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Recent tax questions

If I want to give a gift of 100k due I have to pay gift tax

If I want to give a gift of 100k due I have to pay gift tax on it or can I file a gift form on my tax return and have it applied to the unified tax credit?

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Robin D.

Vocational, Technical or Trade School

 
20,340 satisfied customers
I am a sub s company that was registered to do business in

I am a sub s company that was registered to do business in California. A final tax return was filed and clearly markedsurrender, however a certificate of surrender was not filed with the secretary of state.No further business was conductedin the state since the final return was filed. Now the state is claiming all past tax returns must be filed with filing feesand penalties due. What cure remedies do I have.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,906 satisfied customers
I am preparing a fiduciary tax return estate whose year ends

I am preparing a fiduciary tax return for an estate whose year ends 6/30/16. Because it is a fiscal year, the k-1s will be printed for tax year 2015. Of course, all of the beneficiaries are cash basis and have already filed their returns. Because the year ends in 2016, can they file the K-1 on their 2016 returns?

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Anne

Master Tax Preparer

 
3,088 satisfied customers
With regards to Real Estate Law and tax implications, can

With regards ***** ***** Estate Law and tax implications, can you answer a question for me?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,416 satisfied customers
ATTENTION TAX ATTORNEY OR CPA: If a Sub-S voluntarily does a

ATTENTION TAX ATTORNEY OR CPA: If a Sub-S voluntarily does a dissolution (not a BK), will any unpaid portion of an expense included on previous year's tax return under accrual accounting need to be taken back into income for current year? Any exceptions?

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Mark Taylor

Certified Public Accountant

Masters

 
18 satisfied customers
My parents have currently been renting my home years. Now

My parents have currently been renting my home for two years.Now that it's been rented for two years we're putting it on the market for sale as a rental property.Original purchase price was 330k.Total improvements to home since purchase in 2007 have been $150,000.Now My parents have decided to purchase the home andThey offered 275,000Though not currently appraised we estimate the value of the home to be around 330-340kI will take there offer so:I notified our CPA and she said if a family member buys my rental property I cannot claim the loss on taxes for deductionIf I sell to a nonfamily member I can claim the lossMy parents have been paying rent of $1400 a month for two years and I have paid taxes on that as a rental income. Are family members excluded? or can we proceed? If so can you direct me to the documents that say so?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,564 satisfied customers
These tax credits are not, I think I might be wrong, the 30

These tax credits are not, I think I might be wrong, the 30 percent Tax Credit from solar panels. In other words, some solar companies are quoting the roof and solar installation as the 30 % I would get back from the IRS (assuming my tax exceeds the 30%) while others are not, they only include the solar panel costs. In other words lets say the roof replacement, which is necessary, cost $21k. Some say I could deduct $7k (in addition to the solar panels costs 30%), while others say no.Who's right?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,416 satisfied customers
I filed as single on my 2015 tax return and received a 1095a

I filed as single on my 2015 tax return and received a 1095a for 8 month's with my Health Market place insurance with my ss number. I was under my father's 1095a for 4 month's and he received a 1095A for those 4 months with his ss# ***** box 5 as recipient.My father did not claim me on his tax return.When I complete 8962 should I just use the 8 month's from my 1095a and NOT include the 4 month's reported on my father's 1095a because his ss# ***** recipient for those 4 months?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,564 satisfied customers
Sacramento, CA: house title in name of parents; father now

Sacramento, CA: house title in name of parents; father now deceased, mother (94) moved to a care facility. Parents have two adult children; daughter has her own home, son now living in parent's home. Family trust created years ago, names son and daughter as co-beneficiaries and co-executors.Small 1st mortgage (<$40K), house worth > $350K. Property taxes are low (<$1,200 annually).Thinking about a re-finance, taking advantage of equity, and doing home improvements (est. $75K). Credit Union for 1st mortgage has advised me to add my name to title; then wait six months, then apply for refinance (underwriting guidelines). Re-finance loan would be in the name of both the Trust and the son.Tax-wise, have filed annual Fed & State taxes for mother as though she still lives in the house, taking mortgage interest & prop tax deductions. Son, though living in the house, pays rent in the form of making the monthly mortgage payments, all utilities and home maintenance - but takes no tax deductions.Is there a taxation factor/issue if son is added to Title? Does that impact mother, son, and/or daughter - today or in the future? Short-term goal would be to have tax deductions appropriately split between mother and son for the same residence (as co-owners).

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37,602 satisfied customers
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