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Recent Generation Transfer Skipping questions

Just sold part of my inheritance (small farm), how can keep

Just sold part of my inheritance (small farm), how can keep from having to pay taxes on it?JA: When we are ready I'll take you to the appropriate web page.Customer: The farm is in OK. and I now live in AR.. Would like to pay off a few bills and leave it in savings until I need itJA: The expert will know how to help. Is there anything else the expert should be aware of?Customer: My mother died in the 80's and someone just purchased it. The whole estate isn't worth 250,000.00. How do I keep from paying taxes since it doesn't meet the dollar amount?JA: When we are ready I'll take you to the appropriate web page.Customer: my email is***@******.***

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,492 satisfied customers
I just opened a joint checking account with mom is the money

I just opened a joint checking account with mom is the money she tranfers to that account a gift to meJA: The expert will know how to help. Please tell me more, so we can help you best.Customer: I'm disabled and live on my own but she transfers money into the joint account to help pay my living expensesJA: Is there anything else important you think the expert should know?Customer: just want to know if the money she puts in is gift taxable I also have my disability check go in there and a small check from work

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Mark Taylor

Certified Public Accountant

Masters

3,762 satisfied customers
I have a taxpayer new to me for 2016. They are heavily

I have a taxpayer new to me for 2016. They are heavily involved with real estate - Taxpayer is a realtor, owns a real estate agency, owns a property management company and has rental property - commercial and residential. Above items are held in various partnerships and corporations owned 100% him or 50/50 with spouse.From 2015, they have the following carryover items -*Investment Interest 44,212*S/T cap loss 15,360*L/T cap loss 29,447*NonRecap 1231 * 193,250Through his K1s, he had some real estate property sales that generated profit of $ 108,173. The passive and nonpassive income generated from the K1s were $ 130,176.Is there any way I can utilize some of the Investment Interest expense or Long-term capital loss using the K1 income or Property Sales? Trying to find a way to reduce taxable income.Thanks,

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taxmanrog

Master's Degree

1,178 satisfied customers
My wife is retired and I will retire early next year. We

My wife is retired and I will retire early next year. We want to buy a house in a retirement community out right with retirement savings (Cash). Our income level is right around $115,000 (net) and we will be spending around $165,000 for the house. With pulling out this amount of money what could the tax implications be on the withdrawal?JA: You just pay a $5 deposit now and the rest only when you get a reply from the expert. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: OK. How and where do I go to pay?JA: When we are ready I'll take you to the appropriate web page.Customer: OK. Let's go for it.JA: The expert will know how to help. Is there anything else the expert should be aware of?Customer: We do own a home now and will sell next year so we should get some equity out of it, but maybe not much. Our income next year will be only SS after February. We are in the state of NY and will be moving to TX.

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Robin D.

Vocational, Technical or Trade School

25,652 satisfied customers
In megamillion lottery jackpot is 145 million but cash

In megamillion lottery jackpot is 145 million but cash option is 92 million so how much one time payment the winner would actually get after fedral and state taxes in Chicago?

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Mark Taylor

Certified Public Accountant

Masters

3,762 satisfied customers
I always do my taxes w Turbo Tax. works great. I printed out

Hi,I always do my taxes w Turbo Tax. works great. I printed out my tax return forms this year, but my printer was old and did a crummy job.I have a new printer and I want to print the return again so I can read it. I loaded my 2016 Turbo Tax disc into my laptop and my return isn't there. I thought everything I did would be on there. Can I find my tax return somewhere on my computer?Thanks,Holly

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James Daloisio

Attorney

Doctoral Degree

0 satisfied customers
I sold the stock from my Roth IRA two years ago, I

I sold the stock from my Roth IRA two years ago, I originally opened it up in 2002, sold it 2014. The IRS says I owe money on it. I didn't report it because a tax advisor said nothing was owed on it. However, the financial institution reported the sale to the IRS and the IRS says there is money owed on it. I had a loss from the original amount put in the Roth IRA. Should I dispute the claim, and what items do I need to dispute; do I have to refile a revised W-2; is that even possible?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,922 satisfied customers
I live in Mexico and have some clients in the USA. And I

I live in Mexico and have some clients in the USA. And I provide them with services carried outside the USA. I would like to know if the W-8BEN form will extent me from tax withhold?

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Mark Taylor

Certified Public Accountant

Masters

3,762 satisfied customers
Distributing Corporation has some assets that would produce

Distributing Corporation has some assets that would produce a substantial gain if sold, and other assets that would produce a substantial loss if sold. Its goal is to transfer assets to its shareholders, but in a manner that would enable it to defer the gains, or at least deduct those losses againstthe gains. If Distributing Corporation asked your advice, what issues would you raise?

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Mark Taylor

Certified Public Accountant

Masters

3,762 satisfied customers
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