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Recent tax questions

I'm selling property and wondering if land is considered to

I'm selling property and wondering if land is considered to be capital gains? I've owned it longer than one year so I'm hoping I can get the reduced tax rate as long term capital gains. It is an empty land which I earned no rent while I was the owner. If I'm not able to use long term capital gains? which tax form do I use to report this income? I really don't consider it to be business property since I never rented out.

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Megan C

Master's Degree

 
29,942 satisfied customers
In Canada, as an only owner of a corporation that does about

In Canada, as an only owner of a corporation that does about 600k in revenue, and paying myself 80k per year, what is the most tax effective way for me to withdraw 25k from the business for my own purposes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
I am selling a bakery business for $160K The APA agreement

I am selling a bakery business for $160K The APA agreement prepared for buyer allocates the sale of assets as $150K FF&E, $5K goodwill, $5K non compete covenant. Our bakery is owned by a single partner llc and files an 1120S annually. How is the income from theFF&E treated? Shouldn't that number be much lower?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
Are you there, Ok can you answer any questions, Ok, I have

Hi,JA: Hi. How can we be of help?Customer: are you thereJA: No. I'm the Accountant's Assistant.Customer: Ok can you answer any questionsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: helloJA: Hi. What do you want help with?Customer: OkJA: Is there anything else the Accountant should be aware of?Customer: I have questions about goodwill in business assets sale.JA: 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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DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
944 satisfied customers
I sold a house in 2014 after being the primary resident of

Hi. I sold a house in 2014 after being the primary resident of the house for 2 years..I bought a new house the same year but I am selling this house before the 2 years are up. I put down 20% (the net proceeds from the first house into the second one) do I have to pay taxes on all the net proceeds from both profits or the first proceeds are tax exempt? Fyi..these were bought and sold in California. Thanks.

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
944 satisfied customers
I am closing my NY city business and have a loss carry over

I am closing my NY city business and have a loss carry over from 2015. For 2016, we will have a large profit from selling assets. Can we use the full loss carryforward against the gain for the NY City taxes? I am getting mixed answers and just wanted to clarify

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PDtax

Owner

Master's Degree

 
6,680 satisfied customers
We have a very large term capital gain . Does this push our

hi...we have a very large long term capital gain for 2016. Does this push our regular income tax into a higher bracket?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: we have a long term capital gain of $330,000 for the 2016 tax year. My wife and I have combined income of about $180.000 and file married jointly. Will the regular income of $180,000 be taxed at the high or highest rates of 35% and 39.5% respectively?JA: Is there anything else important you think the Accountant should know?Customer: noJA: 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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Megan C

Master's Degree

 
29,942 satisfied customers
I have heard there is a special tax on S-Corps that

I have heard there is a special tax on S-Corps that converted from C-Corps and have more than $1M in retained earnings. However, I can't find any information online. Can you reference the code / IRS publications?

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12 satisfied customers
I have a few tax related questions; hopefully you guys can

Hello,I have a few tax related questions; hopefully you guys can help me or, direct me to the right place for advise.I am originally from Peru and, early in my career I contributed to a private pension system there (similar to a 401K plan). I later moved to the US and became a U.S. Citizen in 2014.In Peru, you are normally not allowed to withdraw from your pension balance (called AFP) until you retire but, as a US citizen, I have the opportunity to withdraw it and consolidate it in my US account (not necessarily in my 401K).My questions are:1) Are these funds (over $10K) taxable considering they were already taxed in Peru?2) How should I declare this income if I opt to transfer it from the Peruvian account to the US?Thank you!

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,542 satisfied customers
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