I bought my first property last year and I received a Notice of Assessment and Taxable Valuation letter about a month ago letting me know that the taxable value of my property is literally about to more than double this year.

I bought my first property last year and I received a Notice of Assessment and Taxable Valuation letter about a month ago letting me know that the taxable value of my property is literally about to more than double this year.

Make sure you send a copy to the IRS and to their state tax department (if the state you are in doesn't participate in the Combined Federal/State Filing Program).

If my normal distribution would be, for example, $1,000 can I put the full $1,000 into the 401k or do I need to pay estimated federal income tax out of that $1,000 and only contribute the difference?

I'm recently medically retired from the Federal Government after 20 years of service.

But there are federal and local regulations as well as the banks internal policies that all have to match up.All in all I vote LOC.

@Travis Odette yes rental income is taxable income.

Hi BP community,I had a thought regarding interest rates I wanted to put out there. Since the fed cut rates to almost zero, it seems like this is holding up the real estate market for now. But when they put trillions ...

One reason that almost all business sales now-a-days are structured as asset sales, not entity sales.If you do buy into his LLC, assuming it's disregarded for federal income tax purposes, we treat it like this: (1) an asset sale to the existing holder, the buyer obtains an undivided interest in the LLC assets and simultaneously (2) the buyer and seller (members) are deemed to contribute of each of their undivided interests in the LLC assets and liabilities into a newly formed partnership tax entity.There isn't a 754 election available in this situation, as a partnership interest was not what was sold for tax purposes. 

. :)  I am not sure if this is just Idaho Tax or Federal Tax too.