asked
I have a self-directed IRA with Accuplan and want to move my assets to checkbookira.com with an LLC. I have 4 vacant lots and a condo. Accuplan told me I need to get an appraisal for each property and use the appraisal value as the basis for moving my account, not the cost value. They said this is based on IRS rules, but I feel they are trying to discourage me from moving my assets. What should I do?
September 17th, 2023
How should I record the cancellation of a corporation's debt in QuickBooks when a 35% owner of the corporation's stock, who also guaranteed a corporate credit line, files for personal bankruptcy and the debt is discharged without being considered taxable income for the corporation?
August 3rd, 2024
I am a non-US citizen who sold a vacant land in Bastrop, TX, for less than the purchase price. I am concerned about my tax obligations to the IRS, including whether I need to report the sale and if there are any withholding taxes under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA). Additionally, I am unsure if there were any tax obligations when I initially purchased the land in 2013. What are my responsibilities and potential legal implications?
February 22nd, 2024
My husband and I are married with two children and both work. We filed jointly last year and are considering doing our taxes ourselves without using a service like TurboTax. Would you consider it easier? Are there perks to not having a company help you aside from saving money spent on their services?
April 29th, 2024
How are taxes (federal and California) calculated for bitcoin transactions? I had a few transactions of the following types: 1. Buy bitcoins, 2. Sell bitcoins, 3. Send bitcoins to a 3rd party. All these transactions were done via CoinBase. If some sell/send transactions resulted in losses and some resulted in gains, shall I subtract losses from gains? Shall I use the FIFO principle to calculate the cost basis for gain/loss?
October 8th, 2023
I redeem approximately $1,000 per month to help with taking care of grandchildren. Taxes are removed during each withdrawal. Does this put me in a higher tax bracket so I am paying more taxes along with what is taken out at the time of withdrawals? I am age 64 and retired and live off of social security, federal retirement check, and a small state annuity from my late husband.
December 16th, 2024