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Recent Taxpayer Relief questions

I have a question regarding firpta taxes with a real estate

I have a question regarding firpta taxes with a real estate purchase. If the buyer does not live in the property for the 2 year period required who is responsible for paying the 15% tax?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,180 satisfied customers
My friend sent in his Massachusetts state income tax

My friend sent in his Massachusetts state income tax for 2013 in Massachusetts for the mortgage forgiveness debt relief act and debt cancellation. Massachusetts told him that they don't recognize qualified principal residence indebtedness as the Federal government does. Is this correct and will he need to pay an additional tax? The Federal government had forgiven his debt.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: What steps would he need to take?JA: 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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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,962 satisfied customers
Issue is regarding once in a life time sale of home. ,

Customer: ***** *****, Issue is regarding once in a life time sale of home. JA: Thanks. Can you give me any more details about your issue? Customer: I thought there was an amount you could subtract from gains in sale of home once in your lifetime. JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I converted a C corp to a sub S corp in 2012 under America

I converted a C corp to a sub S corp in 2012 under America Taxpayer Relief Act of 2012 . Question is if the 5 year extension allows exemption from built in gains after 2016 or is 5year extension only for sub S corp established 2008 and prior?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
US 2014 taxes: If education credits are extended to 2014, can

US 2014 taxes: If education credits are extended to 2014, can I take credits if my AGI is over $180K?

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taxmanrog

Master's Degree

836 satisfied customers
selling a personal residence allows a exclusion of a gain.

selling a personal residence allows a exclusion of a gain. do you have to buy a new home to exclude the gain?secondly, if you rent a home do you have to depreciate it, or can you just deduct expenses.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Hi, Would you be so nice and tell me how could I transfer

Hi, Would you be so nice and tell me how could I transfer a personal property from Spain to an LLC? Or withmy personal name?" Most treaties provide for the exemption of gains from the sale or exchange of personal property. Generally, gains from the sale or exchange of real property located in the United States are taxable", as they mention in the page 47. How should I transfer the property so as to be legal in both countries? Is there any treaty between both countries? Could you tell me the rate of the death tax in Delaware? Which taxes do I have to pay according to the value of the initial contribution? Any death tax realted to the initial and final value of the company? As Ashlea Ebeling mentions in the Forbes magazine in her article "Where not to die in 2013" "Thanks to the fiscal cliff tax deal (the American Taxpayer Relief Act), the federal estate tax exemption of a generous $5 million per person, indexed for inflation, is now permanent. So for 2013, up to $5.25 million of an individual’s estate will be exempt from federal estate tax, with a 40% tax rate applied to any excess over the exemption amount." http://www.forbes.com/sites/ashleaebeling/2013/01/28/where-not-to-die-in-2013/ In the INFORMATION BRIEF, Research Department, Minnesota House of Representatives updated in September 2014 by Joel Michael Table 3 State Estate Taxes Applicable to 2014 Deaths (as of June 30, 2014) State - Exemption Amount - Basis for Rate Schedule - Top Statutory Rate Delaware - $5,340,000 - State specific - 16% (indexed for inflation,based on federal exemption) (http://www.house.leg.state.mn.us/hrd/pubs/estatesurv.pdf) So there is an exception for estates up to $5, 340,000 in the state and federal death tax. Is that correct? Thank you, ***** *****

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I need clarafication on Leasehold improvements....I am reading

I need clarafication on Leasehold improvements....I am reading too many different articles with different opinions....A C corp (retail store) has moved into new space/unit in same building...it incurred $ 65 K in artitect/buildout costs....move was at the beginning of 11th month of fiscal year ending 09/30/14...what is life and and is the correct term amortization or depreciation....New Lease is 10 years with two five year options (no bargain options) I assume it is MACRS or MACRS Straight line but please clarifyEdit

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jgordosea

Enrolled Agent

Bachelor's Degree

2,802 satisfied customers
My brother has a misdemeanor charge on his record for not paying

My brother has a misdemeanor charge on his record for not paying taxes. He still owes around $700,000 due to interest. He does not work because he says the government will take ALL of the income. Also he is eligible for Social Security benefits as a widower. He will not apply because he says he will have to give it all back. Is he right about the government taking all of that income or will they arrange to take a percentage?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
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