home sale exclusion - prison as reason
Hello. IRC Section 21 addresses the exclusion generated from the sale of property. My business partner and I purchased a home for him in 2000 in WV. Unfortunately, he has been incarcerated the entire time, and has been unable to actually reside there. He is in VA. I am in OH. As I read the code, if someone cannot reside at the actual residence, due to circumstances, such as illness or work....s/he can still claim the exclusion when selling the property. Is that correct?
Now, because the property in listed in his name and TIN with the words "& associate" after his name (with no affiliated TIN) what can or cannot be excluded from captial gains.
Curious about his crime? He smuggled marijuana 27 years ago, no weapons, no violence...just the mistake of doing so in corrupt and backward Virginia which denies him parole every year, despite an exemplary prison record.
I was not involved.
I have a question regarding mileage deduction for Schedule
I have a question regarding mileage deduction for Schedule CJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am self-employed and I file a Schedule C with itemized deductions, one of which is the business mileage deduction. My question is, if I leave from my home, drive to the post office or office supply store for a business-only errand, and then drive from that location to my permanent office, can I deduct the mileage traveled from my home to the errand?JA: Is there anything else the Accountant should be aware of?Customer: I would also like to know if this deduction applies in reverse, as in I drive from my office to the business errand and then from the errand home.
Doe dies on Sept 1, 2013, leaving shares of X mutual fund in
John Doe dies on Sept 1, 2013, leaving shares of X mutual fund in a trust. During probate, on October 1, 2015, executor of trust sells all shares of X mutual fund to put money in estate bank account. Will the beneficiary still be able to do tax basis step up to the value of the shares on Sept 1, 2013, or will the executor having sold the shares on October 1, 2015, spoil that opportunity?
I need to file an objection to the tax court, IRS is trying
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A tax professional filed the final federal and state returns
A tax professional filed the final federal and state returns for a California Corporation for 2014 as directed by corporate owner. If the corporation owner (we are talking one man S corp) sent no further forms to Calif Gov dissolving corporation, what happens?????Will CA bill them for another year corporate taxes, send them a notice, or what? Does the filing of a final return trigger the state to ask for the paper work dissolving Corp.? Or does the state simply assume Corp is dissolved? I realize some dissolution forms should be filed, but what is the result if they were not.
I am 67 years old. I contributed to my IRA, $6,500 for year
I am 67 years old. I contributed to my IRA, $6,500 for year 2016n (Jan.5, 2016) and purchased Service Credits from Washington State Retirement by rolling over the IRA. Jan. 28,2016. I realized now (6 months later) that I was not allowed to contribute to the IRA because I was retiring and did not have earned income in Jan. 2016. How do I remove the excess so that I do not have a 6% penalty "until the mistake is corrected"?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: The IRA was "rolled over" from the Ameritrade Account and that account is now closed. I have talked to both AMeritrade and the Washington State Department of Retirement. The Ameritrade IRA account was closed in February by my request and cannot be reopened. Ameritrade says that there is a form that the State should process called an "excess removal". I have the cash in my Savings account to fixed this myself if I am allowed to do this by IRS rules. Just could not find this on IRS site. Also, would like to avoid taking it from the Washington State Retirement account as it will effect my retirement significantly.
JD, MBA, CFP, CRPS