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Federal income tax question to determine if gift taxes are

Federal income tax question to determine if gift taxes are involved.JA: What state are you in? It matters because laws vary by location.Customer: OklahomaJA: Has anything been filed or reported?Customer: Purchased a house 13 years ago with my son. I was listed as a co-borrower and also on the deed. Now selling the house. Proceeds from the sale = $64,000. I plan to take $12,000 in expenses and costs related to the sale and have the remainder transferred to my son. Concern is that the IRS may view anything over the $14,000 gift tax amount as a gift and impose taxes accordingly.JA: Anything else you want the lawyer to know before I connect you?Customer: During the first few years my son lived in the house he had two room mates and I wrote-off 2/3 of the mortgage interest as a rental. For the last 8 of the 13 years of ownership he has taken 100% and made all of the payments.

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40,202 satisfied customers
Tax question - is this all true? (See attachment). If so,

Tax question - is this all true? (See attachment).If so, does the "real estate transaction" tax apply to a person buying a home?

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PDtax

Owner

Master's Degree

8,046 satisfied customers
Can a 501c7 receive a donation form a c3 to help beautify our

can a 501c7 receive a donation form a c3 to help beautify our exterior of our retirement commun ity who does not have the money to do soJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: the c3 benefit a primary fto help residents wants to donate money for a few trees and some burning bushes around our grounds to make it more appealing as some residents use that area for relkaxing during the day.JA: Is there anything else the Accountant should be aware of?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.

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ShawnA

CEO

Bachelor's Degree

4,726 satisfied customers
I'm starting an engineering consulting business in Minnesota, and I'm having a h

I'm starting an engineering consulting business in Minnesota, and I'm having a hard time figuring out if sales taxes apply.It's an LLC. I'm the only employee, and I've just got my first contract.Kay

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Robin D.

Vocational, Technical or Trade School

25,644 satisfied customers
Husband had student loan debt discharge in 2014 because of

Husband had student loan debt discharge in 2014 because of total and permanent disability (service-connected). We've not relieved a 1099C from 'anyone.' Tax man said we may not because the discharge was based on total/permanent disability. I can't find anything to substantiate that, and I don't want to shake any bushes.Nelnet (for Dept. of Ed)letter states they are reporting to IRS, I called and now they state the 1099C comes from the provider. My stomach is in knots.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,920 satisfied customers
I have a questions related to tax implications of stock options.

I have a questions related to tax implications of stock options. The company I work for owed me approximately $60,000 in commissions. Instead of paying me the cash we agreed that they would grant me stock, not options, at $0.20 per share. When the stock grant was issued, the stock value was listed in the paperwork at $0.01 per share. From my perspective that should allow me to file a capital loss of $0.19 per share. Please note this is a private company not public. I recently saw a line on my pay stub of Imputed Income Stock for $2,985.00. When speaking with my HR staff they said that I had to be taxed on it because the stock was "given" to me and that I cannot file a capital loss because no money actually exchanged hands. To me that seems to be a loophole. So my questions are: Can I in fact take this as a capital loss? Also, why should I have to be taxed on the $2,985 when I already forewent the $60,000?

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Megan C

Master's Degree

30,026 satisfied customers
I am having trouble trying to decide whether to take a 1031

question for taxmanrog, I am having trouble trying to decide whether to take a 1031 exchange or just pay the taxes on the rental property sale I have asked you about before. The property is being sold for let's say 200k and I have a basis of 70k. I have 100 k in capital losses I'm carrying and want to sell a residence which will have a 50k profit above the exclusion . I am wondering whether I would be doing myself a favor if the capital gains taxes are increased again in the future or if leaving the funds in the bank is a great idea.

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taxmanrog

Master's Degree

1,178 satisfied customers
I am trying to find the law that George W. Bush signed saying

I am trying to find the law that George W. Bush signed saying that none of the benefits the dependents received are taxed. I am yet again faced with the same problem I had six years ago but I had a stroked and misplaced the paperwork that I had with the correct information on it. My husband was a police officer killed in the line of duty and they are trying again to tax on the money. Help:)

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40,202 satisfied customers
I MADE A LOT OF MONEY IN 2009 AND 2010. I ALSO SOLD A BUSINESS

I MADE A LOT OF MONEY IN 2009 AND 2010. I ALSO SOLD A BUSINESS IN 2009 AND 2 BUSINESSES IN 2010. I STARTED A BUSINESS IN MARCH 2011. IT WAS FAILING AND COSTING LOTS OF MONEY TO KEEP GOING. IT SHUT DOWN IN 2013...WELL ALMOST...JUST CLEANING UP THE LOANS AND MESS CAUSED BY THE MANAGER/PRESIDENT. MY QUESTION IS CAN I GO BACK 2 YEARS FROM 2011 AND TAKE LOSSES TO 2009 AND LOSSES FROM 2012 TO 2010 AND NOT TAKE THE CAPITAL GAINS INCOME AGAINST MY ORDINARY LOSSES AND ONLY TAKE ORDINARY LOSSES AGAINST ORDINARY INCOME...SEGREGATING CAPITAL GAINS FROM ORDINARY GAINS TO TAKE THE LOSSES BACK? I HAVE ASKED BOTH MY CPA"S AND THEY DON'T KNOW.

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Robin D.

Vocational, Technical or Trade School

25,644 satisfied customers
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