
15 September 2016 | 6 replies
That should be enough to get your started but if you need help sleeping at night you can read IRS Publication 527 here.

15 September 2016 | 3 replies
Let's say you're on the 3rd or 4th exchange and for one reason or another the property you have lined up doesn't close therefor leaving you with 3 or 4 capital gains to pay the IRS.

17 September 2016 | 2 replies
Accountants generally are experts on IRS regulations.

19 September 2016 | 24 replies
Assets-Liabilities, then subtract the depreciation that the IRS will recapture on you if you sell.

18 September 2016 | 2 replies
IRS will tax the sale profit no matter what you do with the proceeds of the sale.

18 September 2016 | 3 replies
Check out section 121 of the IRS code as you might be exempt form 250K or 500K of that sale, depending on the facts and if you are married.Of course, if the facts are a little different than you described above and did involve investment property, I would be able to assist.

21 September 2016 | 16 replies
The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (IRA LLC) must be utilized;The solo 401k allows for checkbook control from the onset;The solo 401k allows for personal loan known as a solo 401k loan;It is prohibited to borrow from your IRA;The Solo 401k may be invested in life insurance;The self-directed IRA may not be invested in life insurance;The solo 401k allow for high contribution amounts (for 2016; the solo 401k contribution limit is $53,000, whereas the self-directed IRA contribution limit is $5,500);The solo 401k business owner can serve as trustee of the solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of her IRA; instead, a trust company or bank institution is required;When distributions commence from the solo 401k a mandatory 20% of federal taxes must be withheld from each distribution and submitted electronically to the IRS by the 15th of the month following the date of each distribution;Rollovers and/or transfers from IRAs or qualified plans (e.g., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)

22 September 2016 | 14 replies
Oh that must be a Corporation" and potentially disallow the credit for tax paid to the IRS for the LLC against tax due in Canada.

23 September 2016 | 6 replies
I joined in 2014 and hopped into the co-pilot seat this year.

23 September 2016 | 3 replies
Used to work for the IRS so he knows the ins and outs of tax code.