asked
I have a portfolio of buy-to-let properties all mortgaged. In my will, I have tried to avoid inheritance tax by bequeathing monies up to the inheritance tax threshold to family and friends, leaving the rest to a charity. My understanding is that on my death, the mortgages must be redeemed. My concern is that if this is done by my executors, they will have to sell most of the portfolio to pay off the mortgages and also to pay capital gains tax. If title can pass to the charity before the mortgages are redeemed, then the charity can sell to pay back the mortgages without having to pay CGT. Is this latter course possible?
October 30th, 2024
I am registered in the District of Columbia as a one-member LLC and file my Federal Taxes under Schedule C of the 1040. I have one CPA who says I do not have to file the DC D-20 Corporate Franchise Tax because I have elected to file a Federal Schedule C. However, DC keeps trying to get me to file a D-20 and deduct the payments on my DC D-40 income tax return. I need a reference to a law, regulation, or DC filing procedure that supports not having to file a D-20, not just an opinion.
May 4th, 2023
I need to complete a W8-BEN form since I have funds in the US but recently moved to Australia. Can you help with sections 6 and 7 in Part 1, and Section 10 in Part 2?
May 22nd, 2023
I have a situation where certain amended returns need to be filed. The case involves removing Schedule C and replacing it with Schedule E on personal filing. The depreciation and carryover losses flow from TY 2013 through TY 2016. How do I justify filing a paper amended return for TY 2013 and TY 2014, as three years have lapsed since the original filing? In both cases, there is a marginal tax due upon amendment.
March 25th, 2024
I have a small non-profit corporation and received a donation earmarked for my personal education expenses related to the non-profit. How should I handle these expenses, considering I am the founder and have never taken a salary? Can I pay myself as an independent contractor to avoid payroll complications and use the funds for education?
January 6th, 2024
How can I establish my Sedona property as an extension and/or expression of my HCI church, wherein my renter is spiritually connected and could agree to turn the property to this purpose? Specifically, how can I change its designation as owned by an irrevocable small private trust and avoid local property taxes? Also, what would be an appropriate purpose/mission statement for my church?
June 11th, 2024