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Recent Tax Return questions

I file a very simple tax return every year, receive a refund

I file a very simple tax return every year, receive a refund of about $500. I just recently found out that I had a pension account with a company I worked for over 20 years ago. I am going to take the lump sum payment to pay off my remaining debt. My question is, even though they will deduct 20% in federal taxes and an additional 10% penalty since I am under 59 1/2, I would like to know how this will affect my tax filing? Will I have to pay instead of receiving a refund?

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Robin D.

Vocational, Technical or Trade School

21,184 satisfied customers
I am thinking to buy a property in FL which is out of state

I am thinking to buy a property in FL which is out of state for us and open LCC with my husband.Q1. Can I just open LCC online? is it easy to do? Which online site is good to use?Q2. What if I open LCC this year and we could not buy any property this year which is no income, can we still file the tax next year? Can we create LCC and do nothing?Q.3 We would like to use the same name for the other state LCC. Can we use the same name for LCC?Q4. How much do we need to maintain LCC, what is the cost? how much is the tax filing? Can we file with tubotax?

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
I havent filed a state tax in about 10 years and want to

I havent filed a state tax in about 10 years and want to file this year ...will this trigger an audit for back returns?

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
Investment property tax? - depreciation recapture -

Investment property tax ? - depreciation recapture - Purchased home for 220K in 2006. Took depreciation on taxes for 8 of 10 years. Land value 20K. Paid 220K, 4K in closing costs. 10K in capital improvements. Selling at a loss for 185K. How much tax will I pay because of the depreciation recapture?

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Robin D.

Vocational, Technical or Trade School

21,184 satisfied customers
I was receiving spousal benefits in 2015 and then switched

I was receiving spousal benefits in 2015 and then switched to my own benefits in Feb this year. I need the 109? form to complete my taxes for 2015. I have applied for itthrough a call to Soc Sec in Aug and failed attempts to access it online. Have received nothing. Need to complete my income tax for 2015 by Oct. 15, 2016. Can I just tell my cpa the amt that I received in 2015 or must I have the form?Thanks,S

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Dr. Fiona Chen

President

Ph.D.

544 satisfied customers
My elderly dad has been exempt from paying income taxes

My elderly dad has been exempt from paying income taxes because his earnings were small. He passed away. He did not have investments and made no interest on his only checking account. Do I still have to pay taxes on basically nothing and which form would I have to use to file if I have to?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The only income was less than 15K SSI. He had no retirement, pension, 401K or IRA. Since he was officially exempt from filing taxes, do I still file anyways?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,192 satisfied customers
My wife is the owner of an LLC that we created over a year

My wife is the owner of an LLC that we created over a year ago.She is the only member but it was classified as a c-corporate by default.It has been dormant until two months ago.I was unemployed and I believed that I had a non-compete.I did not.I really started putting energy into it and have donesome business.We where wondering how would we go about making myself the owner of the LLC and make it a single member instead of a c-corp.What is the best way to transition?

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
My father passed away and left a collection of collectible

My father passed away and left a collection of collectible banknotes. His estate was worth less than 200,000 so I assumed that the collectibles would be tax free because the estate is not worth enough for estate tax. I have been selling the banknotes on ebay and giving a portion of the proceeds to each of my brother and 2 sisters. I have grossed more than $20,000 now and Paypal is going to submit a 1099 form to the IRS. Do I have to pay ordinary income taxes on this money? If so do I pay on my portion only and basically report my siblings to the IRS?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
My now ex-husband and I filed an extension for the 2015

My now ex-husband and I filed an extension for the 2015 year. I contacted him today about filing our returns as "Married Filing Seperatly" per a discussion I had with Robin D. one of the advisors here. To prevent me from being able to do this he went ahead and filed an E-return as "Married Filing Jointly" without my permission or allowing me to review what was being submitted in my name. What can I do now to prevent this return from going through to the IRS and to what options do I have.

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Robin D.

Vocational, Technical or Trade School

21,184 satisfied customers
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