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Recent Taxable Income 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

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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

1,184 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

22,492 satisfied customers
My father is 80 yrs old, widow recieves 2300 retirement

my father is 80 yrs old, widow recieves 2300 retirement monthly, approx 2600 monthyly oil checks, owns a house, truck and 13 acres-no cattle,nothing else. lives with me now due to health issues. His tax-house,school etc is at aJA: The expert will know how to help. Is there anything else the expert should be aware of?Customer: fixed rate. He is still paying and filing taxes and I am concerned. I have an Assisted Living Facility and none of my Residents file taxes any more-and they have a lot more money than he does

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,492 satisfied customers
I'm separated from my husband and I am living in the family

Hi, I'm separated from my husband and I am living in the family home and paying for the mortgage for it, my ex is paying for the rental property that is in both our names. My question is can I lodge my tax return on my own or do I have to lodge my tax return at the same time as he does?JA: The expert will know how to help. Is there anything else important you think the expert should know?Customer: We haven't separated our finances yet, but intend to as soon as possible

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5,026 satisfied customers
I received a corrected income and tax from the IRS for 2015.

I received a corrected income and tax from the IRS for 2015. The money that they are referring to is a beneficiary payment from my dad's passing.JA: The expert will know how to help. Please tell me more, so we can help you best.Customer: I thought that if it was a beneficiary payment under a certain amount that you did not put it on your 1040A. They did see that withholding was taken out. But they are charging me for a penalty and interest. Is this correct? I will pay if they are correct; I have no problem with that.JA: Is there anything else important you think the expert should know?Customer: I guess that they are saying that it is my income, but it is not.

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Mark Taylor

Certified Public Accountant

Masters

3,774 satisfied customers
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

11,194 satisfied customers
Tax Experts - E-2 Visa Alien Tax Requirements Married couple

Tax Experts - E-2 Visa Alien Tax RequirementsMarried couple from Turkey has started US business and received E-2 visa. Also, they have a company in Turkey. Husband was 324 days in US and his wife was 281 days during 2016.Are they fling 1040 NR or 1040?Are they considered resident or alien? If yes, do they file 1040/1040NR and pay tax on worldwide income or just US based income?

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Barbara

Enrolled Agent, Paralegal

6,654 satisfied customers
Tax Experts My client did not file 2008-2016 tax returns. He

Tax ExpertsMy client did not file 2008-2016 tax returns. He is a real estate professional and had significant losses in 2008-2010. Can we go back to file loss year tax returns, report losses, and carry forward it the future years. Is there a statute of limitation?

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PDtax

Owner

Master's Degree

8,048 satisfied customers
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