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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

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16,764 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

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29,944 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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37,724 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

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6,770 satisfied customers
I'm 66 and working, not yet taking my social security. 66 is

I'm 66 and working, not yet taking my social security. 66 is my full retirement age but this is my second marriage and my wife would like me to wait until I hit 70 to take it, which it maxs at that point. From what I'd make now versus then is about $666 more. We may move to the Myrtle Beach area end of next year so she's concerned if anything we wait until then. So I guess there's not really a question here but bouncing off someone for some objective input. I basically have almost nothing else to fall back on. Gave a lot up in divorce. We are both massage therapists and thus I will keep some part time work going no matter where we are.JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Retirement Accountant should be aware of?Customer: not really

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Barbara

Enrolled Agent, Paralegal

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4,850 satisfied customers
I am a divorced parent. My son turned 19 last december and

I am a divorced parent. My son turned 19 last december and currently attending college. I had sole custody of him up until the age of 15 and the last 3 years of high school his he ended up spending 2/3 of time with dad(shared custody). I am paying 50 percent of college fees. Who claims the tax exemption even though we split his college expenses half way. Appreciate your advise.

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Mark Taylor

Certified Public Accountant

Masters

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346 satisfied customers
My former wife filed a Married filing Separately return

My former wife filed a Married filing Separately return for the final full yr of our marriage but in the year after our divorce was final. I do not have a copy of her return. If she deducted the full amount of common deductions such as mtg interest and property taxes, am I barred from claiming them as deductions or may I claim half of them? Is there a way to get a copy of her tax return from the IRS?

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Mark Taylor

Certified Public Accountant

Masters

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346 satisfied customers
Scenario: I'm in the 31% tax bracket and the commercial

Scenario: I'm in the 31% tax bracket and the commercial building that I hold in a single person LLC is now providing significant income pass through via form 1065 to my personal return. I have bought a new single family rental property as an individual since I couldn't get a lender to finance it in the LLC. The new property will have a loss and I would like it to cancel some of the LLC properties gain.Sidenote: I feel that the LLC is not serving me well (I have very good insurance coverage on the building, I personally guarantee the commercial building loan any way, alot of extra hassle). My commercial lender is in the process of re-financing the LLC's building so now would be a good time to get their approval to transfer back to me personally. Both properties and the LLC are in Washington State, so it is only a federal tax issue.My Belief (may or not be true): I assume the loss on the residential rental property(closing costs, maintenance, minimal rent income) will not reduce my personal tax burden for 2016? I'm under the impression that gains after depreciation, taxes, interest, etc on rental real estate are taxable as additional income but losses will not reduce my adjusted gross income.Question: Am I correct? If so, then it seems I need both properties in the LLC or both out of the LLC to accomplish my goal. Is the transferring the commercial bldg. from the LLC back to me personally a taxable event? Anything special I must do to make sure it is not. Any other thoughts, advice?

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Mark Taylor

Certified Public Accountant

Masters

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346 satisfied customers
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