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I have someone who received a home from their parents back in 1967. He gave them $1 for the home. The parent's basis in the home was $6500. The child sold the home in 2016, but we don't know what his basis should be. Would it be $1 or would it be the same basis as the parents had $6500? Thank you.
Submitted Mar 15, 2017
I puchased a seven year annuity from life insurance benefits of my deceased husband in 2013. I am not employed and got a 35, 000 distrubution ,in 2016 also received 1099r from progressive life. do i report this on federal or state. i am 57
Submitted Mar 23, 2017
My child has been accepted to several State colleges and the University of CT. I work for UCONN and my dependent will have a tuition waiver. UCONN is not her first choice and if she attends any other university, she will graduate with loans. The cost of the first two years is about $1000 at UCONN and would be around $40,000 for her first choice. Are there resources...
Submitted Mar 22, 2017
My brother and I have a S corp. I am 71 and he is 62. We have equal shares and we each own a life insurance policy on the other. It seems like a windfall for the heirs of the first to die when the second of us dies. We have never had a formal buy-sell, but are considering one. Troubled about where the proceeds of that second policy goes.
Submitted Mar 21, 2017
I am a CPA, and I have a CPA certificate from NH Board of Accountancy. But I am not an american citizen. How can I become a Tax Return Preparer? And how to obtain the IRS Preparer Tax Identification Number (PTIN)? Regards, Khaled
Submitted Mar 18, 2017
Submitted Mar 13, 2017
Submitted Mar 11, 2017
If I prepaid all my state tax for the year of 2017 in December of 2016 can I use them as a itemized deduction on my 2016 federal return but not on my Wisconsin return.
Submitted Mar 18, 2017
is there any possible way of protecting my 457b plan if myself or wife would ever need long term care. Could I take the lump sum and take a tax hit and just basically turn money over to my children to prevent long term care from accessing it. Thanks, Mike
Submitted Feb 13, 2017
I sold a house in 2016, and have $98K in Capital Gain to pay taxes on. I prepaid $11K to the State of CA in Dec 2016. Can I add that to my (Federal?) deductions? I did my taxes in Turbo Tax, but saw nowhere to add this (aside from the prepaid tax section of CA- which did not reduce my liability). Thank you, Christina
Submitted Mar 2, 2017