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Recent tax questions

I need help in filling out IRS Form 709 Gift Tax Return. My

I need help in filling out IRS Form 709 Gift Tax Return.My son bought a property from me and I gifted him the remaining equity in the property in the amount of $800,000.On Part 2 of Page One so far I have:Line 1: $800,000Line 2: 0Line 3: $800,000 (total of line 1 +2)Line 4: 267,800 (tax computed for line 3)Line 5: 0 (tax for line 2)Line 6: 267,800 (total of line 4+5)I am stuck as to what value I have to put for Line 7.Please help me fill out the remainder of the form.Thank You.

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Anne

Master Tax Preparer

 
3,084 satisfied customers
My accountant just sent me my tax return says i owe 85000

hi my accountant just sent me my tax return says i owe 85000 personal i have an s corp my business does around the number every year i asked her she said she eating dinner i wanted too throw up somethings not right and i dont fell like talking too her any more can i have someone else redo my returns they where electronicly filed already

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,896 satisfied customers
I am completing a Form 709 and am uncertain as to what to put

I am completing a Form 709 and am uncertain as to what to put on Line 7 of Part 2-Tax computation

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Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
My husband had to repay 10k of this 2014 retirement which was

My husband had to repay 10k of this 2014 retirement which was received in error. Im completing the tax computation worksgeet, but unsure how much of the 10k gets reported on line 44 of the 1040.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: our taxable income is 108KJA: Is there anything else the Accountant should be aware of?Customer: Yes. he was also issued an amended 2014 1099-R and not sure if we need to amend 2014. or if it isn't necessary since we are taking the credit this year in 2015JA: 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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R. Klein, EA

Tax Advisor

Master's Degree

 
4,668 satisfied customers
I need some help and advice regarding my taxes owed

Hello,I need some help and advice regarding my taxes owed on the sale of a property that I rented out and claimed annual depreciation on. The cost basis was 345k and the depreciation I claimed was 12.5k per year for 14 years. After sales expenses, I sold the house for 695k. Unless I have made a mistake in computing my taxes, it looks like I owe over 250k in taxes this year. Does this sound like I made a simple mistake in computing my taxes – or does this sound like I am within 10k of the right answer? It looks like I am paying a 20% tax on the capital gains as capital gains and a 39.6% tax on the capital gains as ordinary income.If the tax computation is correct, is there any way I could do a retroactive 1031 exchange on the property? I sold it on 08/05/15.Would it be possible to refile all my taxes going back to the beginning of my rental business, not claim depreciation, and pay the difference in my annual taxes at a significantly lower tax bracket?Any other suggestions?

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100 satisfied customers
Need help filing out i709 form JA: The Accountant will know

need help filing out i709 formJA: The Accountant will know how to help. Please tell me more so we can help you best.Customer: Bascially, I gave a house FMV of 300,000 to my son; I am now trying to fill out the i709 form to disclose to the IRS.JA: Anything else I can tell the Accountant before I connect you two?Customer: noJA: 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 connect you two.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I received income from the exercise of non-qualified incentive

I received income from the exercise of non-qualified incentive stock options. The net income was reported on my W-2 statement and will be included in my normal tax computation. My question is do I also have to include this income in my AMT calculation, or can I deduct/exclude this income from my AMT calculation?

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Jason M. Tyra, CPA

Principal

Master's Degree

 
362 satisfied customers
I have a client that started and ended their S corp with in

I have a client that started and ended their S corp with in 2015.I am filing an extension.The NYC and NYS extension indicates no payment is this correct.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I am filing jointly but my spouse lives out of

I am filing jointly for Federal but my spouse lives out of state. How do I file state tax?

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Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
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