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Recent Tax Exempt Property questions

In the state of TX, if a church organization (unincorporated

In the state of TX, if a church organization (unincorporated religious association) sells a tax exempt property to an individual that is not another non profit, is there a property tax liability for either the buyer or the seller (from the proceeds of the sale) at the time of the sale?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,104 satisfied customers
I own a business that operartes in New York State and the State

I own a business that operartes in New York State and the State of New Jersey. Seperate Licenses for each state. The bulk of my business is a tax exempt building in New Jersey. I have included in my NYS Sales tax the deposits from my New Jersey account that is tax exempt. Have I overpaid taxes to the State of New York?

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Megan C

Master's Degree

30,026 satisfied customers
Can a not-for-profit orgainzation rent space to a for-profit

Can a not-for-profit orgainzation rent space to a for-profit entity without losing the not-for-profit property tax exemption providing the not-for-profit entity (Church) does not receive compensation exceeding what is allowed? Please give me a citstio in the NYS tax code to verify this face.

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39,478 satisfied customers
PA Sales Tax: If you are a contractor doing site work for edcuational

PA Sales Tax: If you are a contractor doing site work for edcuational institutions, are we required to pay sales tax for Job Materials used for Sewer Lines Water Lines Storm WaterLines

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5,016 satisfied customers
I had some wood flooring installed last year for $3000 in a

I had some wood flooring installed last year for $3000 in a rental property that I was staying in at the time. Does this count for a federal sales tax exemption? The Turbotax help guide lists 'building materials for major home improvements' as an appropriate exemption but then it indicates not to include "items purchased for your business or rental property" as exemptions.

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PDtax

Owner

Master's Degree

7,668 satisfied customers
I claimed an elderly relative living with me on my taxes

I claimed an elderly relative living with me on my taxes because I support her for the most part I just found out that I will owe taxes because of her market place payments I already efiledJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I would like to amend my return to not include her as a dependent but I used turbo tax and it is not letting meJA: Is there anything else the Accountant should be aware of?Customer: The elderly dependent is on social security

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,360 satisfied customers
I executive a back door roth. I made non-deductible IRA

I executive a back door roth. I made non-deductible IRA contribution, which was then converted to a roth. I received a 1099R for the money converted. Turbo Tax is counting the distribution from non-deductible IRA as income. WHY?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no

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Charles Markham

Principal

Masters Science Taxation

720 satisfied customers
I used my single member LLC to own 51% of a service company

Hello Pearl, I used my single member LLC to own 51% of a service company LLC with a 49% partner. With were both the main individuals performing the services, but I was the managing member. I sold my entire 51% to him on Jan. 29th 2016 for $1.00 as our partnership and personal relationship was deteriorating. The main reason for the deterioration was because we were about to be acquired, but I thought it better for me to get out than deal with the hostility. The company that was to acquire us had sent us a term sheet for $302k for 51% ownership. When I sold my shares, the company withdrew their deal. That said, I wanted to see if I could insert a loss based on the FMV (deducting my proportionate share of our short-term loan and credit card liabilities as well as some computer equipment we agreed I could take with me). My 2016 schedule K-1 only shows the guaranteed payments and computer equipment value, totaling $18K and clearly nothing within section L of the K1. Even if I reduced the FMV by 25%-35%, I would still be at a ~$200k loss. Please note that I do not believe Form 8308 was submitted by my former partner's accountant as I do not believe our operating agreement mention anything regarding unrealized receivables, although I put in a significant amount of sweat equity since mid-2014 for comparable living wage rates.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I don't believe so. I think I tried to be as detailed as possible.

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PDtax

Owner

Master's Degree

7,668 satisfied customers
We have a question about gifting to our children. The money

We have a question about gifting to our children. The money we distributed to them was out of our IRA. We were told this gifting is tax-free. Do we have to pay taxes on this money when it is supposed to be tax free if within the exemption amount, which it is? All of my income is from MO. LAGERS, Social security and my IRA is there a credit Allowed for this Gift to my Children that would reduce my income tax.

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Robin D.

Vocational, Technical or Trade School

24,128 satisfied customers
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