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Recent Stamp Duty questions

Does Colorado have a stamp duty applied to a US entity selling

Does Colorado have a stamp duty applied to a US entity selling trademarks to a foreign-related entity?

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Barbara

Enrolled Agent, Paralegal

4,982 satisfied customers
Hi, I am separated from my wife, and we have amicably agreed

Hi, I am separated from my wife, and we have amicably agreed a settlement value on our property. Am I able to implement the exchange of property title before it becomes an order of the court, and still waive the stamp duty on the transfer of title?

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Robin D.

Vocational, Technical or Trade School

20,894 satisfied customers
If I receive and inhertance from a relative in Portugal do

If I receive and inhertance from a relative in Portugal do I have to pay Taxes on it I live in Canada.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,158 satisfied customers
A friend of mine has become a recent US resident through marriage,

A friend of mine has become a recent US resident through marriage, he recently sold a property he owned overseas with the intention of purchasing a property and investing in himself and family in the US. The total sum of money he wishes to transfer is around $200k including his life savings. Do you forsee any issues with regards XXXXX XXXXX this to the US? Does this need to be reported in any way? Is he liable for any taxes on this money (I have suggested surely not, as this property was bought and paid for well before he moved to the US and resident), but of course this is just my view. It is my understanding that he will do a standard bank to bank wire transfer of the cash amount. I believe his property is in Hong Kong.

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Dave CPA

Master's Degree

882 satisfied customers
Hi, I have a capital gain tax query relating to inheritance.

Hi, I have a capital gain tax query relating to inheritance. Parents in law, retired, lived on and off between Australia and their country of origin (Mauritius). My father in law purchased a property in Australia that he put under his name and passed away in Mauritius shortly after. That was 15 years ago. My mother in law, an elderly lady, spend her time after that between Australia and Mauritius, spending time between that property and her children when she was here. She also passed away last December and her children realised then that she had not followed through with transferring the property under her name. Bills relating to the property and (still) addressed to my late father in law were and are paid by the children so we cannot prove she paid it herself but can prove that she spend most of her time in Australia with that property the couple's only residence. As a result, the children are now faced with a huge capital gain tax bill. My question is: 1. Do we have a ground with the ATO to avoid paying this huge CGT/Stamp Duty bill? 2. If so, which documents are necessary and what is the process with the ATO? Any specific procedure, forms to complete? 3. If so, is it best to address the issue with the ATO prior to finalising the estate distribution or after? Thank you very much for your assistance.... Catherine

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Jax Tax

Senior Tax Attorney

Master's Degree

922 satisfied customers
I sold a home in London and my accountant is ...

I sold a home in London and my accountant is telling me that I have to pay capital gains on the entire "gain". I thought I paid capital gains after the mortgage was redeemed. For example, if I paid $500,000 for the home, sold it for $1,000,000 and redeemed a mortgage of $700k, wouldn't I only pay capital gains on the $300k gain?

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Sandi Hargrove, SkyHawks

Master Tax Pro and Enrolled Agent

Master Degree

666 satisfied customers
Have won a fishing tournament. Under the IRS Native American

I am Native American and have won a fishing tournament. Under the IRS Native American Fishing rights, could I be exempt on tax from that income?

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Robin D.

Vocational, Technical or Trade School

20,894 satisfied customers
Is a prepayment penalty on the payoff of a commercial loan

Is a prepayment penalty on the payoff of a commercial loan deductible as interest expense?

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Robin D.

Vocational, Technical or Trade School

20,894 satisfied customers
I am a joint owner of an LLC. My income is predominantly

I am a joint owner of an LLC. My income is predominantly made up of distributions from the LLC - So, most of my income is recorded on a form 1065 (Schedule K-1). I would like to max out a roth IRA this year, but I was told that I may make too much. Are there income limits generated from a K-1? If so, what are the income limits?

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
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