Brian Day
Withdrawing from an old 401k to pay debt
Current situation - I'm 34 years old. A couple of years ago I rolled 75% of this 401k into my company's ESOP. I left that company in June of last year, but I was there long enough to be 100% vested. Since I rolled ove...
Anthony Ives
$750,000 in back taxes due
Hey all, I am asking for advice for a friend. (I swear it's not me and am honestly asking for a friend lol) This guy sold some land a few years back for close to $3 million, and just this week got a letter from the IR...
Account Closed
Avoiding a 35% tax bill and real estate 'dealer' classification
It appears the difference between a 15% and 35% tax bill is whether or not you are classified as a real estate dealer. Many consider you an RE dealer (or at least the IRS does), if you have a way of selling the prop...
Guillermo Zuluaga
Has anyone structure a Seller Finance Taking the Equity out?
Hi All,Has done or come a cross Seller Finance taking Equity out?My friend has a Condo Free and Clear Condo. He wants to leave the Country by in few months. According to the IRS he is only allow to take up to $250.0...
Gary Kane
SD IRA/LLC Policing...
Can anyone provide information relative to the policing of activity in a SDIRA/LLC arrangement? How are things tracked to make sure transactions are non-prohibitive? Are there reporting requirements? I can see writing...
Will Buscher
Do I need to submit 1099s for contractors on a house I rehabbed and sold but had intended to rent?
I have two rental houses and one I purchased to rehab and intended to rent out, however, I decided to sell that property.
I've read through the instructions for the 1099 and know that landlords aren't require...
Kenneth Fetzer
How to do an IRS search for tax liens
I just purchased a California property tax deed. I'm trying to see if there a federal tax lien on the property. I'm hitting a brick wall.Any successions on how to do that.I will be very grateful for any help.Thanks
Michael Plaks
Monday Sept 16: the IRS deadline for Partnerships and S-corps!
September 16 deadline (delayed one day since Sept 15 this year is Sunday) applies only to
Partnerships (including some multi-member LLCs) that filed a 6-month extension request on Form 7004 on March 15S-Corporations ...
Lana Lee
Rent your primary home from your own business entity?
Not sure if I picked the right category for posting my question. But I recently heard of an idea of renting your primary home from your own business entity. Let's say I want to buy a new house to live in, can I set up...
Mac McAtee
Self Employment Tax On Rental Property Income-HELP 1 Day Left
I have a two member LLC that owns a small apartment building. We file Forms1065 and 8825. Don't file Sch. E, it isn't necessary when you file 8825.
The income from rent shows up on Line 17, Form 1040.
Since the i...