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Recent tax questions

We have a very large term capital gain . Does this push our

hi...we have a very large long term capital gain for 2016. Does this push our regular income tax into a higher bracket?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: we have a long term capital gain of $330,000 for the 2016 tax year. My wife and I have combined income of about $180.000 and file married jointly. Will the regular income of $180,000 be taxed at the high or highest rates of 35% and 39.5% respectively?JA: Is there anything else important you think the Accountant should know?Customer: noJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Megan C

Master's Degree

 
29,932 satisfied customers
I have an unusual situation. I'm a Permanent Resident that

I have an unusual situation. I'm a Permanent Resident that got divorced in August of 2012 from my wife of 28 years. She is an American citizen who is now living in Canada. One of the QDROs that the Utah court approved gave her all of my Saskatchewan Public Employee Pension Plan. At the time, Saskatchewan law did not allow any withdrawls from the Plan or to transfer the whole Plan over to her. The law has recently changed and as I have lived outside of Canada for more than two years, I can withdraw this as a lump sum, subject to a 25% withholding tax. My former wife is interested in this option, however, I'm concerned about the tax implications for me. I believe the withdrawl would need to treated as income to me and the 25% withholding may not be sufficient to cover it.What is the best way to withdraw this with the minimum tax burden to me and transfer this to my former wife, either into her back account and she can deal with it as she sees fit or directly into her IRA.

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Robin D.

Vocational, Technical or Trade School

 
20,226 satisfied customers
What's the tax burden following conditions? 1. Gross annual

What's the tax burden for the following conditions?1. Gross annual income $130,0002. House sale for $1,600,000 with $285,000 previous purchase price, $200,000 mortgage balance, 6% realtor's commission3. Divorce five years ago, ex-wife has occupied house since then (with possession structured as joint tenancy). Proceeds of house sale to be divided 50-50 between ex-spouses.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I am looking to take out money out of an ira to use to

I am looking to take out money out of an ira to use to purchase a house. I know that there is a 10% early withdrawal and then I know I will be taxed the highest tax bracket as well. Is there anything I can do to limit the taxes - like do quarterly taxes or should I just have 49% taken off the top when I withdraw it?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
I'm planning to file statutory conversion in Delaware to

I'm planning to file for a statutory conversion in Delaware to convert my LLC into a C Corporation. I'm late on the IRS corporate tax return for 2015 and I didn't file for an extension. My LLC has no assets and no revenue. We essentially had no activity. If my LLC is going to dissolved, do I still need to file a federal tax return for the LLC? Do I need to pay the late fine for filing the tax return late?Does this status have any impact on my new C Corporation, which should be considered a new entity under a different organization name?

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Mark Anderson

Attorney

Doctoral Degree

 
472 satisfied customers
My parents just died and left a family trust of which I am

My parents just died and left a family trust of which I am a co-trustee. There are 2 annunities that will pay the claims to the trust. The funds will be split 50/50 between my brother and myself (my brother is not a co-trustee). How is the tax burden split?

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Richard

Owner

Doctoral Degree

 
45,860 satisfied customers
My wife and I are California residents. I am a US

Hello,My wife and I are California residents. I am a US citizen and she is a British citizen (she has a US green card). Her father, a British citizen who resides in the UK, owns a residential home in Los Angeles. He would like to “quit claim” the property to my wife soon, and would like her to collect rental payments from tenants and generally manage the property. In return, he asks that we deduct our estimated excess tax burden from the rental income, and then send him a portion of the rent in cash.My questions are:1) Would the home be considered communal property to us both, or would it solely be in possession of my wife?2) Are there any other legal considerations to keep in mind?3) Are there any tax considerations we should be aware of?

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USTaxAdvising

Partner

Bachelor's Degree

 
1,660 satisfied customers
Parent is 85 y.o. on SSI widowed and home paid off. Wants to

Parent is 85 y.o. on SSI widowed and home paid off. Wants to sell but concerned about capital gains and impact on his SSIJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Home valued at approx. $240KJA: Is there anything else the Accountant should be aware of?Customer: noJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
I have two questions. Background: I'm a co-founder of a

I have two questions.Background:I'm a co-founder of a company that is incorporated as Delaware C-corp, operating out of California.The company has two owners, myself and my co-founder and we both own 50% of the company.Question 1:Assuming that:- the business makes $2M in profit in 2016- we have no other taxable incomeWhat is the most tax-efficient way to realize this profit as personal gains? What will our total tax burden be given your suggestion and why? We have considered a couple options: a) paying ourselves a salary and/or bonus of $1M each b) paying a dividend of $2M to common shareholders (which would only be us).Question 2:Although we currently live in California, we want to move to Nevada since it has no personal income tax rate.- If we moved to Nevada at the end of May, would we qualify to pay income taxes only for Nevada for the year 2016? Where is the cutoff?- What are the steps we should take after moving to ensure we can legally recognize Nevada as our home state and avoid California's tax rate (for 2017)?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,890 satisfied customers
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