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Recent tax questions

If I receive a 300,000 Dollar loan to buy a house from a

If I receive a 300,000 Dollar loan to buy a house from a relative. Would I file this as a Loan on my taxes or a gift?? I will be paying it back on a monthly basis. Thank you very much for any help in advance. Robert

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
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I have a client that was a C Corp that elected S Corp status

I have a client that was a C Corp that elected S Corp status in 2013. They are now looking to sell the S Corp. Basis was never tracked, so now I have to go back and do so. I am having a problem (brain dead today) on calculating the begging stock basis. Any assistance would be appreciated

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
I am an American citizen resident in the US since 1982. My

I am an American citizen resident in the US since 1982. My parents' house has been in trust for myself and my two sisters for the last 10-15 years in the United Kingdom and is now in the process of being sold. What is the best investment for my third of the sale and what tax will I be liable for when the funds are transferred to the US?

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bigduckontax

Secretary

FCCA FCMA CGMA ACIS

 
5,058 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

 
16,278 satisfied customers
We are investing in a start up company with a friend. It is

We are investing in a start up company with a friend. It is very promising at this time. It is anticipated that we will begin to produce income in a few months.We own shares so are self-employed. We are paid a salary but no SSI or taxes are taken out since we are owners.For this tax year it is highly unlikely that we will owe taxes. This year's investment is $60,000 and my husband will not reach that amount in his "pay." Since this will, in all likelihood be a loss year, are we obligated to pay into the IRS and state on a quarterly basis? We do not have the resources to do that, just to get a refund upon filing taxes next winter.Thank you,Judy Kovarik

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
My Aunt is 75 years of age and has lived and worked in the

My Aunt is 75 years of age and has lived and worked in the US for some 30 years. She retired over 10 years ago.For family reasons she needs to leave the US and live in the UK. She will also have to hand back her Green Card. She has an IRA account, which if liquidated before she leaves the US, will be taxed as income. If she has it liquidated after she has returned to the UK, and handed back her Green Card, will the money be subject to withholding tax which she may be able to claim back under the Double Taxation Treaty, or will it still be deducted for US income tax?JA: The Accountant will know how to help. 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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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
My elderly mother put me and my brother's name on her

My elderly mother put me and my brother's name on her property in Oregon. When she passes on, what rights do I have if I want to sell. The taxes are a lot and he is living there already not keeping them up. I payed them for years myself does that benefit me in any way?

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Anne

Master Tax Preparer

 
3,084 satisfied customers
An LLC is created. This LLC is purchasing a property

An LLC is created. This LLC is purchasing a property renovating it, using some of it as an office and then renting the rest out. The owner is considering having his single member S-Corp own the LLC. I know the LLC is a disregarded entity and the income and expenses of the LLC will be on the 1120-S of the S-Corp. Is it still required to keep separate books for the LLC and have the income and expenses listed separately on the 1120-S? If neither the S-Corp or the sole member are real estate professionals will any losses resulting from the LLC rental property business be deductible on the member;s individual return or is it the same passive income limitations that apply as if it where owned directly by the individual?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
I just started a new business and I have a few questions. I

Hello,I just started a new business and I have a few questions. I currently work as a contractor (1099) at a company in NYC, Mckinsey and Company. Mck will be paying me directly to the new company i recently formed. My company name is ***** ***** Ive been working with Mck for the past year and have been getting paid directly to my personal bank account, they also do not take out taxes for me, i withhold them myself and pay at the end of the year. But now they will be paying Slash Codes. I live in NJ and work in NYC. My company was also formed and based in NJ.My questions are:1. How much do i pay myself? I currently make $70/hr and im trying to understand the bigger picture here of how I'm, me as an individual, will get taxed and my company will get taxed.2. Are there any benefits of having them pay my company directly and what kind of tax benefits can i expect?3. I'm not sure if im registered as S-Corp, but i've been seeing there's a difference in taxation with something call S corp?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
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