Author Topic: any accountants out there that i can ask a question?  (Read 329126 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?
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Online 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.

Offline Alexsei

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Re: any accountants out there that i can ask a question?
« Reply #2272 on: June 01, 2022, 06:28:20 PM »
Slightly OT but figured this is better than opening a new thread.

Looking for recommendation for a company doing annual business fillings in Nevada.
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Offline Dovdovmoneytree

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Re: any accountants out there that i can ask a question?
« Reply #2273 on: June 16, 2022, 11:53:37 AM »
Question- When entering the amounts already received for the Recovery Rebate Credit (Form 1040 line 30), I mistakenly entered the amounts received for the Additional/Refundable Child Tax Credit. This results in my refund showing as higher with an incorrect Recovery Rebate Credit showing due. In actuality; I already received the stimulus.

Will the IRS merely correct it and send the refund or do I need to file an amended return? TIA!
« Last Edit: June 16, 2022, 02:26:14 PM by Dovdovmoneytree »

Offline WonderingYid

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Re: any accountants out there that i can ask a question?
« Reply #2274 on: June 16, 2022, 12:29:47 PM »
Any benefit to getting paid as an LLC? The alternative is a 1099.

Offline gozalim

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Re: any accountants out there that i can ask a question?
« Reply #2275 on: June 16, 2022, 02:16:22 PM »
Any benefit to getting paid as an LLC? The alternative is a 1099.
probably helps for benefits

Offline WonderingYid

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Re: any accountants out there that i can ask a question?
« Reply #2276 on: June 16, 2022, 07:59:18 PM »
probably helps for benefits
It helps my boss, or it helps me?

Offline gozalim

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Re: any accountants out there that i can ask a question?
« Reply #2277 on: June 16, 2022, 08:57:05 PM »
It helps my boss, or it helps me?
you
(if you don't take it as income)

ETA: IINAA. I don't know if LLC is the proper structure for that or if it just passes through.
the concept is that if the corp earned the money, and you don't take that money as compensation, it's not personal income for you
« Last Edit: June 16, 2022, 09:01:25 PM by gozalim »

Offline Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #2278 on: June 16, 2022, 09:04:04 PM »
Most probably no point in LLC and you are better off with c Corp.  C Corp doesn't carry through to personal.  LLC net income is literally your regular income. Which most probably you are trying to avoid. (Assuming that's the reason your boss isn't paying you on w2)
#TYH

Offline gozalim

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Re: any accountants out there that i can ask a question?
« Reply #2279 on: June 16, 2022, 09:09:02 PM »
Most probably no point in LLC and you are better off with c Corp.  C Corp doesn't carry through to personal.  LLC net income is literally your regular income. Which most probably you are trying to avoid. (Assuming that's the reason your boss isn't paying you on w2)
boss not paying on w2 could just be cheap boss