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In reference to my previous question-- can you please help

Hi - in reference to my previous question-- can you please help me understand what this means?the Estate attorney and her CPA say that "none of the income distribution I get has capitol gains treatment or other catagorization to reduce the tax"

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,196 satisfied customers
IF....all 3 daughters sign a "quit Deed (NOT a mortgage

IF....all 3 daughters sign a "quit Deed (NOT a mortgage loan) can you confirm that (1) they would incur NO impact to their credit rating [as the credit agencies tell me-because they do not share in the liability of the Mortgage loan] and (2) that ALL of the sisters (the other signers & owners) would not jeopardize their "Primary Home" status/designation with the IRS.JA: The expert will know how to help. Is there anything else important you think the expert should know?Customer: IF i ask all 3 of my daughters to sign a "Quit Sale deed," can you confirm that (1) they would incur NO impact to their credit rating [as the credit agencies tell me-because they do not share in the liability of the Mortgage loan] and (2) that ALL 3 of the daughters (the other signers of said "Quit sale deed") would NOT jeopardize their current "Primary Home" status/designation with the IRS.

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40,204 satisfied customers
I have the option to excercise my vested stock options until

Hello, I have the option to excercise my vested stock options until mid July, and am concerned about AMT. There is a 23 times difference in grant price vs current market value.JA: The expert will know how to help. Please tell me more, so we can help you best.Customer: My question is when I will owe AMT - the year I exercise them, or when I sell them. It's not completely clear for example: Line 14: https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Alternative-Minimum-Tax--Common-Questions/INF12072.htmlJA: Is there anything else the expert should be aware of?Customer: I'm in California

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Mark Taylor

Certified Public Accountant

Masters

3,790 satisfied customers
My wife and I are selling a second home in Georgia for

My wife and I are selling a second home in Georgia for $225,000 that we purchased 4 1/2 years ago for $130,000. We had to repair the roof which cost us $5,500., for and we had tohavetheoutside painted white cost us$3,000.JA: I love the idea of making big money with investments, but there are so many things that could go wrong. The Accountant will be able to help you. Is there anything else important you think the Accountant should know?Customer: HiJA: Hi. How can we be of help?Customer: we also purchased the lot next to the home for $15,000., which we still owe plus approximately $800. in interest. Other than that, we had to replace the dishwasher, and front door plus other small items in the home which would add up to another $1500. What owl our capital gain be if we had o pay our realtor $11,250?JA: PayPal, Debitcard or credit card are all fine.Customer: How much is the cost?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.Customer: Card # **** **** **** ****. Exp **/** Name on card is *** ****. Seuritycodeis ***

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Matthew Breecher

President

MBA (Graduate Legal Studies)

360 satisfied customers
My friend is an alternate payee for his sister's SSD check.

My friend is an alternate payee for his sister's SSD check. She lives in a nursing home and is brain damaged and unable to handle her money. She is on Medicade and Medicare. The nursing home never asked him to turn over her SSD check to them. It's not a lot of money, so hes been spending it on his sisters personal needs, clothing, medical supplies, equipment, etc. How much is he allowed to keep in a bank account for her before it will disqualify her from medicaid?

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Matthew Breecher

President

MBA (Graduate Legal Studies)

360 satisfied customers
I'm. We talked a few days ago about additional paid-in

Hello, Mark! I'm Jane. We talked a few days ago about additional paid-in capital on form 1120S - Schedule L. It turned out that another foreign company (the investor) made a wire transfer to the S-corporation's bank account. A part of the transferred amount was used by S-corp. to buy a business vehicle, which vehicle will be transferred to the investor in a year or more.In this case, where on form 1120S to report the investment. Will it be corporate stock, or additional paid-in capital, or else. It is not an ordinary income.Thank you!

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Matthew Breecher

President

MBA (Graduate Legal Studies)

360 satisfied customers
Can I claim losses from my foreign partnership that appear

Hi,Can I claim losses from my foreign partnership that appear on my SCH K1 statement (https://www.irs.gov/pub/irs-access/f8865sk1_accessible.pdf)?I am an individual who has a 50% direct ownership in a foreign partnership. I am a category 2,3,4 filer of form 8865, I am not filling a Form 1065 since the partnership doesn't have an activities in the USA. According to the 8865, I need to attach this 8865 Form to my tax return. The partnership shows losses and also my K1 (for Form 8865) lists my 50% share of the loss. Can I use this loss on my personal tax return? Alternatively, if not, can I carry the loss forward for future years once the partnership shows income?Please helpPlease advise

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,510 satisfied customers
I am an American citizen living in Mexico. My partner (we

I am an American citizen living in Mexico. My partner (we are not married) is Mexican. I have no children, my parents are gone, my only sibling died last year. Substantially all of my assets, except my car, are financial, and invested with US securities firms (Schwab, Vanguard). Outside the IRA, I have about $140,000 in a Schwab account, and will inherit about $300,000 more. My question is, do I need a U.S, will (and living trust), or can I get by with a Mexican will?

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Chad CFP ®

Certified Financial Planner(R), Pro

Master's Degree

368 satisfied customers
Can you fund a sep IRA from royalty income (does royalty

Can you fund a sep IRA from royalty income (does royalty income count as business income)?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,510 satisfied customers
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