Two business owners want to transfer property from a C Corp to an LLC for liability purposes without incurring a tax liability. The land has a basis of $400,000 and is appraised at $4,000,000. Can the C Corp own the LLC to make the transfer tax-free through a capital contribution? If the C Corp is sued beyond its insurance coverage, can the LLC be liable for the transferred property?

February 2nd, 2024

My husband does not have insurance, but the doctor we found accepts sliding scale payments. I support him and I am self-employed, so he does not have proof of income. They told me to bring my taxes if I claimed him. If not, they told me to write a letter of support. I filed married filing jointly because I was told to do that even if one income. What does it mean by if I claimed him? How would that show on my taxes?

May 5th, 2023

In an S-Corp, what is the difference between a salary and a dividend withdrawal, and how do you take a dividend withdrawal if you are the head officer of the S-Corp?

April 12th, 2023

I am self-employed and over 65. I need to know if self-employed income is exempt from Medicare taxes, what other deductions specific to my situation are available, and how to pay for your services.

June 28th, 2024

My wife and I want to purchase real estate for investment and long-term growth using our LLC, of which we both have a 50% interest. We plan to fund the LLC with personal money, her Self-directed IRA, and my Self-directed IRA. Are we able to do this without breaking the prohibited transaction rules, and how should we set up this transaction correctly?

July 20th, 2024