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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

17,670 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

29,966 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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37,930 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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5,014 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

6,966 satisfied customers
Aloha! I am trying to find out who I should go to regarding

Aloha! I am trying to find out who I should go to regarding taxes and financial planning for a trust account. I am the trustee, my son is the beneficiary. I sold my stepdads property after he dies five months ago, and now the money is in the bank and I'm not sure what taxes are dueJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not much else to be aware of. The other beneficiaries have been paid. I still have to pay a few debts, but otherwise my son, who is a minor is the main beneficiary.

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
I am an ER physician. In 2016 I am taking $500,000

I am an ER physician. In 2016 I am taking $500,000 distributions from my defined benefit account to start a business. I spoke with my accountant, he advised pay the IRS estimated taxes on the distributions (in addition to my regular estimated tax on my earning as an ER physician), 45% of the distributions. To be sure I would be slightly overpaid, I paid the IRS 50% of the distributions or $250,000, hopefully 5% overpaid on the distributions, in addition to the taxes on my regular income. My income for 2016 and 2017 should be about $800,000 for my regular income as an ER physician. My question is, will I have to pay an extra amount of estimated tax on my income in 2017 because of the distributions in 2016? I will not be taking any distribution in 2017 but I am concerned I will have to pay an enormous extra estimated tax, in essence an overpayment, because of my income in 2016.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,188 satisfied customers
I received a letter from he IRS telling me I owed $538.00 on

I received a letter from he IRS telling me I owed $538.00 on 14 August2016. I replied by letter mailed 24 August with information as follows: "Due to my poor proof reading skills I entered a wrong Social Security Number on my return. I had called both the Virginia Tax office and the and the IRS after I found the error a day after I had mailed the return and found my error to ask them if I should mail an mended return and was told by both not to send an amended return as it would only confuse the offices. They were notified by pone and I have no record of the call. About two months ago The Virginia Tax office notified me that I owed taxes and I responded by telephone and by letter enclosing my true SSN along with my withholding statement, my Amended tax form and a cop of the front and back of the check for payment due with my return which was cashed but not credited to our account. The matter was closed to my satisfaction by Telephone in a matter of three days.I replied to the IRS in Kansas , MIS with same information to the IRS that provided to Virginia. That letter was mailed on 24 August. On September 15, 2016 I received a notice from the IRSi in Kanss City that I not only owed the $538.36 but it was due on 29 September and if it was not paid by then I would be subject to a federal tax lien proceedings .Iwas on vacation from September 16th to September 23rd and could not call the IRS Kansas City office yesterday due to high call volume an cannot call until Monday the25th.My real question is how can I find out if the ever received my first letter and what is thestatus of their investigation? Should I pay the amount and hope to get the money back if it is resolved n my favor?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,670 satisfied customers
An LLC was formed in the State of Florida. Articles of

An LLC was formed in the State of Florida. Articles of Organization read its an LLC . Received the SS-4 letter which states form 1065 is to be filed. The owners of this new LLC are calling themselves gen ptr and not members. Asked for the Operating Agreement and received a Partnership Agreement that they created themselves. Question is for the 1065 question on the partners , are they General Partners or LLC Manager, Limited Partner (I don't think so) or LLC Members? What is the difference

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,670 satisfied customers
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