I have a self-managed super fund (SMSF) with a unit in Maroochydore on the Sunshine Coast. We still owe $150k on it, and we plan to retire in the next year or two. We want to spend a year in the unit before selling it. I've been told we can't live in it while it's in the SMSF. I'm wondering if we can transfer the property out of the SMSF when we retire to live in it temporarily.

September 18th, 2023

My husband is retiring in May and we are trying to figure out how his pension will be taxed. We are located in NJ, have no dependents, and typically file jointly. We made approximately $90K last year. How do we determine the tax rate for his monthly pension payments and what taxes will be taken out?

September 21st, 2024

I need tax advisor help for reviewing Form 8832. The entity is an LLC formed by an Indian resident, doesn't have any physical presence or employees in the USA, and is a single member LLC trying to elect as a C-Corp. Can you please review the form and let me know if everything is correct?

September 14th, 2023

I'm working on a partnership tax return with syndication costs, and the property went into foreclosure. I need to close out the syndication costs to capital accounts. I read they may or may not be deductible for partners, so I closed them out on Schedule M2 to lower the capital account. My question is, is what I did correct? If not, where should they go? Also, I allocated the costs to all partners based on their pro-rata share before anything and even allocated the costs to partners with beginning negative capital accounts. Is this correct? Additionally, the partnership tax return will not be final due to ongoing lawsuits. Can partners with zero ending capital take advantage of the losses, especially limited partners, even if the tax return is not final and the K-1 will not be marked final?

August 27th, 2023

I am deciding what investment account to pull from to invest in a 22-unit apartment complex, where funds will be used for purchase, maintenance, management fees, and renovations. I have various investment products ranging from a few years to almost 20 years of contributions, including an IRA rolled over from a 401K, a 401K, employee shares, and whole life insurance policies. What are the tax implications and potential penalties for each option?

December 19th, 2023