Jill M. asked
What are the reasons a person can withdraw from a 401k early, and how does it affect taxes and penalties, especially if the person is on disability and has other income sources like a lawsuit settlement?
June 5th, 2023
Kimberly N. answered
The reasons for early withdrawal from a 401k without penalty include medical expenses exceeding 10% ...
June 5th, 2023
Create an account to view answers and interact with the community!
Is a prepayment penalty on the payoff of a commercial loan deductible as interest expense?
July 23rd, 2023
Can you include in the Operating Agreement of a Limited Liability Company that upon the death of a partner, the share of the deceased automatically goes to another specified partner under a Full Right of Survivorship clause? The LLC owns a single residential rental property.
October 11th, 2024
What is an estimate of the capital gains when selling a property that was inherited through a trust in California? The stepped-up basis at the date of death in 2011 is $240,000, repairs and upgrades to rent paid in 2011 are $15,000, the listing price is $459,000, and the balance owed on the mortgage, home equity loan, and condo special assessments is $200,000.
January 15th, 2024
If I do work for a foreign country (Sweden) and receive income from them, how do I declare it to the IRS, especially if the company does not have a presence in the U.S.?
December 5th, 2023
A Revenue Officer (RO) has found information on a TRW report indicating that my client is paying on a mortgage, but according to personal financial statements submitted, my client claims not to own any property and is renting at a specific address. The RO is threatening to levy my client's bank account if documents supporting the statement of non-ownership are not provided. How should my client proceed, and what steps are involved in the process of levying a bank account by the IRS?
January 8th, 2023
