Unanswered Tax Questions

Miscellaneous

Capitial Gains tax in an irrevocable trust

My mother's home was placed in an irrevocable trust in 2022 and the trust sold the house after she passed in 2023. Is the sale of the house subject to Capital Gains tax to the trust or to the beneficiaries? Is so, at what rate?

Investment and Finance

Capitol Gaines

Do you have to pay capitol gains taxes when withdrawing funds from a mutual funds account (non-ira) to purchase a home that will be our primary residence?

Personal Taxes

Taxability of Reimbursement

My divorce attorney did not submit my financial paperwork to the court properly. As a result, I was required to transfer $40K from my 401(k) to my ex-spouse that I wouldn't have otherwise been required to. I have reached an agreement with my attorney's law firm that they will reimburse me the $40K. The law firm has stated that they will not be providing me with a 1099 form in January. Will this $40K that I receive need to be included in my taxable income when I file my taxes next year?

Tax Forms

Filling out W4 for WI salary job 3 kids husband doesnt work

Retirement

Funds Put into Brokerage Account Instead of Simple IRA

My employer has accidentally been putting funds into an individual brokerage account instead of in a Simple IRA. What is the best way to handle this money? Should I close the brokerage account and withdraw the full amount? Or is there a way to transfer it into a retirement account? I would like to know the best way to avoid a tax implication. I do not want/need the brokerage account, but can keep it if that is best.

Retirement

Retired

Want to get, $250,000 from TSP, I know it's 20% fed, 13% state withheld. Will the 250,000 put in in a different tax bracket SC, ?

Investment and Finance

Capital Gains status after acquisition

I have owned stock in VMWare for over 2 years. Broadcom is acquiring VMWare. When (and if) that is complete, I will have an option to either sell the VMWare stock at a set price or have it converted to Broadcom shares at a rate of 0.252 per share. My question is, if I take the share conversion and then sell, would they still be considered long-term gains, or does that clock reset as they are new shares?

Tax Forms

W4

I need help on filling out a W4 correctly

Personal Taxes

Minor tax

how much is the interest rate on 150k in california for a minor

Nonresident Tax Issues

Buyer certification of FIRPTA exemption for estate with Canadian beneficiary?

This question is about FIRPTA withholding for the sale of a US Real Property Interest when the seller is an estate, and the beneficiary of the estate (the heir of the deceased) is Canadian. The buyer / transferee is a married couple, both US citizens. The sale price is less than $300K. The buyer is willing to certify that - buyer is acquiring the property for use as a residence, and - buyer has definite plans to reside at the property for at least 50% of the number of days the property is used by any person during each of the first two 12-month periods following the date of transfer. Would such buyer certification exempt from FIRPTA withholding the transfer to the estate of the net proceeds from the sale? Does the answer depend on whether the estate is domestic (US) or foreign (non-US)?