? We have not done a form 3115 previously and will need preparation assistance in completing it properly. Who's the 3115 expert?????

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taxmanrog

Master's Degree

1,148 satisfied customers
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