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Recent Tax Bracket questions

For accts What tax would I have to pay if I sold my

for acctsWhat tax would I have to pay if I sold my brownstone to my 2 daughters and their husbands? I would need to give a gift of equity of 750k , Can that be not taxed and used instead as part of my estate tax write-off if I have room? I Also have a capital gain of one million. I'm in the 33% tax bracket

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I sold my half of a Condo in Fl to my brother. He is sole

I sold my half of a Condo in Fl to my brother. He is sole owner now. Will I have to pay tax of any kind when I fill out my income tax.I have been claiming 1/2 for over ten years. On income tax, our accountant has used depreciated value.After paying off Mortgage, my half is $40,000

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,670 satisfied customers
I got an extension and am trying to file thru Taxslayer. I

I got an extension and am trying to file thru Taxslayer. I usually get back around $2,200. This past year I had a significantly larger amount of mortgage interest that I paid, but the refund is only $2,500. I've gone back and added my medical deductions and some charity and property taxes I had overlooked, but the refund amount stays the same. I know I'm above the standard deduction. Does this sound normal?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,010 satisfied customers
My employer, which is an LLC, purchased a whole life

My employer, which is an LLC, purchased a whole life insurance policy for me as a retirement benefit. The business is closing and he is transferring the policy owner ship to me, this is a name change on paper only. It's a New York Life whole life insurance policy. It's a New York Life whole life insurance policy. I have been and will remain the beneficiary.The premiums paid on the policy equals $85,000. It has gained $2600 in interest, for total cash value of 87,500. The death benefit is 250,000. My question this, since this is a name change on paper only, do I have to pay taxes on this now? If so, on what portion? I do realize that if I don't pay taxes now I will have to pay taxes on the money once I start drawing it out when I retire in several years. I am trying to avoid paying taxes on the lump some now, while I'm in a higher tax bracket. I would prefer to defer the taxes until I'm retired and will be in a lower tax bracket. Is there anyway to do this?We have already discussed this with two accountants. My employers accountant feels the total 87,500 needs to run through payroll so I will pay federal income tax, Social Security, etc. on it. My accountant feels there must be some other way to transfer the ownership on paper only and defer taxes until retirement.

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Dr. Fiona Chen

President

Ph.D.

544 satisfied customers
I recently made an LLC.I am the owner and the only one

I recently made an LLC.I am the owner and the only one working right now.I have a person that will join me as a 1099 soon.My question is,Should my company be an LLC taxed as an S -Corp or a C-corp?Later on my wife will join us also,when needed.

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Dr. Fiona Chen

President

Ph.D.

544 satisfied customers
This year I sold my shares in my family ranch (S-Corp) back

Hello. This year I sold my shares in my family ranch (S-Corp) back to the corporation for $152,000. How will this affect my taxes? This amount is approximately 65% of what the price might be on the market.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,670 satisfied customers
My wife and I are buying a house from my parents for $91k.

My wife and I are buying a house from my parents for $91k. They currently have a loan on the property for $72K that has not been paid off. They will be giving us a gift of equity to cover the down payment of $18,800, which will bring us back to what is left unpaid on their loan. Would capital gain apply since our loan amount would pay off their loan amount? They do not apply for the use test, as this is not their primary residence and they only come down a couple months a year. The home we are seeking to buy is under homestead exemption even though this is not their primary residence. Also, they file jointly in another state and hold state identification in another state. The property we are planning to purchase is in FL.

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Robin D.

Vocational, Technical or Trade School

21,180 satisfied customers
I have a question regarding the sale of property. CA. No.

I have a question regarding the sale of property.JA: What state are you in? It matters because laws vary by location.Customer: CA.JA: Has anything been filed or reported?Customer: No. Currenlty, this is only an offer.JA: Anything else you want the lawyer to know before I connect you?Customer: No, mostly I just want to know what I can do with the proceeds. I want to reduce my tax liability and use the money for particular purposes.

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Robin D.

Vocational, Technical or Trade School

21,180 satisfied customers
If a couple is married, both living in CT, one is working in

If a couple is married, both living in CT, one is working in NYC, the other has a CT home business - the wage earner working in NYC has NYC taxes withheld from their pay, but the at-home worker in CT makes more money so the percentage of tax due to NYC based on the income earned in the city is inflated because the partner is bringing the NYC partner into a higher tax bracket. Is there a remedy for this? Why should the CT business owner have to pay NYC taxes?

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Dr. Fiona Chen

President

Ph.D.

544 satisfied customers
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