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The other partners had no knowledge of any of this until after the fact. This has impacted the partners big time changing the dynamic. The problem is the one owning 50% now is in no way equipped to make financial decisions on behalf of the company. He's already proven that. At the very least... View More 
answered on Aug 7, 2022
Do you have an operating agreement? Most operating agreements have buy-out clauses that prevent this from happening. Without an operating agreement, your options are limited.
answered on Jul 11, 2021
Just deposit it. You don't have to prove it is legal money. If you are charged with theft or embezzlement etc., the government has to prove it is illegal money, not you.
• My wife and I own a rent house. We also own an LLC.
• We want to transfer ownership of the house to our LLC and want to understand the tax implications.
• The rent house has had an operating loss, and it currently carries a loss carryover to be applied against future... View More
answered on Jul 11, 2021
I am not just passing the buck, but you really need to hire a tax professional with this transaction.
My parents gifted us the house in 2020, how to we claim this? We're not going to sell it, rather we will sell our current house and use the equity and remodel the gifted house. We have lived in our current house for over 9yrs and it will be less than $500k, so capital gains tax shouldn't... View More
answered on Jan 19, 2021
Your parents (the giftor) should file a gift tax return because the amount of the gift exceeds the exemption. The exemption is set at $15,000 per person. If your parents (two giftors) choose to gift split, and the gift is given to you and your wife, this allows for a $60,000 exemption ($15,000... View More
Father-in-law giving $250,000 to help purchase a property that is $500,000. This Texas property is 30 acres plus home. Will he be taxed on that "gift" or does it fall under the Lifetime Credit Tax Exemption? Additionally, it's not really a gift as we are leasing him 25 of the... View More
answered on Jan 19, 2021
Short answer is yes he must file a gift tax return. However, there is a lifetime exemption amount of $11,700,000 per person. That means that your father can gift up to $11,700,000 tax free during and after his life via gifts and his estate. The lease does not matter. It is still a gift if you are... View More
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.
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... View More
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... View More
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/... View More
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... View More
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... View More
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
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... View More
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.
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... View More
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... View More
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
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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