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Questions Answered by Kacie Marie Czapla
3 Answers | Asked in Real Estate Law and Tax Law for Massachusetts on
Q: I co-own a property in Massachusetts. The other owner is buying me out. Are there tax issues I should be aware of?
Kacie Marie Czapla
Kacie Marie Czapla answered on Nov 18, 2020

If the property is used as a personal residence you may be able to exclude part of the gain under Section 121.

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2 Answers | Asked in Consumer Law, Business Formation and Business Law for Texas on
Q: Do I need to incorporate as a nonprofit to market my business as one when I won't be accepting donations or grants?

Hello!

I want to convert my marketing business into a nonprofit organization.

My mission is to utilize economic development to improve the conditions of local communities, creating successful small businesses that give back to the community.

That mission is obviously... Read more »

Kacie Marie Czapla
Kacie Marie Czapla answered on Nov 2, 2020

If you want to hold yourself out as a non-profit, then yes, you must be a non-profit. To become a non-profit, you must (1) create an entity with the Secretary of state and (2) file a 501(c)(3) application with the IRS. You cannot do this without an attorney and/or a CPA. Try to find an attorney who... Read more »

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1 Answer | Asked in Tax Law for Texas on
Q: Can an LLC's donation of a service be tax deductible?

If I donate to a 501(c)(3) silent auction one of my seminar's, what are the tax implications?

1) If I price the seminar at $500 and the winning bid is $600, then does the winner claim a $100 donation to the charity?

2) And do I claim a $500 donation to the charity in that case/... Read more »

Kacie Marie Czapla
Kacie Marie Czapla answered on Oct 28, 2020

Services are not an eligible deduction for the charitable contribution deduction. You would have to contribute cash or property.

If the winning bid is greater than the value of the item bid on, that person may receive a charitable deduction for the extra piece, BUT there are many many...
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1 Answer | Asked in Tax Law for Texas on
Q: Do I qualify for capital gains relief on sale of my rented house?

In 2015 my wife and I moved to Dallas from our primary residence in Austin for a new job opportunity. We rented the house out until 2019 when we then sold it. According to IRS publication 523 if you take a job over 50 miles from your primary residence, you should be eligible for some capital gains... Read more »

Kacie Marie Czapla
Kacie Marie Czapla answered on Oct 21, 2020

Your CPA is probably correct (at least in part). It depends on how long you used it as a rental property. I published a article in the Tax Adviser on this code section (section 121).

https://www.thetaxadviser.com/issues/2019/apr/involuntary-conversion-principal-residence.html

1 Answer | Asked in Banking, Business Law and Consumer Law for Texas on
Q: Is there anything that can be done about car dealerships that offer “guaranteed financing” then they do not honor it?

Multiple dealerships locally offer “guaranteed financing” stating that there is no credit check, “your job is your credit”.. my ex wife ruined my credit. So when I needed a replacement work truck I went to several of these type of dealerships. Just for them to run my credit and turn me... Read more »

Kacie Marie Czapla
Kacie Marie Czapla answered on Oct 6, 2020

The State of Texas is unique in that there is a division of the Attorney General's office that handles consumer protection issues. I would contact them.

1 Answer | Asked in Banking, Business Formation and Business Law for Texas on
Q: Can payments made out to my actual name be deposited in the LLC bank account as a pass-through then pay myself a salary?

I'm an insurance agent hired as a 1099. I formed the LLC w/ S corp tax designation, but my agency can't pay my LLC unless it is licensed with the state. That requires I carry a 500k E&O policy, which costs approx. 1k/yr. Would I be able to deposit checks made out to my name into... Read more »

Kacie Marie Czapla
Kacie Marie Czapla answered on Oct 6, 2020

I don't see any reason why you could not do this provided you 1) ensure your salary is reasonable based upon fair market comps 2) issue yourself a W-2 at year end 3) pay estimated payroll tax payments monthly (or bi-monthly depending on how often you are paid...ask an accountant) 4) file 940s... Read more »

1 Answer | Asked in Divorce, Family Law, Tax Law and Child Custody for Texas on
Q: Can new girlfriend be home alone most the time with my child having her own children removed from home

She had 3 kids of her own that she has no right to that live with her mom. Also she spends 98% of time with my child

Kacie Marie Czapla
Kacie Marie Czapla answered on Oct 6, 2020

Probably yes but it depends on what your custody order says. There may be a "no shack up" clause that prevents overnight visits when your ex has not remarried.

If the new girlfriend is a danger to the child, you likely have grounds for a modification.

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