Art Of $aving Questions. Answers. Advisors.

Blog
Q&AQuestions and Answers
Directory

Ask a Question Answer Questions Add New Blog Add Your Listing Feedback Q&A RSS Feed: Q&A RSS Feed: Blog

The Laundress Store - New York City's Answers

Ask a Question:

Share

Search Questions by Category

Sort by

Found: 0 questions.

Add Blog

Answers Needed

Which affords more protection-having payments made from your bank account or authorizing your creditor...?
Do we have a National Savings Day in U.S.?
I'm leaving an employer, and have paid most of my deductible for 2009 already. If I switch to COBRA, does my deductible reset? Or is it a continuation of my original policy, and I have already satisfied the deductible requirements?
Rental House - Gift vs Inheritance.

My mother has a rental house for 23 years and now she wants to give it to me . What is the tax consequence? How can we avoid paying tax?

My friend suggested that my mother just leave the house to me in her will since it will be an inheritance the basic will be FMV at that time and I won't have to deal with the past rental. Is this true?
What are mortgage (origination) points?

Questions

Rental House - Gift vs Inheritance.

My mother has a rental house for 23 years and now she wants to give it to me . What is the tax consequence? How can we avoid paying tax?

My friend suggested that my mother just leave the house to me in her will since it will be an inheritance the basic will be FMV at that time and I won't have to deal with the past rental. Is this true?
How would you close this Balance Sheet (B/S) asset on the Final Return for S-Corp?
Cost: 60K – Depreciation 32K = Book Value 28K

Auto Loan (Liability) – 22K

Auto was sold to the shareholder (S/H) for 45K (FMV).

How would you 1) zero-out this B/S item on S-Corp return, 2) where are proceeds flowing and 3) how would you show that S/H had assumed this liability (if needed)?
How many people actually go in for a Health Insurance? It is observed that most people think it is a waste of money so avoid it. What do you think?
Is the recent Gold Rush over?
Do you have a good saving tip that you are willing to share?

Recent Answers

Can The IRS Revoke My Passport?
When can I file my 2017 tax returns?
Can I claim child tax credit for my son born on December 31?
What is the best way to save credit card surcharges?
Do we have a National Savings Day in U.S.?

Blogs

Nole Fan

35-year-old "temporary" unemployment tax has finally ended

Kenneth R. Harney

Lender plans to forgive a portion of principal

Telecom Advisor

Guide to offshore banking in 2010

Steven Leibold, EA

Some planning could qualify you for this 0% tax rate

Steven Leibold, EA

Do you owe the IRS money?

Please enter correct e-mail

Log In and start right away!

Wrong E-mail and/or password.

Email address Password

Keep me logged in

Forgot password?

By Log into ArtOfSaving, you agree to our Terms of Service.

You don't have account? Sign Up here!

Sign Up and start right away!

Name Email address State County

By signing up for ArtOfSaving, you agree to our Terms of Service.

Already have an account? Log In here!

Questions And Answers

2024 Art Of Saving

Top

OK