Archived
What's the maximum # of properties that can be purchased with 1031 exchange proceeds?
Is it up to 3 properties?
Magda's answer
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Answered on April 14, 2016
The following link addresses 1031 exchanges and should be very helpful:
https://www.irs.gov/uac/Like-Kind-Exchanges-Under-IRC-Code-Section-1031
I...
Archived
I formed a legitimate Corporation Sole in California
Magda's answer
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Answered on April 14, 2016
If you are making capital contribution to the company you are doing so in exchange for stock. The contribution of capital is not a taxable event to...
Archived
Are state courts allowed to award child dependency exemption without adhering to federal tax law?
Magda's answer
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Answered on April 14, 2016
Generally the parties negotiate these matters in family court and make it part of an agreement. A judge enters an order but it usually...
Archived
Is the employer obligated to pay social security and Medicare taxes for undocumented workers in the restaurant?
Magda's answer
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Answered on April 14, 2016
It is my understanding that an employer is required to withhold social security and medicare taxes from all employees. However, even though the...
Archived
Can the IRS really tax someone on the value of stock when they don't have the money liquid?
Magda's answer
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Answered on April 14, 2016
The following link may help you:
https://www.irs.gov/taxtopics/tc427.html
Archived
Can we still be exempt from capital gain taxes if we buy an offshore property?
Magda's answer
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Answered on April 14, 2016
The following link may be...
Archived
Do I have to know the exact dollar amount of each creditor? What if I don't for some of them?
Magda's answer
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Answered on April 14, 2016
No you do not. These amounts change constantly due to interest charges, but you should try to have a good estimate as the amount you owe is used in...
Archived
Marital $500,000 deduction allowed upon sale of ones main home.
Magda's answer
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Answered on April 14, 2016
I recommend that you speak to your CPA or a tax attorney regarding this issue. It is possible that a portion of the home is considered business...
Archived
If it is legal, then is there any pitfalls we should be careful about, such as tax implication etc?
Magda's answer
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Answered on April 14, 2016
I highly recommend that you speak to a tax attorney who is familiar with international tax issues. Generally,
(per the IRS)
Most types of U.S....
Archived
Mileage for transporting minor child to charity volunteer work acceptable on taxes?
Magda's answer
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Answered on April 14, 2016
Per the IRS you can deduct "Out of pocket expenses when you serve a qualified organization as a volunteer"
and
You can deduct as a charitable...