Can we create a new LLC and transfer/sell our rental property under this LLC?
Yes, the tax consequences depends on the "we." If it is husband and wife and a disregarded entity, or a partnership of individuals, then it could...
Cherry Hill, NJ
Tax Lawyer at Cherry Hill, NJ
Practice Areas: Tax, Estate Planning ... +5 more
Yes, the tax consequences depends on the "we." If it is husband and wife and a disregarded entity, or a partnership of individuals, then it could...
1031 exchanges are for business/commercial use of property, not residential use. Personal use of the property can cause the gain to be recognized....
Please consult with a good business attorney in your area to guide you and possibly represent you in court. There are many lawyers on Avvo that can...
No, the 90 day period is jurisdictional. Unfortunately, you will now have to pay the tax, have your attorney file a Claim for Refund and go to the...
This is a complicated issue. Normally, LLC members get K-1 distributions rather than payroll.If there is a payment for services as you describe,...
Stop! Do not set-up a corporation. You may want to merge your WY entity into your new entity or just have a separate business. The LLC is probably...
If this is not a trademark or service marked name, then there is no automatic right to the other URL extensions. That is why many smart businesses...
If you file a schedule C and show profit, you will pay "self-employment" (Social Security) tax. This gets reported by the IRS when your return is...
Please talk to a good tax and business lawyer. You are really approaching this from the wrong directions. First, the LLC is only one line of...
It may be possible so long as you are a dependent of your parents as well. The other issue is going to be your ex probably claimed the children on...