Possibly.. I had a Fannie Mae mortgage, the mortgage
possibly. My Name is Jeff. I had a Fannie Mae mortgage, the mortgage servicing company refused to work with me and the house was foreclosed on in in Feb 2016. I know the how was sold by Fannie Mae in June of 2016. Will - will I get a 1099-C from the servicer or Fannie Mae for this year?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I had tried for 5 years to work out something out and the house was for sale for 3 years, so I was not living there, so I'm afraid I wont qualify for the tax forgiveness.
I have a c-corp that is co-owned with a partner. It is
I have a c-corp that is co-owned with a partner. It is presently making almost no money and I am not involved in day to day running of the firm. I also have rental property I am selling that will net a considerable tax liability I think. Can I sell the corporation to my partner for a tax loss and offset the gain from the rental sale?
My wife doesn't want to sign the income tax form for year
My wife doesn't want to sign the income tax form for year 2015. We got the divorce in 2016. I supported her for 2015.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My name is***** and I filed for an extension. I live in Florida.JA: Is there anything else the Accountant should be aware of?Customer: No.
JD, MBA, CFP, CRPS
My father-in-law is deceased and willed an annuity that he
My father-in-law is deceased and willed an annuity that he had to my husband and sister-in-law who is also deceased. We have withdrawn funds from the annuity. Federal taxes were withheld from the amount we withdrew. This is NOT my husband's retirement fund, but we are issued a 1099-R. On Turbotax, I am not sure how to answer questions about RMD. Colorado is requiring us to pay taxes on the same withdrawal. WHY is this considered income? Thank you very much.
Vocational, Technical or Trade School
Will I be penalized if I take out my 401K early?
If my wife lost her job and we decided to cash out her 401K that is worth $47,000 in the state of Michigan; we would get $33,000 after fees and 10% tax deduction - when I file my taxes will I be penalized again?
Tax advisor and Enrolled Agent
I'm wanting to file an S corp but want to report as little
I'm wanting to file an S corp but want to report as little income as possible because my student loan repayment is based on my personal return. I'm considering starting a business in my wifes name, paying her business to manage my clinic, and both of us filing married but separate income taxes.
I hope you are well. My geothermal HVAC unit just died
Hello,I hope you are well. My geothermal HVAC unit just died today. I was told that I can get a 30% Federal and 35% NC state tax credit for the unit. The installation cost is $14,000 and the HVAC contractor said I can get around $9100 back in tax credits ($4200 + $4900) which would bring the final cost down to $4900. Do you know if this is true? Have you done something similar for other clients?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I'm not sure
JD, MBA, CFP, CRPS