answered on Mar 17, 2023
Here’s one way, assuming the LLC is member managed:
NAME OF LLC
By its member, Name of Member
Your typed name
The idea is to make it clear that the member signs on behalf of the LLC and you sign on behalf of the member.
answered on Mar 20, 2023
Depending on what you are signing. Normally you would set up a manager for the LLC and have the person sign in their capacity as a manager.
If you are signing the articles of organization, then the S-corp manager would sign in their capacity as a manager.
I am... Read more »
Father put house into trust with me and sister as trustees and now has passed. There is income paid to the house so it pays the mortgage $500 in $500 out. Does the house count it as income or would me and my sister take care of it on our taxes? The trust has an IEN tax number already?
answered on Feb 13, 2022
You need to review this with a CPA, but most likely the trust became irrevocable when your father died and is, therefore, a separate taxpayer that is now obligated to file annual income tax returns the same as you are. As such, the income "belongs" to the trust and is reportable on its... Read more »
I have 2 children under 18 and one adult completely disabled child (21) for whom I provide the majority of support. My ex thinks we should be taking turns each year claiming either the disabled child or both minor children. It is my contention that we should be splitting the two minor children and... Read more »
answered on Feb 10, 2022
There is no "law" on this issue. It is a matter of what the parties agreed to at the time of divorce. Your decree should indicate how the children would be claimed on taxes. If there is no provision for child support for the adult child, then you would be entitled to claim the adult child... Read more »
At time of death it was valued at $270,800. Selling at 373k. It’s the only asset. Do we pay capital gains tax? What rate? Or does each descendant get a 1099 and pay their own taxes?
answered on Feb 10, 2022
This is a better question for your accountant, but normally the estate will issue a K1 to each beneficiary that received cash distributions from the sale of the house that year. The house appreciation from the date of death will be attributable to the beneficiaries to whom it was distributed to at... Read more »
I have an e-learning business. I want it to remain as anonymous as possible. So I plan on registering in Wy. I do all the work out of Ut, which means I probably need to register here as well.
1. Do I need to register in both states if I do all the work in Utah, or can I just register in... Read more »
answered on Jan 25, 2022
It is not necessary to register in two states. In Utah, you can register a new business without revealing the names of the owners. To do this, you will need help from a third party like an attorney or registered agent services.
The newly created company will need an address, contact info,... Read more »
Decedent received dividend distributions after his death. Does Estate have to pay estate tax or income tax?
answered on Aug 13, 2021
Hi, dividend income would be considered income tax. The estate tax has to deal with the total amount of value passing from the decedent to others. So, it can be counted as both--income when received by the estate and an amount chipping away at the estate tax exemption credit. Most people are not... Read more »
IRS states as follows in their website
The property includible in the U.S.-situated gross estate for a nonresident not a citizen includes only assets “situated” in the United States, such as:
1. U.S. real estate,
2. All tangible property located in the United States,... Read more »
answered on Aug 13, 2021
Cash is considered tangible personal property. In your case, money held in the bank would either be deemed "cash" or "intangible" property.
I hope this helps.
The father died in 2012, but due to personal circumstances, the probate was opened in 2020. Now the stock value increased. Which price of the stocks should be considered for estate taxation: at the date of death or at the date i collected it?
answered on Oct 12, 2020
The date of death value. Even though the stock didn't transfer, your right to the stock activated at his death.
I hope this helps.
There was a change in the exemption amount between 2011-2020. In 2018 Trump increased it from $5.6MM to $11MM
I'm in the service industry and yeah, I was irresponsible and never filed knowing I'd owe a reasonable amount since most my employers didn't take taxes out. I received 7 liens & pretty positive I need a lawyer before they start garnishing, but if there's something I can... Read more »
answered on Jul 20, 2020
Getting one of those nasty letters from the IRS is never fun. You can certainly hire a lawyer, but if you agree that you are responsible for the taxes and you full intend to pay, it might be worth your time to contact the IRS and get on a payment plan. You will spend a bunch of time... Read more »
My boyfriend wanted to help me invest my portfolio. I gave him access but with stipulations that we were to talk about each position and I would okay them. I also told him I did not want to lose more than 2500$ of the original 10 k we talked about. He was to always put stops or trailing stops to... Read more »
answered on Apr 7, 2020
He basically gave you a gift. Don't worry about taxes. Gifts are not taxed. You do not need to worry about taxes.
If a dynasty trust has been created and all of the applicable GST exemption has already been allocated, what can a beneficiary do to increase this exemption for future generations? Could the beneficiaries pull out the corpus that isn't GST exempt and put it back into the trust using THEIR GST... Read more »
answered on Sep 19, 2019
You use a power of appointment to include a portion of the trust corpus in the skip-person's estate subjecting it to estate tax and using their lifetime exemption.
or you can create a current gift through a sub-trust and lock in the current lifetime exemption before it drops in 2025.... Read more »
I work for Hill AFB and I have a rather interesting problem that I am not sure how to resolve. My problem is not with the IRS but with DFAS (Defense Finance and Accounting Service).
When I started working for Hill, in 2017, I was guaranteed an 11k bonus. I received this bonus. The problem... Read more »
answered on May 23, 2019
You said you received $11,000, as promised. Then you said you received another bonus--without telling us how much. Bottom line: If you received a second bonus you did not deserve (under your employment contract) then you must repay it.
I took the home over when my father passed away, my father owed back property tax already at this time. I did pay on some of the past due but wasn't able to pay off completely. Well I got notice that due State Utah law if someone is delinquent on property tax for 5 years they can put the home... Read more »
answered on May 10, 2019
Yes that will probably work; but you MUST keep paying the overdue taxes--and the current taxes when they come due--or you will probably get to watch your house disappear soon.
I have lived in my house for the last 20 years. For the last year, I have lived with my daughter and her husband at their house in the same town. The reason I have not lived in my house is that I allowed my son and his family to live there for a short period while he transitions from Texas to Idaho... Read more »
answered on Jul 20, 2018
You will not have to pay taxes on the income of the sale of a personal residence for up to $250,000 (single taxpayer)/$500,000 (married filing joint taxpayer) of income. However, you must meet the ownership and use test:
During the 5-year period prior to the sale of the home, you must... Read more »
I've seen the "2 out of 5 years" rule floating around, but I'm not sure I fully understand it. It sounds like you must have lived there for 5 years total, but at least 2 of them had to be your primary residence...The home in question was my primary residence for almost 3 years... Read more »
answered on Mar 15, 2018
There are two independent tests that you have to meet: the "use test" and the "ownership" test. You have to meet both of them in order to claim the exemption.
Ownership Test: This means that you have to have owned your home for at least 2 out of the last 5 years.... Read more »
When I get correspondence from the mortgage company It says the estate of.....
answered on Jan 31, 2018
No, you can't deduct mortgage payments or interest on mortgage payments from your own personal taxes. If you are paying the mortgage out of your own pocket make sure you keep good records because you are entitled to reimbursement for all expenses you front the estate. So if you... Read more »
She still owes on her house. We are going to pay it off. What about other bills? I was told to start sending the death certificate to bill collectors. She was taken to the hospital from work where she passed. Are they responsible for any of the bills? She was working for the local 99 union. She... Read more »
answered on Oct 9, 2017
I am sorry for your loss. Usually, if the estate has any real estate that was in her name and not held in a Trust, a probate will be required to transfer the home to the names of her heirs or to give you authority to sell her home. However, if you find that the back taxes owed, medical debts, and... Read more »
My business is looking to acquire a new client. The contract with this client would require me to spend some of that money to complete with the contract itself. Would I be OK to write off that money spent as a business expense, or would I be taxed on the complete income?
answered on Jul 18, 2017
Nearly any legitimate business expense can be discounted against revenues. I think you will need to be more specific on your question. If you are having to spend money to acquire new or specialized equipment or an upgrade of some sorts then absolutely.
I hope this helps.
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