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Mother Deceased, Everything Transferred To Children Before Death, Nothing In Her Name, Any Tax To Be Paid?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since she had no assets at death, there her estate should not have any tax liability. Depending on the amount of assets transferred to the children, and the timing of those gifts, there may be a gift tax issue....   Read More
0 1 Gift Tax
If Foreign Parents Make A Donation To A US Resident Child, Does Any Tax Apply?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

Gift tax is based on country of origin for the party making the gift. US Resident Aliens are not subject to tax on gifts received.   Read More
Did The Service Recently Issue A New Audit Techniques Guide Governing TPR Compliance?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, the Internal Revenue Service (hereinafter “IRS”; or “the Service”) recently issued on September 14th of 2016 an Audit Techniques Guide (hereinafter “ATG”) governing Tangible Property Regulations...   Read More
I'm The Treasurer For Our Local High School Chorus Booster Club - We Are Just Starting Our 501 C3 Process - Are We Eligible To File The...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Most likely you are eligible. The income threshold is the primary factor. The instructions to 1023Ez have a worksheet to determine your eligibility. The form must be completed online. The registration fee has...   Read More
IF A Shareholder Of A PFIC Did Not Receive Any Income During The Year From The PFIC And Is Not Reported Deemed Income , Does He Have To...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The regulations regarding Filing of Form 8621 are rather complex, Without additional information, I could not give you a valid answer. However, this flowchart can guide you to determine if you need to file. http://...   Read More
How Do I Pay Taxes On Sale Of Deeded Co-owned Property?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Your mother didn't do you any favors by deeding the property to you. As such it is considered a gift, and your basis is a transferred basis from her. In this case the transferred basis is the fair market value as...   Read More
I Received A Letter From IRS Saying I Owe $41000 Plus. I Am Just Scraping By. What Can I Do To Get The Government Off My Back?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You need to review the letter to see why they are assessing you the additional tax. Do not ignore it, ti will not go away. Very frequently, these notifications are sent out based on partial information that the IRS...   Read More
Can A Healthcare System, Acting As A Purchasing Agent, Purchase Tax Free On Behalf Of An Exempt Hospital?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

State laws on sales taxes vary greatly and no answer is likely to be correct for every state. However, there is one scenario which may apply. The purchasing agent is essentially a reseller. Most likely they can...   Read More
What Are The Primary Differences Between A Cost Segregation Analysis And A Construction Tax Planning Analysis?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

There are many noteworthy differences between the scope and application of a Cost Segregation analysis and a Construction Tax Planning analysis. The scope of a Cost Segregation analysis will methodically review...   Read More
Can A Real Estate Investment Trust ("REIT") Benefit From A Cost Segregation Study?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, a Real Estate Investment Trust (hereinafter "REIT") can potentially benefit from a cost segregation analysis. I would wholeheartedly recommend scoping the cost segregation opportunities on a property by...   Read More


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