Author Topic: any accountants out there that i can ask a question?  (Read 317597 times)

Offline confu

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Re: any accountants out there that i can ask a question?
« Reply #2260 on: April 28, 2022, 06:49:18 AM »
Section 1031
(a) Nonrecognition of gain or loss from exchanges solely in kind
(1) In general
No gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment *if such real property is exchanged solely for real property of like kind which is to be held either for productive use in a trade or business or for investment*.
could he structure it so he (or wife) is renting from spouse or holding entity?

Offline hvaces42

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Re: any accountants out there that i can ask a question?
« Reply #2261 on: April 28, 2022, 07:24:19 AM »
I would like to sell a rental property I currently own- will have a approx a 500K gain. Would like to purchase a primary residence with a rental unit in it- can that be used for my 1031 exchange? If yes, what complications would be involved in this?
Would be very complicated. The new property must be in the same name as the exchanging entity. Youll end up with a Tenants In Common issue.
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Offline Ephcc90

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Re: any accountants out there that i can ask a question?
« Reply #2262 on: April 28, 2022, 08:26:00 AM »
could he structure it so he (or wife) is renting from spouse or holding entity?
And then have the same address listed as his primary residence on his tax return?

Also, would think the future value of the 250k (500k if married) of exempt income for gain from a sale of a primary residence exceeds the value of deferral of the gain on the rental property. Donít think that would be available if itís held as an investment property.

Offline nonstoptravel101

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Re: any accountants out there that i can ask a question?
« Reply #2263 on: April 28, 2022, 12:37:13 PM »
Got my federal refund and they added $1400 to return something to do with recovery rebate credit... Anyone know what this is?

Offline herb

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Re: any accountants out there that i can ask a question?
« Reply #2264 on: April 28, 2022, 01:56:17 PM »
Got my federal refund and they added $1400 to return something to do with recovery rebate credit... Anyone know what this is?
stimulus?

Offline nonstoptravel101

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Re: any accountants out there that i can ask a question?
« Reply #2265 on: April 28, 2022, 03:01:50 PM »
stimulus?

I got for myself and my wife. I have a newborn but i thought that was included in the quote that tax act gave me.

Offline av83

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Re: any accountants out there that i can ask a question?
« Reply #2266 on: April 30, 2022, 09:52:13 PM »
Can someone recommend an accountant in Lakewood to help me with a form 3115. (Depreciated an asset over the incorrect amount of years) looking to get it done correctly but not overpay.

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2267 on: May 01, 2022, 04:24:52 AM »
Can someone recommend an accountant in Lakewood to help me with a form 3115. (Depreciated an asset over the incorrect amount of years) looking to get it done correctly but not overpay.
Try Alan (Avi) Berger
(732) 905-2175

Offline ari3

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Re: any accountants out there that i can ask a question?
« Reply #2268 on: May 01, 2022, 11:58:43 PM »
I would like to sell a rental property I currently own- will have a approx a 500K gain. Would like to purchase a primary residence with a rental unit in it- can that be used for my 1031 exchange? If yes, what complications would be involved in this?
How about renting it out first for a little while then changing your mind and moving in?

Offline greatdeals

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Re: any accountants out there that i can ask a question?
« Reply #2269 on: May 02, 2022, 04:13:07 PM »
daughter getting married and in school getting financial aid
if she gets married legally will she still be able to get financial aid if her husband is working?

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #2270 on: May 02, 2022, 08:03:01 PM »
daughter getting married and in school getting financial aid
if she gets married legally will she still be able to get financial aid if her husband is working?
Is she old enough ( I think over 22 yo) that her parents' income wasn't counted toward her financial aid eligibility?
If not, will her husband be earning more than her parents have been?


If your income was counted, isn't yours now being replaced with his?

Offline S209

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Re: any accountants out there that i can ask a question?
« Reply #2271 on: May 02, 2022, 11:49:44 PM »
daughter getting married and in school getting financial aid
if she gets married legally will she still be able to get financial aid if her husband is working?
Doesnít it go off of the prior prior tax year? So sheíll have a couple of years at least. But yes, husbandís income should count.