Unanswered Tax Questions
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Tax implication of moving rental condo to llc
Hi. Me and my spoise are owner of condo in jersey city. We want to title the property to LLC where i will be the only member. Is ther any tax implication. Do i have to pay transfer tax or sales tax or capital gain tax. I bought this property for 100000 15 yea back and now rate is 200000.
Asked Tuesday, August 29, 2023 by Mink D.Sign in to Answer
Capital gains tax
We have a second home in Florida which we have owned less than a year. If we sell it we would have to pay capital gains on the profit. Would that be the difference of the sale price of the house and what I purchased it for originally or would it be the difference of what we net after all settlement charges and broker commissions and what we originally paid. Thanks
Asked Tuesday, August 29, 2023 by William W.Sign in to Answer
RMDs on Inherited TOD IRAs with multiple beneficiaries
A man died in California in August at age 94. He was taking quarterly RMD distributions from his IRAs, so at the time of his death, half of his 2023 RMD had been taken. He has 5 named beneficiaries, each with an equal share inherited IRA account and inherited brokerage account. The estate is small (only $16,000 not in POD or TOD accounts) and will not be going through probate. The heirs are pooling some of the inherited cash to pay back taxes. According to the brokerage firm, about $40,000 of RMD remains undistributed for the year of death. The heirs have widely varying income, and therefore, anticipated tax liability, for any IRA distributions. It was suggested that the remainder of the RMD for the year of death could be taken from any of the inherited IRAs. Is that correct? I also am finding lots of confusing, contradictory information about Designated Beneficiary RMDs on the inherited IRAs. One heir is disabled and may be Eligible for lifetime distribution. The rest are all ordinary (nonspouse) Designated Beneficiaries. I understand that the Designated Beneficiaries must empty their inherited IRAs within 10 years, but do they also have to take RMDs each year? And if so, how are those RMDs calculated? Thank you.
Asked Tuesday, August 29, 2023 by Rebeccah Q.Sign in to Answer
Claiming capital gains on funds moved from an Inherited IRA
I recently journaled shares from an Inherited IRA to another account (same brokerage) in order to meet 2023 tax year required minimum distributions (RMD). I intend to claim the amount of the journaled shares on our 2023 taxes, and will pay taxes on those capital gains. My question is: "If I sell the recently journaled funds in the non-IRA account, am I also liable for the capital gains (e.g., normally upon liquidation of shares, capital gains must of course be claimed and taxes subsequently paid). Or does the fact that I'll already be claiming those capital gains as an IRA RMD negate any further need to claim capital gains?
Asked Tuesday, August 29, 2023 by Brian N.Sign in to Answer
What do I need to start my own business
I have a delivery job with Spark, they deliver for Walmart, what do I need to do so that I can open my own business
Asked Tuesday, August 29, 2023 by Howard C.Sign in to Answer
Can I sign tax return for daughter living outside U.S.?
IRS requested original signature but it takes months to get anything to China and back. If she gives me written permission, can I legally sign her tax return for her?
Asked Tuesday, August 29, 2023 by Anne A.Sign in to Answer
Owning two homes in different states
I currently live in Oregon and am planning on buying a 2nd home in TN. I want to move my residency to TN for tax purposes but want to keep my Oregon home. What are the requirements for TN residency and what are any other implications you foresee?
Asked Tuesday, August 29, 2023 by Steve K.Sign in to Answer
Foreign LLC Taxes
Hello I want to create LLC in USA but iam confused between New Mexico and Montana state I create LLC to get bank account and payment gatway for my business Iam non resident in usa, iam Egyptian My business sales in middle east only and all my customers is from middle east, have no business or sales in US I will only use USA payment gateway and online banking Iam asking about taxes which i must pay every year? And which state will be best for my from point of taxes I heard in my situation it will be zero taxes is that right?
Asked Tuesday, August 29, 2023 by Ahmed A.Sign in to Answer
Sales Tax on Wedding venues in Oklahoma
Does Oklahoma require sales tax for wedding venue rental? I haven't been able to find this information anywhere.
Asked Monday, August 28, 2023 by Scott M.Sign in to Answer
Payroll
I've been paying myself on payroll, I've done it as a sole proprietor and now that I have an LLC and file a 1065. The new accountant I'm working with says I'm not supposed to be doing that. Is this accurate? What are my options going forward? Will I be penalized?
Asked Monday, August 28, 2023 by Randall N.Sign in to Answer