All Forum Posts by: Tonya Rasmussen

Looking for a weigh in. My accountant says rental income 100% qualifies for the 20% 199-a deduction. My father-in-law’s didn’t use the exemption

for his rental income. I assume the accountant is just extremely conservative. What are you opinions?

@Daniel McNulty

Meaning more than the 11.5 million?

Does this need to be documented for tax purposes?

Seems funny to have large amounts of money coming into bank account without any documentation (6k monthly) Since you don’t have to pay income Tax on inheritance money, right??

@Tonya Rasmussen

Yes Arizona

@Guifre Mora

Owe 100k on a market value of at least 250k.

It’s a 3.25% arm which is why I want to refi.

@Ashish Acharya

It’s about 55k per year that would liked to be passed on. My father-in-law has rental income from a property that he has willed to my partner, but until the time of owner transfer he would like to gift $ to my partner.

Thanks

Aloha

I have a complicated real estate, inheritance and tax issue I’m trying to solve.

My current approach is to get info on how often you can disperse $ your children under the lifetime estate exemption of 11ish million? There is money coming in monthly that could be transferred, but just want to make sure it gets moved in an appropriate way with the least taxation.

I’m aware of the yearly 14,500 gift exemption.

Any help in this vein are appreciated (referrals as well)

Thanks

Tonya

@George Skidis

Okay so definitely not a land contract. The mobile is permanent with an add on.

The total price is less than 50k.

I will check with a attorney.

Thanks.

@Clint Votruba thanks for the advice.

I’m buying a piece of land with a mobile on it. 15K down and the rest in monthly payments to the owner. No interest is being charged. I’m wondering if all the paperwork can be done with just the title company? Should it be a land contract? Any ideas or guidance appreciated. I want to make sure both the seller and I are protected.

Thx

Btw the land is in Arizona.

@Guifre Mora

Arizona