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Recent Tax Liability questions

I am a US permanent resident ( card holder). My father is a

I am a US permanent resident (green card holder). My father is a indian citizen, non US tax resident. He wants to remodel his home in india and i will be helping him by gifting him about 60k USD. I have a couple of questions though - A few years down the line, he intends to transfer the home in my name. For tax planning purpose, i want to understand my tax liabilities for the below 3 hypothetical scenarios - (a) he just transfers the house to me (b) he sells the house and gifts the same amount to me (c) i get the house as inheritance . Is there any impact of my gifting him money that he will use to remodel the house in any of the above scenarios?

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Mark Taylor

Certified Public Accountant

Masters

3,840 satisfied customers
I filed my taxes with Turbo Tax and submitted the forms with

I filed my taxes with Turbo Tax and submitted the forms with E-File on April 11. A few days later I received an e-mail saying that my file was rejected due to a Turbo Tax problem, so following instructions I refiled and that was fine. Three days ago my wife was checking to see if the IRS had deposited our return of 197.00, it had not. She then checked Turbo Tax and it was stated that our forms ,with a return of 852.00 had been rejected What can I do to lower the fine I am sure will be given to me?JA: What state are you in? It matters because laws vary by location.Customer: TNJA: Has anything been filed or reported?Customer: I have not done anything but refilewith Turbo TaxJA: Anything else you want the lawyer to know before I connect you?Customer: I can't think of anything. I juts don't know what to do .

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Mark Taylor

Certified Public Accountant

Masters

3,840 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

25,694 satisfied customers
Big C Corp has $2,000,000 in Net Operating Income each year.

Big C Corp has $2,000,000 in Net Operating Income each year. It was to acquire 100% of Small C Corp that has no liabilities and only one asset: a $100,000 charitable contribution deduction. The federal tax rate for Big C Corp is 35%. Are there any IRS rules that apply to the change of control? What is the value (savings after consolidation) of Small C Corp to Big C Corp?JA: Since business law varies from place to place, can you tell me what state the corporation is registered in?Customer: DelawareJA: Has anything been filed or reported?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: No. This is more than enough complication

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,562 satisfied customers
I am creating a LLC partnership in Oklahoma with my wife.

I am creating a LLC partnership in Oklahoma with my wife. There are choices on the ok.gov website. What is the meaning of the following? what are the advantages and disadvantages of choosing either?. My wife will have over 50%. Website choices: "Please note: The new name of the Limited Liability Partnership MUST end with Registered Limited Liability Partnership, Limited Liability Partnership, R.L.L.P., L.L.P., RLLP, or LLP"

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Brian Michels

Partner, CPA

Bachelors of Business Administration

322 satisfied customers
I'm working on terms for divorce and need to know if I

I'm working on terms for divorce and need to know if I accept my husbands retirement account as my portion of asset can I use the QADRO tax free to buy a new house? I understand I can roll it into an IRA tax-free, but then would a first home purchase be a qualifying exception to the tax penalty? And if so, I've been on title but not loan in the past as a married couple (my husband did the financing in his name) so would it even be considered a first home purchases?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,944 satisfied customers
I became disabled in 2016 permanently and unable to work. I

I became disabled in 2016 permanently and unable to work. I am on SSDI now for income. I moved my 403B money to an IRA to avoid paying a 10% tax penalty. I next cashed out the IRA but did not have to pay 10% penalty because I could prove my disability. At the time of cash out, I did pay to the IRS 18,012 withholding and another 9,006 to the state. When I filed my income taxes the balance to me counted as income and I am now having to pay 23,000 in taxes. I used the money to purchase a home to live in as retired. Since I needed to do this, shouldn't this be viewed as a hardship? Seems grossly unfair to me.JA: The expert will know how to help. Is there anything else the expert should be aware of?Customer: I am making payments now of 500/mo

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Robin D.

Vocational, Technical or Trade School

25,694 satisfied customers
Am I too understand that if I (and my wife) sell our

Am I too understand that if I (and my wife) sell our residence and receive $500,000 cash free and clear, then if I give my son $100,000 cash for down payment on a house (because of unified tax credit form 709) I, or he, will have no tax liability either gift or income.

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Robin D.

Vocational, Technical or Trade School

25,694 satisfied customers
I have a questions for you! my husband and I have our own

HI, i have a questions for you! my husband and I have our own business, and we want to pay estimated taxes, we are a sole propietor llc, we want to send estimated taxes during the year so we dont end up with a big bill at the end of the year! however my husband own back taxes still for old years! we are a afraid that the IRS will take the estimated taxes for this year to pay his back taxes he owms, is that possible? plus since we are late for the fist payment due in april how much interes or penalty can i calculated if i send the payment now?JA: The expert will know how to help. Is there anything else the expert should be aware of?Customer: are you there?JA: No. I'm the expert's Assistant.Customer: ah ok, so how long should i wait for my answer?JA: Our average wait time is under 20 minutes. Sometimes it takes just a minute. More complicated questions that need more research might take an hour or two. I'd be happy to chat with you while you wait. The stories I've heard working here...Customer: now do i have to pay state estimated taxes as well? we are located in VA

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