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I putting up a condo as collateral and paying a mortgage tax

I putting up a condo as collateral and paying a mortgage tax on it, When I transfer the collateral to a new lender at some point will I have to pay that tax again, when the amount of the collateral is the same, I have in the mortgage that it is assignable but it s does not say a Cema, is the assignment (not a CEMA) enough to transfer the collateral to a new lender without paying the tax again

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,732 satisfied customers
Question on tax treatment of capital gains in the final year

Question on tax treatment of capital gains in the final year of a trust.A marital deduction trust was created in 1998 upon the decease of a husband. The trust invested in a diversified stock portfolio and has remitted all dividend income generated over the years to the income beneficiary, the surviving widow. Per the trust document, capital gains and/or principal may be remitted as well if needed by the widow , but over the life of the trust this was never necessary or done.Each year, capital gains and losses from transactions in the trust were offset, or loss carryforwards used, to zero out the trust's capital gains and losses on the trust's tax return. Income was reported on K1 to the income beneficiary who paid income taxes on it.The income beneficiary passed away this year (2016), the stock portfolio was entirely liquidated, generating net capital gains, and the trust assets (all cash now) will be distributed to the designated heirs/beneficiaries. (There are two children and four grandchildren.)Questions:1. Must the trust itself pay the taxes on the final-year capital gains generated?2. I believe it is not permitted to remit net capital gains to the beneficiaries in this case. True?3. Instead may we remit gross gains and losses to the beneficiaries, some of whom have a lower tax rate? (I believe so)4. Do we have discretion on which approach to use? If both ways are permitted, does the IRS look on the latter approach, with its lower tax result, as particularly aggressive, a red audit flag, etc.?Background:I'm no expert but the online commentary on the Regs do suggest that the trust may remit the gross capital gains, reporting on a K1, pro rata to the remainder beneficiaries, and also remit the gross losses in the form of loss carryforwards that each beneficiary can apply against their share of gains, all of this on their personal tax returns in the same year, 2016. I get this from online commentaries on §1.643(a)-3(b) and §1.642(h)-1.(It is assumed that the ordinary income (dividends) generated by the trust after the widow's death will be distributed to the remainder beneficiaries, who will pay income tax on it.)

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,018 satisfied customers
Are you familiar with NC Corp State Tax Law? OK - is Pearl

Are you familiar with NC Corp State Tax Law ?JA: No. I'm the Accountant's Assistant.Customer: OK - is Pearl familiarJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I had 3 businesses that I sold between 2005-2007 time frame. All of them went thru an Audit and without the long story, I was not defended well and owed a massive amount of State Tax money between 2003-2006. Business 1, I paid in full, business 2 and 3 have attempted payment plans over the years. In 2014, the State moved my entire amount owed from a business's account to my personal SS number and wrote off any amount owed that was past the 10 year mark. Now everything is past the 10 year mark and last May, the state garnished my income to help reduce the debt faster. Seems to me that everything is past the 10 year, I should be able to get out of this debt.. I realize I owe but this is hard to pay back with interest, penalties, etc.JA: Is there anything else important you think the Accountant should know?Customer: That is main idea

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PDtax

Owner

Master's Degree

6,990 satisfied customers
According to "FIRPTA Withholding" ( 15% of gross sales price

According to "FIRPTA Withholding" (https://www.irs.gov/individuals/international-taxpayers/firpta-withholding), 15% of gross sales price of a US real property has to be withheld and paid to the IRS, if the seller is a foreign person and the purchase price exceed $300,000 OR the buyer will not use the property as his/her principle residency.I am a nonresident alien. , thus no tax returns previously filed by me.1. If my house has no rental income since I bought it, what are the procedures and required documents for me to get "Withholding Certificate" by filing Form 8828-B? Is it usually done by my title companies or myself or my CPA?2. If my house had some rental income during my possession, are the procedures and required forms different from above #1 to get the Withholding Certificate?3. How soon can I get a ITIN after filing Form W-7?4. If I do not apply for a "Withholding Certificate" during the sales, is the only way to get tax refund from the IRS is to file tax return to IRS every year after I bought the property through the time when I sell it?

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Barbara

Enrolled Agent, Paralegal

5,140 satisfied customers
Investment property tax? - depreciation recapture -

Investment property tax ? - depreciation recapture - Purchased home for 220K in 2006. Took depreciation on taxes for 8 of 10 years. Land value 20K. Paid 220K, 4K in closing costs. 10K in capital improvements. Selling at a loss for 185K. How much tax will I pay because of the depreciation recapture?

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Robin D.

Vocational, Technical or Trade School

21,204 satisfied customers
I run a publicly supported 501c3 and am in ill health. Let's

I run a publicly supported 501c3 and am in ill health. Let's say we don't want to have it continued at the cost of $5,000 per year in comptroller costs but just to close the IRS organization and deposit the money in a bank account undertaking our own expenditures responsibility in the charitable use of remaining funds but not claiming an IRS and not soliciting new funds. Just using up what had been charitably raised for charitable purposes. Would IRS mind this?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,732 satisfied customers
My father passed away and left a collection of collectible

My father passed away and left a collection of collectible banknotes. His estate was worth less than 200,000 so I assumed that the collectibles would be tax free because the estate is not worth enough for estate tax. I have been selling the banknotes on ebay and giving a portion of the proceeds to each of my brother and 2 sisters. I have grossed more than $20,000 now and Paypal is going to submit a 1099 form to the IRS. Do I have to pay ordinary income taxes on this money? If so do I pay on my portion only and basically report my siblings to the IRS?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,018 satisfied customers
I am a Canadian citizen residing in California on a card for

I am a Canadian citizen residing in California on a green card for over 20 years. I have a joint account in Canada under 10,000. A home was sold and the proceeds will go into a Canadian bank. If 130,000.00 is was wired to my US bank account, what taxes would I incur, if any?

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
I would like to acquire a 6000+lb SUV for 90% business use.

I would like to acquire a 6000+lb SUV for 90% business use. I understand my lease agreement to be a lease-rental v a lease-purchase (to lower my monthly lease payments). What are my deductions?1. Down payment (spread over the three year lease?) *0.92. Lease payments *0.93. Actual expenses (gas, maint, etc) *0.94. Anything else?5. How do I calculate the carryover value (if any)?

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
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