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If I take out $70K from my IRA and return it back within 60

Hi,If I take out $70K from my IRA and return it back within 60 days, do I have any tax consequences?

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Robin D.

Vocational, Technical or Trade School

25,640 satisfied customers
When form 940 taxes are filed and paid late AND state

When form 940 taxes are filed and paid late AND state unemployment taxes are filed and paid late, does this affect the rate at which federal unemployment taxes are assessed? Can you still receive the maximum credit if both are paid late?JA: The expert will know how to help. Is there anything else important you think the expert should know?Customer: We are looking at a 2015 FUTA liability in Oklahoma

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Matthew Breecher

President

MBA (Graduate Legal Studies)

360 satisfied customers
I have an wyoming llc and am starting another in NV for a

I have an wyoming llc and am starting another in NV for a separate line of business. I live in Texas and would like to have a holding company that provides me the best tax advantages and privacy. what would you suggestJA: The expert will know how to help. Is there anything else the expert should be aware of?Customer: not that I can think of

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Matthew Breecher

President

MBA (Graduate Legal Studies)

360 satisfied customers
In setting up an s corp for a single owner can we set the

In setting up an s corp for a single owner can we set the tax year to be Feb 1 - Jan 31 so the end of year distribution would occur in the following tax year for the individual, thereby delaying taxes due till the following calendar year?

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taxmanrog

Master's Degree

1,176 satisfied customers
I loaned a friend money from my IRA. She bought a house, she

I loaned a friend money from my IRA. She bought a house, she and I were both on the deed. The money from the IRA was used for the down payment, she made no other contributions and has sued me for partition and has never paid on the note. She's claiming $100K of equity, note value is $87K, but she's settling for $50K total. If she paid the full value of the note out of the $100K equity, she would actually only net $13K, not the $50K she's getting. Any ideas of how this should be written up in the settlement agreement, so that I can benefit. Can this $37K difference, or the equity I have to pay, her be claimed as a loss on my taxes somehow?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,454 satisfied customers
Robin I am under this ONG ,FCF and I wants to understand

Robin I am under this ONG ,FCF and I wants to understand more who can donate to my project in Crimeia and be eligible for 100%federal tax deduction?Any tip or hard rules that I can use to know to who of my many friends I could ask that they could deduct 100% of what they donate to our work.a little about my ONG:As a qualified public charity, contributions to FCF are eligible for maximum allowable federal tax deduction.All donations to Family Care Foundation are fully tax-deductible, whether they be cash, vehicles, boats, or property.Gifts of stockGo for a Double Tax Break by donating appreciated stock. Gifts of stock have become increasingly popular for donors of all ages. You may be able to make a gift much larger than what you originally planned and benefit from the double tax savings as well.Could you explain me a little more about this "gifts of stock"Big TKx no hurry to answer meGBY

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Robin D.

Vocational, Technical or Trade School

25,640 satisfied customers
Husband and .wife have separate wills which state that real

Husband and .wife have separate wills which state that real and personal assets pass over to a Husband and Wife Trust upon their death. Assets in the trust are managed for the benefit of grantors by trustees only. Grantors have no management authority. Grantors may amend or revoke trust with consent of trustees. Trust is irrevocable upon the death of both grantors. Certain assets are placed in the trust at its inception according to a schedule A.Questions:For IRS purposes, is the trust a grantor trust (disregarded entity) when it can be only revoked with the consent of trustees.Since the trust does not become irrevocable until death of both grantors ( unless revoked earlier by grantors) does it continue as a revokable trust (disregarded entity ) until that time. At this time the husband has passed away.I assume the assets in the trust which belonged to the Husband receive a stepped-up basis and the husband's assets passing to the trust according to his will also get a stepped-up basis going into the trust.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,454 satisfied customers
I am selling a rental property. I will be getting about 200K

I am selling a rental property. I will be getting about 200K in cash.JA: The expert will know how to help. Please tell me more, so we can help you best.Customer: I can put the money into retirement accounts, 529 plans and I can show a loss at my business to offset capital gains. Any other ideas?JA: Is there anything else the expert should be aware of?Customer: I think that is it

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Robin D.

Vocational, Technical or Trade School

25,640 satisfied customers
My writing partner and I have a Canadian General Partnership

Hello, my writing partner and I have a Canadian General Partnership for our business. She lives in Saskatoon, Saskatchewan and I live in San Francisco, California. We are launching an online retail site to sell our books and services and are trying to understand the tax and legal requirements for both the United States and Canada in order to sell. I know the Canadian tax laws, and technically the business is based out of Canada. If we sell to United States customers, are we required to apply sales tax? What other international business regulations must we follow under a Canadian General partnership?

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Matthew Breecher

President

MBA (Graduate Legal Studies)

360 satisfied customers
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