Author Topic: any accountants out there that i can ask a question?  (Read 487116 times)

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1380 on: July 20, 2017, 12:51:27 PM »
A related party loan would have imputed interest which would be taxable...

Offline ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #1381 on: July 20, 2017, 01:15:05 PM »
A related party loan would have imputed interest which would be taxable...
Even if forgiven?

If interest is forgiven it would probably be considered a gift. But why would unpaid interest be (income) taxable. (I am assuming that you are talking about a free loan).
I've been waiting over 5 years with bated breath for someone to say that!
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Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1382 on: July 20, 2017, 03:09:15 PM »
Even if forgiven?

If interest is forgiven it would probably be considered a gift. But why would unpaid interest be (income) taxable. (I am assuming that you are talking about a free loan).
Yes even if forgiven. Yes it becomes gifted I think..
. Irs didn't want ppl playing shtick to avoid gift tax by making free "loans".

https://turbotax.intuit.com/tax-tools/tax-tips/General-Tax-Tips/IRS-Tax-Rules-for-Imputed-Interest/INF28705.html

Offline Sam Finkelstein

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Re: any accountants out there that i can ask a question?
« Reply #1383 on: July 20, 2017, 09:39:19 PM »
It's considered a gift to the extent you can't even claim a loss on it later on if they don't pay back – unless you can demonstrate that it was a real loan with no schtick. Again, with related parties, that's very hard to accomplish.
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Offline ushdadude

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Re: any accountants out there that i can ask a question?
« Reply #1384 on: July 24, 2017, 01:50:20 PM »
I'm currently looking for a new health insurance. I'll probably go with care connect. Should I specifically get a high deductible plan so I can open an HSA? would that help me with all the self-employed taxes i pay?

Offline ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #1385 on: July 24, 2017, 01:55:53 PM »
I'm currently looking for a new health insurance. I'll probably go with care connect. Should I specifically get a high deductible plan so I can open an HSA? would that help me with all the self-employed taxes i pay?
If you're a sole proprietor, I don't believe the HSA contributions would be top-of-the-line, thereby reducing your self-employment taxes. See: https://www.hsaresources.com/pdf/Small_Business_Owner_HSA_Contribution_Guide.pdf

Based on what I have seen, a C-Corporation allows the best pre-tax treatments for various benefits.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ushdadude

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Re: any accountants out there that i can ask a question?
« Reply #1386 on: July 24, 2017, 02:10:50 PM »
If you're a sole proprietor, I don't believe the HSA contributions would be top-of-the-line, thereby reducing your self-employment taxes. See: https://www.hsaresources.com/pdf/Small_Business_Owner_HSA_Contribution_Guide.pdf

Based on what I have seen, a C-Corporation allows the best pre-tax treatments for various benefits.

Thanks, I'm an LLC. How about general income tax?

Offline ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #1387 on: July 24, 2017, 02:13:15 PM »
Thanks, I'm an LLC. How about general income tax?
HSA contributions should be tax deductible (they could be even for a w-2 employee making those contributions on their own).

Depending on your overall income and tax situations, there might be strategies that can help (worth implementing at certain levels, but too much of a hassle and cost at lower levels).

ETA: some strategies can also make the health insurance premiums fully tax deductible.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline moe8555

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Re: any accountants out there that i can ask a question?
« Reply #1388 on: August 06, 2017, 07:12:58 AM »
Can anyone recommend someone sharp for getting US taxes done in Israel?  Nothing too complex, but my biggest concern is proper tax treatment of keren hishtalmut and pension funds.  Thanks.

Offline Bh101

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Re: any accountants out there that i can ask a question?
« Reply #1389 on: August 07, 2017, 12:29:46 PM »
Can anyone recommend someone sharp for getting US taxes done in Israel?  Nothing too complex, but my biggest concern is proper tax treatment of keren hishtalmut and pension funds.  Thanks.
pm me, i have a name of someone in israel.

Offline mendy from lakewood

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Re: any accountants out there that i can ask a question?
« Reply #1390 on: August 15, 2017, 02:07:49 PM »
question- if i buy a house and a seprate lot in one estate sale for 100k and then i go sell lot for 20k is that considered 20k profit or is it now considered that I bough house for 80k?
"Respect is earned, Honesty is appreciated, Trust is gained, Loyalty is returned"

Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #1391 on: August 15, 2017, 02:10:18 PM »
question- if i buy a house and a seprate lot in one estate sale for 100k and then i go sell lot for 20k is that considered 20k profit or is it now considered that I bough house for 80k?
Or.... A 30k loss.

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #1392 on: August 15, 2017, 02:11:26 PM »
question- if i buy a house and a seprate lot in one estate sale for 100k and then i go sell lot for 20k is that considered 20k profit or is it now considered that I bough house for 80k?

Or, do you apportion basis as between the house and lot

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #1393 on: August 15, 2017, 02:12:45 PM »
question- if i buy a house and a seprate lot in one estate sale for 100k and then i go sell lot for 20k is that considered 20k profit or is it now considered that I bough house for 80k?

First, it depends on the value of the house and lot. If the house is really worth 80k and the lot is worth 20k so when you bought the lot you paid 20k for it and now your selling it for 20k = no profit.

Offline mendy from lakewood

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Re: any accountants out there that i can ask a question?
« Reply #1394 on: August 15, 2017, 02:28:15 PM »
First, it depends on the value of the house and lot. If the house is really worth 80k and the lot is worth 20k so when you bought the lot you paid 20k for it and now your selling it for 20k = no profit.
my accountant confirmed like this.
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Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1395 on: August 15, 2017, 03:46:32 PM »
my accountant confirmed like this.
Don't forget to capitalize the closing costs from the purchase and allocate 20% to the land.

Offline jackofall

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Re: any accountants out there that i can ask a question?
« Reply #1396 on: September 26, 2017, 10:50:15 AM »
I would like to form a not-for-profit entity in NJ. Can someone guide me to a good resource that can walk me through the process?
(Background- I am an accountant by trade but have no "tax" experience)
TIA
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Offline Talmid Muvhak

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Re: any accountants out there that i can ask a question?
« Reply #1397 on: September 26, 2017, 10:54:13 AM »
Do you want to do it yourself or have someone with experience to do it for you?
וצדיק באמונתו יחיה

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1398 on: September 26, 2017, 11:09:58 AM »
I would like to form a not-for-profit entity in NJ. Can someone guide me to a good resource that can walk me through the process?
(Background- I am an accountant by trade but have no "tax" experience)
TIA
the first question would be what type of NFP
1-shul
2-school
3- Public Charity
4 Private Foundation

next question would be
over $50k in annual revenue or under

Offline jackofall

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Re: any accountants out there that i can ask a question?
« Reply #1399 on: September 26, 2017, 11:36:03 AM »
Do you want to do it yourself or have someone with experience to do it for you?
I would like to do it myself. I have formed many LLCs, so somewhat familiar with the basic process.
If you focus on being a boss, you will never be a leader. Leaders lead people to growth and improvement.