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My Children Want To Take Over The Family Business. What Is The Best Way To Structure A Transfer Of A Family Business To The Children?
User Photo Bill Robinson, CPA
Tax Professional Level: Tax Enthusiast

Depending on your facts and circumstances you may want to explore a private annuity   Read More
We Filed A Lawsuit That Was Ultimately Settled By An Insurance Company Because We Proved They Lied And No One Wanted The Cost Of Court. Can...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

All interest on awards is taxable. All punitive damages are taxable except in wrongful death actions. Examples of taxable legal settlements: Damages for most business and contract claims, damages for nonphysical...   Read More
If I Purchase A Boat To Live On Can I Deduct The Mortgage Interest On A Loan?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

Qualified residence (including boats) interest that may be deducted is limited to interest on the aggregate amount of acquisition indebtedness not in excess of one million dollars . The aggregate amount of home...   Read More
I Breed Horses And Have Large Losses This Year And Have Been Told To File A Schedule C With My Large Losses. On The Other Hand, Another...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

Usually breeding of horses is reported on Form 1040, Schedule F (Farming). IRS guideline for breeding losses is 5 out of 7 years. Now, if you have filed past returns using Sch. F, I recommend that you still do....   Read More
What Happens If Someone Has A Foreign Bank Account And Does Not Report It? I Read That The IRS Has Made This A Top Priority For Compliance.
User Photo Virginia La Torre Jeker, J.D.
Tax Professional Level: Tax Enthusiast

Anyone in this situation should seek qualified tax advice from a US taxation attorney and discuss the risks and tax issues associated with the various options to remedy their situation. In certain cases, delinquent...   Read More
What Do I Need To Qualify For Deducting Business Meals, Travel And Entertainment?
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

Section 162 of the Internal Revenue Code allows a business taxpayer to deduct from its gross income its “ordinary and necessary” business expenses. In general, the expense must be 1) paid or incurred during...   Read More
It Is My Understanding That "passive Loss Rules" Prevent The Deduction Of Rental Real Estate Losses.Can You Explain This To Me? I...
User Photo Gary Carter, PhD, MT, CPA
Tax Professional Level: Tax Enthusiast

The passive loss rules were enacted in 1986 under Section 469 of the Code to prevent the deduction of so called artificial losses against earned income and portfolio income. The losses disallowed under Section 469...   Read More
Do I Need An Appraisal For Property That Is Donated In Order To Get A Write-off? Do I Need To File A Form For Donations Over $500?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

An appraisal for donated property is usually adviseable. The cost of the appraisal is deductible. Form 8283 is used for donations over $500. The deduction is then taken on Schedule A. Receipts are required for...   Read More
My Brother-in-law Worked At Shuffle Master For 10 Years And At 65 Has Accumulated A 401k That He Would Like To Liquidate In Order Buy A...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

He can liquidate the 401K at 65 without a penalty, if the trustee plan allows the withdrawl. If he is not retiring, he should leave the 401K alone, and take a mortgage. Mortgage rates are low right now. Some...   Read More
I Have A Client Who Would Like To Close Escrow This Year As Opposed To Next. She Was Going To Do A 1031 Exchange Next Year But Instead...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

I have done research on1031 exchanges and do not see anything negative impacting the tax situation for next year.   Read More

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