Certainly qualifies for 1031, as as you sell it separately
Certainly qualifies for 1031, as long as you sell it separately from the business... again IF they have an asset to swap that would provide value (ongoing income or other) for you."What are the limitations on assets to swap for IP? I assume cash is not considered an asset, but I should ask, is cash OK?How about they buy AAA publicly traded stock with their cash (or they may already have some) and give it to me. Probally substance over form issue if cash is out.Can they create a trust, Grant the cash, make me the Trustee, make my kids the beneficiary?RegardsSam
JD, MBA, CFP, CRPS
State Tax offices and links: Can you send me state offices,
State Tax offices and links:Can you send me state offices, links and addresses and phone numbers for the following state agencies?Maryland Silver Spring Montgomery CountyNew York City City of Jamaica Borough of QueensTucson Arizona City of Tucson Pima CountyColorado Springs Colorado
I could potentially inherit real estate property which is
I could potentially inherit real estate property which is located in India. what are the taxation surrounding such inheritance? I reside in Massachusetts?Are there any inheritance tax, income tax or estate taxes when I inherit it and what are taxes when I sell the property and bring the money back to USA?Can I continue to hold the property in India and do I have to show such property when filing tax return in USA? Also when I sell the property I will be paying taxes in India do I have to pay taxes in USA as well if the taxes are already paid in India? if so what kind of taxes do I incur?
Vocational, Technical or Trade School
I've work and live in the US as a Card holder for the last
I've work and live in the US as a Green Card holder for the last 11 years (so I pay tax here). I am still a UK citizen only. Recently I've become eligible to take my UK pension and withdraw 25% tax free in the UK.1) Do I pay tax on this in the US?2) What section in the IRS form 901 applies to this situation?
Vocational, Technical or Trade School
I was a partner in an investment, which was an LLC created
I was a partner in an investment, which was an LLC created for a single apartment building. The apartment building was sold in a short sale which included some writedown of the loan. I received the final K-1 and it shows me with a capital gain of $400k or so. I received no cash -- it was sold at a loss. My accountant says I owe capital gains tax on this because of the loan writedown (which I had nothing to do with a limited partner). This is obviously a very distressing situation and I am receiving limited information (virtually none) from either my accountant or the accounting firm who prepared the K-1. It was a none recourse loan and I should be limited in exposure as a limited partner. Can I need help with this.
Tax advisor and Enrolled Agent
Dear Tax expert, My husband and I are Australia citizen who
Dear Tax expert,My husband and I are Australia citizen who is living and working in USA for almost 21 months.I have $16000 AUD saving interests in Australia in 2015, the Australia tax rate (32.5%) is higher than USA. After we report the $16000 interests income and lodged tax return in Australia, the taxation office refund some money to us through Australia investment's loss. The problem starts when my USA accountant lodge my tax return, she ignore the tax we paid for our saving interests in Australia completely, and put full 16000 AUD as income, and ask us to pay $4,693 tax again in USA for the saving interests. I did pay tax for our saving interests in Australia, the money we got back is because have large amount of the loss for the investment. As we belong to the high income in US, the loss we have in Australia got completely ignored in US, but how can my US accountant ignores the tax we paid for my saving interests in Australia, I can't pay tax again for it in USA. My US accountant said she can't see the tax we paid for the saving interests in Australia as I got refund. My Australia tax return calculate everything as a whole, doesn't show individual tax for saving interests, rent, other incomes, but my Australia tax accountant informed me that our tax rate is 32.5% for all income including the saving interests, we got refund because of the loss, nothing to do with the tax we paid. Please help me out here as my US account think we didn't pay tax in Australia for the saving interests. It is so bad that our loss got completely ignored, but we are also forced to pay double tax simply it doesn't show on the Australia tax return paper due to our loss in Australia. What if my Australia accountant give a letter which shows what amount tax$$ we paid for our $16000 saving interests, will these tax we paid in Australia got disallowed simply because of the refund we received for other investment losses? I don't see it is fair at all. We paid tax, we can approve it, the money we get back has nothing do to with the tax we paid.Best Regards,***** *****(###) ###-####