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I am forming an LLC to buy and sell real estate. I have a

I am forming an LLC to buy and sell real estate. I have a question about where to incorporate. The question centers around do I need to register in other states. Example. I live in Wisconsin, may buy property in New Mexico which is owned by someone in Arizona and sell it to someone in California. What state am I doing business in?JA: Can you tell me what state the LLC is registered in?Customer: Not retistered yet. as I am in Wisconsin, I thought Wisconsin, but have heard Deleware, Nevada and Wyoming are good choices for tax purposesJA: Have you talked to a lawyer yet?Customer: noJA: Anything else you think the lawyer should know?Customer: cant think of anything

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PDtax

Owner

Master's Degree

6,866 satisfied customers
With a 1031 exchange, as I understand it, you have to

With a 1031 exchange, as I understand it, you have to identify that its a 1031 before closing, be in contract within 45 days, and close within 180 days. Is there any breathing room on this?

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Dr. Fiona Chen

President

Ph.D.

282 satisfied customers
If I choose to sign my deed over to Mortgage company instead

if I choose to sign my deed over to Mortgage company instead of going thru foreclosure, will I owe Federal taxes on it?

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Mark Taylor

Certified Public Accountant

Masters

928 satisfied customers
Combination of S corporation and foreign tax question. Here

Combination of S corporation and foreign tax question.Here are the facts -1. A US citizen owns 49% of a Canadian corporation.2. Canadian corporation does not hold any rights or interests in real property located in Canada. It is a service type/internet business.3. The US citizen owns a 100% of a US S-Corporation.If the shares were transferred from the US citizen to his S corporation, what will all the tax implications be?

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Dr. Fiona Chen

President

Ph.D.

282 satisfied customers
In the trust scenario, IF it were irrevocable, IF you have

In the trust scenario, IF it were irrevocable, IF you have no discretion to distribute to yourself, and IF IRS didn't say that your power to appoint makes it property in your hands anyway, THEN you'd be giving away the company. THAT's a thought."I am not sure how to apply this.It has to be irrevocable for asset protection. It is Ok if the trust cannot distribute to me.So I give the IP or company to Buyer, buyer creates Trust... I get lost here somebody has to pay tax at sometime???At this point I think I will just take the cash, pay the tax, contribute the balance to a trust.In technology companies come an go overnight. I do not want to rely long term on this company's value or contract payments.RegardsSam, i will be out for a couple of hours...

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
What is the 'ruling' by IRS..regarding withdrawal amounts of

What is the 'ruling' by IRS..regarding withdrawal amounts of personal checking accounts without violations of 'normal banking procedures?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My bank said...any withdrawal in large sums must be reported to the IRS for review?JA: Is there anything else the Accountant should be aware of?Customer: no

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Mark Taylor

Certified Public Accountant

Masters

928 satisfied customers
I have an idea to solve a problem and I need to determine

I have an idea to solve a problem and I need to determine how I can make it work and the tax implications:I run PUSHLiving.com We have readers who are disabled and mostly on SSDI or SSI and wheelchair users.The need is constant: wheelchairs, supplies like catheters, gloves, suppositories, medical bills and copays, tires for wheelchairs, special equipment for chairs, like power assist devices, hand rims, custom clothing, vans with liftsd, help with service dogs bills (vets, food, training), home renovations,aides to help with housework, personal care and medical needs, non-covered supplements and vitamins, recreational/sport adaptive equipment..and more.I want to set up a fivver type exchange, where a person can advertise a skill, or service offer, (I can draw a painting of your dog, I can do 4 hours of graphic design work, I can provide public relations work, I can Illustrate a children's book, I can provide sales calls from my home, I can write an article for your website, or blog, I can do research on any topic, I can be a Virtual assistant, do your accounting or QuickBooks, I can design your web page, etc.But the buyer pays into a fund, not cash...towards funding (think GOFUNDME, but for actual services provided) the purchase or need specified. So an account would need to be set up, legally to hold the funds and record them (and then the provider paid on behalf of the client.Would there be legal or tax implications for setting up a "barter type" program where the client (disabled service provider) receives value (money in the fund, not directly) in exchange for services provided.We, PUSHLiving.com would act as the connector to post the services available to "purchase" via a contribution to fund. The "Fund" could be set up via the product or service provider (i.e wheelchair company) or be held in a virtual go fund me account that the client establishes via our website.Don't want the money in the clients fund to be taxable income. Nor would it be tax deductible to purchaser as they are buying a service, a contractor if you will.Tax or legal implications?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
EquonCPA, I have a case where a US subsidiary is owed by a

Hi equonCPA,JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have a case where a US subsidiary is owed by a Foreign corporation. I am filing out Form 5472 for the US subsidiary. The CEO of the USA subsidiary owns 25% of the foreign corporation and his brother owns 12% of the foreign corporation. Thus, in reality, both have more than 25% indirectly of the USA subsidiary.JA: Is there anything else the Accountant should be aware of?Customer: I understand that in Part II I need to report the foreign corporation. How do I report the CEO and his brother?

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Dr. Fiona Chen

President

Ph.D.

282 satisfied customers
I have been taking a loss every year on my rental, but I

I have been taking a loss every year on my rental, but I have not been able to reap the benefits on my taxes due to my income level. I currently have $59k in passive loss on my 2015 tax return that includes the yearly depreciation. When reading the instructions for the form, it says to include the depreciation even if you didn't claim it on your taxes. If I do this, I am no longer at a loss, which doesn't seem right since I did not get to claim the depreciation. Am I reading that right?

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Mark Taylor

Certified Public Accountant

Masters

928 satisfied customers
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