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Robin, I have an aircraft owned under a Delaware LLC. I am a

Hi Robin,I have an aircraft owned under a Delaware LLC. I am a Florida resident. The aircraft is domiciled in TN because that is where the pilot lives. The plane was serviced in TN and now TN is wanting me to pay use tax. I do not understand why. Is this disputable and who or how do I do that?Thank you.

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Robin D.

Vocational, Technical or Trade School

25,020 satisfied customers
1) Is capital gain on real estate from condemnation (forced

1) Is capital gain on real estate from condemnation (forced sale by the State for high) taxable?2) If capital gain is taxable, If the property is cost was $150,000 and the State paid $180,000; we have a capital gain of $30,000. In order to avoid capital gain tax, I need to invest that $30K in how long 2 or 3 years?3) Does the whole $180K needs to be reinvested in similar property for the business, or just the gain of $30K?4) If the whole amount of the sale $180,000 needs to be reinvested to avoid capital gain, and I have $12K loss from business operation for the year, can the loss be deducted from the capital gain amount so my commitment to reinvest the $180K is reduced by the loss from the business operation and now all I have to reinvest is $180K - $12K = $168K to be reinvested?Thanks,Nazir

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,578 satisfied customers
This question is for Robin D. Will I be audited by the IRS?

This question is for Robin D. Will I be audited by the IRS? I make money from playing an online game that is similar to World of Warcraft. The way I make money in real life is by selling the gold that I make in the game to websites that are willing to buy it for real life dollars via PayPal. Since I surpassed $20k in gross income, PayPal sent my annual 1099-K form to the IRS and I have to pay taxes on the money I've earned. I am considered self-employed and I've made close to $300,000 this year.

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Robin D.

Vocational, Technical or Trade School

25,020 satisfied customers
Mother-in-law died 10/15. Her stock were divided 3 ways - my

Mother-in-law died 10/15. Her stock were divided 3 ways - my portion was transferred to my name then sold & i received a check - was told i would not pay taxes as it was an inheritance. I did not claim on my tax return. i just received a letter from IRS that i owe $3400 for tax due on that money? Is this correctJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: It was a broker barter exchange transactions form mother to me...bottom of form 1099B has total 101,565.67 - the IRS letter says securities - $20,446

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,586 satisfied customers
What is the simplest way in Arkansas to transfer my wife's

What is the simplest way in Arkansas to transfer my wife's house from her name to ours?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: ArkansasJA: Has anything been filed or reported?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: No

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Chad Caros

Managing Director

Master's Degree

50 satisfied customers
I would like to help my daughter buy a house in Texas. The

I would like to help my daughter buy a house in Texas. The house costs about $230,000 and I am able to send her the cash needed to pay for it without the need for a loan. Afterward, she plans on selling her current condo for about $180,000 (it's paid for) -- and then sending me that cash. Now, I don't want the IRS to think that the $180,000 is income (to me), so I would suppose I need some way of accounting for it (that is, demonstrating that it is not income). Am I correct to be concerned? If so, what should I do?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,578 satisfied customers
If I give my farmland to a charity, is the charity permitted

If I give my farmland to a charity, is the charity permitted to sell that land to my sons?JA: What state are you in? It matters because laws vary by location.Customer: MinnesotaJA: Has anything been filed or reported?Customer: noJA: Anything else you want the lawyer to know before I connect you?Customer: no

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PDtax

Owner

Master's Degree

7,916 satisfied customers
I had a townhouse that I bought and I lived in it for about

Hello, I had a townhouse that I bought and I lived in it for about for years. The year after I bought it, the value went down in half. There was no way I could have sold it for the amount that I owed. So, I decided that I wanted a house and began to rent the property out. I rented it out for about 5 to 6years. I had to let the property go because I could not afford the expensive electrical bill that came up. Oh, I always lost money in the property. The association rose the dues from $140.00 per month to $392.00 per month and that was not including taxes and insurance. My rent that I could charge was $850.00 per month. You do the math. So every repair cost, tax, insurance and remainder of dues came from my pocket. I received a 1099 Cancellation of Debt, how can I fight this. My 1099 amount 55024.14 but the bank sold the property for 15000.00. What should I do?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I'm not sure but if you think of something please ask.

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
I need to do a reset credit card authorization. I paid my

I need to do a reset credit card authorization. I paid my taxes with credit card, Turbo tax denied it, made corrections and i owe more. Wont take credit card again.

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50 satisfied customers
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