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Recent Tax Return questions

My sister -+s sole beneficiary of parent's estate. She wants

My sister -+s sole beneficiary of parent's estate. She wants to give me 100K. What are my tax obligations?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: She is splitting inheritance with me. Since I was not named i the will, this is a gift from her to me from his estate.JA: Got it. I'm sure you'll come up with a good name.Customer: Do I have to declare the gift as income?JA: Is there anything else the Accountant should be aware of?Customer: No

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Barbara

Enrolled Agent, Paralegal

5,690 satisfied customers
Madam: I have some law questions to be filled in. I recently

Dear Sir Madam: I have some law questions to be filled in. I recently inherited some money as a grandchild. The investment was a Mutual Fund Growth Fund. As one of the executors of the estate, I redeemed the account from the stock market last week.1. Redemption Price: $72.07 per share at 3,421.671 Shares = $246,599.832. They already took out the state and federal taxes for Tax Year 2016 (to be filed in 2017).a. $49,338.73 - Federal Portionb. $12,334.68 - State Portionc. $184,296. 42 - Remainder sent as a check to be deposited in the state account.My questions/comments that pertain to the State of Iowa:1. Inheritance - We have 0% as grandchildren in Iowa (this is not a question, just a notation).2. Federal Estate Tax - Yes we would have that, correct?3. State Estate Tax - There is none for Iowa, so 0%, correct?4. Personal Income Tax- An inheritance in and of itself is not considered income so 0%, correct?Thank you for your legal input.

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Barbara

Enrolled Agent, Paralegal

5,690 satisfied customers
I am going to close one investment property in TX and just

I am going to close one investment property in TX and just created LLC (Me and my husband) in TX.I am considering to close the deal either the end of December OR Beginning of January.1) If no activity in December, do we still have to file a LLC tax form to pay? pay $$ for the fee?2) If I close the property in the end of December and there is $1000 cash flow. How much cost to file a tax for LLC?3) In this situation, should we close the deal in January? or still December?

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Mark Taylor

Certified Public Accountant

Masters

1,980 satisfied customers
I have a LLC registered in Nevada but the office is in FL.

I have a LLC registered in Nevada but the office is in FL. Are there any NV taxes due and what amount would it be? Thanks

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Barbara

Enrolled Agent, Paralegal

5,690 satisfied customers
What are the IRS requirements for charitable donees to send

What are the IRS requirements for charitable donees to send acknowledgement letters to donors? Is there some de minimis amount received below which the donee organization does not need to send acknowledgement letters? What is the deadline for sending the acknowledgement letters to the donors?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,010 satisfied customers
Robin - I filed a tax return for 2015 and owed $5500.

Hi Robin -I filed a tax return for 2015 and owed $5500. However, I received a notice and it said I only owed $3200. I believe the difference is the healthcare tax penalty. Any reason why those should be billed separately?

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Robin D.

Vocational, Technical or Trade School

21,822 satisfied customers
If there is a company that is already a C-Corp, can it be

If there is a company that is already a C-Corp, can it be acquired by a newly formed LLC and have the new LLC (Parent) file a Consolidated Return with the C-Corp effectively allowing the LLC to pass through income and losses to the shareholder (members) of the LLC?

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ABC Accounting Group

Bachelor's Degree

384 satisfied customers
I'm waiting to draw my social security until I am 70 and I

I'm waiting to draw my social security until I am 70 and I plan to continue working until I am 75 or 76. Will my social security be taxable until I am 72?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,010 satisfied customers
I own a small self-publishing firm. I am basically the hub

I own a small self-publishing firm. I am basically the hub for authors who want to publish a book. We have the editors, graphic designers, and means to distribute the book.What are my responsibilities for the authors taxes filed on each book earnings?I was under the impression that the author reports there earnings on a 1040 form each year!

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Robin D.

Vocational, Technical or Trade School

21,822 satisfied customers
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