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Recent tax questions
Prior to 2006, I accumulated contributed both pre-tax and
Prior to 2006, I accumulated contributed both pre-tax and after-tax funds to a 401k. At the time I stopped making contributions to this plan when I left that employer, I had contributed $20,000 after-tax.In 2006, I rolled over this 401k to an IRA. I have a statement from the 401k administrator that shows that, on the day of the transfer, the plan contained $20,000 in “tax-free” funds.Today, I still have that roll-over IRA plus a second 401k plan into which I can roll-over new funds even though I am no longer employed by the company that sponsors that fund. I have made no contributions into the roll-over fund. I have no other IRA except one that I inherited from my father. This second 401k plan also contains about $25,000 in after-tax contributions made between 2000 and 2015My goal is to move all the tax-free fund in the IRA and the 401k to a Roth IRA and the taxable funds to a traditional IRA.My plan is1. Roll-over the taxable funds from the IRA to the second 401k using a trustee-to-trustee transfer.2. Roll-over the tax-free funds from the IRA ($20,000) to a Roth IRA.3. After transaction (1) clears, roll-over taxable funds in the second 401k to a traditional IRA and the tax-free funds to a Roth IRA.Questions:It is my understanding that transaction #1 is tax-free only if because the destination is a “qualifier retirement plan”, i.e., the second 401k.; in other words that moving the taxable funds to the 401k is required to avoid any taxes I might otherwise incur with transaction #2. Is this correct or is there an easier way to accomplish my goal?It is my understanding that while certain types of roll-overs between IRAs are limited to one per year, this limit does not apply to trustee-to-trustee transactions or to transactions between an IRA and a 401k. Is this correct or do I need to wait twelve months between transaction #1 and transaction #3?
I am the landlord of a Condo in Fairfield Gkade TN
My name is***** am the landlord of a Condo in Fairfield Gkade TN (Crossville, TN). Larry Breeden is my tenant and on total disability. He receives his monthly payment electronically using the Direct Deposir Debit Card method. He has offered to have his rent deposited into my account at Regions Bank on the day he receives his monthly benefit on his Debit Card (SSA). This condition is required for he and his wife to continue renting the Condo. Larry is very sick with life- threatening pulmonary disease. His willingness to have the rent automatically deposited into my account is a measure of his character.My question is how does he ensure the payment transaction is made on the date of his debit card download to my account? What is the wait period before such transaction can occur?
My wife and I are 50% members of an S Corp. The S Corp owns
My wife and I are 50% members of an S Corp. The S Corp owns a piece of real estate that we want to donate to our son. Can the S Corp do that directly or do we have to pass it to ourselves and then to him?
Bachelor's Degree Equivalent
I need to fill out a TPT-1 form and I am confused : I just
I need to fill out a TPT-1 form and I am confusedJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I just opened the business on May 15th and its a SPA. I got the TPT-1 form and I dont know if I have to include all my expenses that I had for opening the SPA or if I just put total sales and products soldJA: Is there anything else important you think the Accountant should know?Customer: noJA: 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.
Financial / Legal Advisor
My question is how to present property exchanged in 1031 on
My question is how to present property exchanged in 1031 on the financial statement? where should I look for guide?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Do you have to present deferred gain of your property exchanged somewhere in financial statement?JA: Is there anything else the Accountant should be aware of?Customer: Your clue will be appreciated?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.
JD, MBA, CFP, CRPS
I have been renting a property to my sibling years. She isView more tax questions
I have been renting a property to my sibling for 5 years. She is moving and I plan to sell the property for a $100,000 profit. I plan to give her $75,000 of the profit for a down-payment on her first home. Can I deduct the $75,000 as a selling expense on my taxes?
JD, MBA, CFP, CRPS