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With a 1031 exchange, as I understand it, you have to

With a 1031 exchange, as I understand it, you have to identify that its a 1031 before closing, be in contract within 45 days, and close within 180 days. Is there any breathing room on this?

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Dr. Fiona Chen

President

Ph.D.

250 satisfied customers
My mother went to SSA supplemental Security income and they

My mother went to SSA supplemental Security income and they asked her to give them permission to acces financial institutions which I understand. But they also asked her to authorize any public or private custodian of record to disclose any record or information about her. when it's needed. Is it nessecary to obtain the benefits? Because to me it's a big intrusion into private life. Does she have to agree? I understand public records , government and financial agencies but private custodian of record ? What does it even mean?Please let me know.Thank youUrsula

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Dr. Fiona Chen

President

Ph.D.

250 satisfied customers
I am looking to sell my home (first timer here!) and have

HI! yes - i am looking to sell my home (first timer here!) and have been researching capital gainsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I purchased the home in 2007, lived there until late 2012, and started renting it in nov. 2012JA: Is there anything else the Accountant should be aware of?Customer: i don't think so.. but IDK! lol

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
Can I purchase my mother's house as part of a 1031 exchange?

Can I purchase my mother's house as part of a 1031 exchange? She will receive approximately $100K from the sale (at fair market value) of her property.Thanks!Kim

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
QUESTION FOR JD, LANE--PLEASE HOLD FOR HIM Some months ago I

QUESTION FOR JD, LANE--PLEASE HOLD FOR HIMSome months ago I had a series of questions about a gentleman in California who had millions in trusts and also had been given un-collectible status. You did a great job on answering my questions.My client now has been assigned a RO (Revenue Officer) . Client reported he was renting and his rental address. RO found in TRW report that he was paying on a mortgage at that location. Client had reported he did not own. RO did a property search and found he is a possible owner for that and another property. The RO asked for documents to support his statement that he was renting and did not own. If such documentation is not received by Sep 10, the RO will summons mortgage companies for information and will being the process of levying his bank account. This is from RO letter that she faxed me a copy of.I have been handling this cycle under the mentorship of a consulting EA who I have been paying to consult and who was a RO herself for many years overseeing large collections like this. My mentor suggest I do a courthouse records check. How do I do one?It is my view that if he really owns these properties personally, the value of these properties is probably forfeit. They are levyable. Do you agree with this summation?My mentor immediately distanced herself from this cycle,"Circular 230 prohibits you from speaking with someone other than your Form 2848 client in regards ***** ***** tax issues.I personally would not/will not Rep someone who has willfully withheld pertinent information from me let alone from the IRS. This appears to be the case. therefore I am respectfully ***** ***** assist with this case moving forward."I do not know of anything in circular 230 that prohibits me from asking assistance of a fellow EA in my employ. I do hold a 2848 POA. My mentor had no resistance to assisting me before. I also have authority to add a representative on 2848, as I put it there when the client signed. That being said-- Is there some real prohibition on me asking a fellow EA for advice or consultation, even if they are not repping the client???? ...,Is it wrong for me to ask an EA more experienced in this areas for advice? Is this really a circular 230 violation?To me, my mentor does not want to have anything to do with this client, and is distancing herself. Do you think it would be wise for me to emulate her and terminate my relationship with client? ....If I am honestly trying to help my client and am honest, am I putting myself at risk by dealing with a possibly sleazy client? I have been scrupulously honest so far.My thought is I should find out from client first if he really owns these properties, or if they are trust assets. Do you agree?If he says he does not own them, he needs to provide proof. I should also do a search of courthouse records. Do you agree?If he DOES own them personally, what would you recommend?I can continue to rep him and insist e comes clean with everything and meet all requirements set forth by RO.OR I can tell him he needs to do that, but I am no longer repping him as he withheld data from me and IRS.What are your thoughts/reocmmendations on this?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
Because my tax documents were stolen and because I didn't

Because my tax documents were stolen and because I didn't think I needed to file, I didn't file my 2007 taxes until 2016. However, the IRS has been deducting $347 a month from my social security check since 2011. I received a 21B saying I overpaid $18,000 and would receive a refind. Will I receive any of that due to the 2 year rule

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Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
What is the 'ruling' by IRS..regarding withdrawal amounts of

What is the 'ruling' by IRS..regarding withdrawal amounts of personal checking accounts without violations of 'normal banking procedures?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My bank said...any withdrawal in large sums must be reported to the IRS for review?JA: Is there anything else the Accountant should be aware of?Customer: no

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Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
I've just started a PLLC. What are your thoughts on current

I've just started a PLLC. What are your thoughts on current IRS rules for a business vehicle? In particular, I am thinking of a large SUV (>6,000 lb gross vehicle weight). I understand there is a generous deduction for that. Further, I'm considering a hybrid (plug-in) version. Are there still tax credits available for that?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,986 satisfied customers
My parents loaned me 300k to buy a home years ago. When my

My parents loaned me 300k to buy a home years ago. When my wife and I divorced, I kept the 300k loan to my parents with me, she kept the home and she was supposed to pay me 300k over a number of years. She's never paid, and I don't want to take the home. Can I write the 300k off as bad debt, and can my parents write off the loan to me as bad debt?

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18 satisfied customers
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