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Recent Taxable Income questions

My husband died 3 years ago, I sold my house in Sept., 2016

My husband died 3 years ago, I sold my house in Sept., 2016 and had to move to a 1 bedroom apt. For the last 3 years told with my husband's social security it was not enough to file tax return. Now since my house was sold though I owned the bank and paid off re-finance loan, am I now going to pay IRS--live in southwest Florida.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: not that I can think off, thank you!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
I am a single member of LLC. I'm trying to get a indexed

hi,JA: Hello. What is your issue regarding?Customer: I am a single member of LLC. I'm trying to get a indexed life insurance and want to know is there any way that LLC can pay the premium and can deduct as a business expense?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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taxmanrog

Master's Degree

1,020 satisfied customers
My wife and I own 3 investment properties and one makes

Hello. My wife and I own 3 investment properties and one makes taxable income and the other two lose money. My question is can we use the losses in the two to offset the income in the other, and over the long run can we use the cumulative losses in the two to offset any gain should we sell one? We don't manage the properties full time and our wage income is over $160,000.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,942 satisfied customers
When a state has approved the production of marijuana for

When a state has approved the production of marijuana for medical purposes is the income from being employed with this type of company considered taxable income? Or because marijuana is a controlled substance under federal law does the IRS consider income derived from trafficking in controlled substances is not be considered income even if approved under state law?

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Robin D.

Vocational, Technical or Trade School

22,424 satisfied customers
Second opinion] We have a client who has been paying their

Second opinion] We have a client who has been paying their employee as a 1099. At year end we told them he needs to be on a W-2. We went ahead and grossed up his earnings to add in the Social Security and Medicare. She wants to have his gross income equal the pay he received as a 1099. I told her since she actually paid him xx, that would be his net.Legally would the IRS frown down if we kept his net pay as his gross pay and booked the employee and employer part of the soc/med as payroll tax expense, since the employer is paying it anyway....

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Mark D

Master's Degree

992 satisfied customers
Ok thanks! I have a few questions about my boyfriend's Roth

Hello Pearl!JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Ok thanks! I have a few questions about my boyfriend's Roth IRA.JA: Is there anything else important you think the Accountant should know?Customer: Yes, just a moment, I will type it up real quick.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
I have motor neuron disease unspecified....similar to ALS. i

i have motor neuron disease unspecified....similar to ALS. i have no use of my legs and now my arms are almost useless. i have a qualified long term care policy that will pay up to $60 a day for a home aide to help me bathe, fix something for breakfast, get in my wheelchair, shave etc daily activities and change my linens. sweep the floor etc.The cost for the person is about $65 for 3 hours. Is the $60 that i will get to reimburse me from the insurance company taxable income? Is the additional expense of $5 a day considered a medical expense? i think that I would be considered chronically ill right now but as I get worse, i will become terminally ill

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,422 satisfied customers
Settlement funds that attorneys disburse do the attorney

Settlement funds that attorneys disburse do the attorney issue a 1099misc to claimant?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We are a law firm and we issued a settlement check to the claimant for $200,000.00 do we issue a 1099misc to the claimant?JA: Is there anything else important you think the Accountant should know?Customer: These were the funds held in the trust account and when it was settled we issued a check to claimant.

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Robin D.

Vocational, Technical or Trade School

22,424 satisfied customers
I am a retired 72 year old with a $178, 000.00 IRA with

I am a retired 72 year old with a $178, 000.00 IRA with current MRD of about $7000.00 a year. I owe $53,000.00 on my children's student loans paying close to $1000.00 a month2015 taxable income (with MRD) $54,890.00, Total Tax $7309.002016 will be about the same as 2015My financial advisor recommended I contact a professional tax advisor and ask this basic question: What would be the Federal tax burden for withdrawing $53,000.00 from the IRA in 2017 instead of the standard MRD? That is, is there an additional penalty over and above the tax for the regular MRD? Knowing that I can determine if the additional tax would be burdensome or whether it would offset sufficiently by the savings of closing the Student loans in one year.Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
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