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Partnership Basis when contributed property is sold
Example……. Partner 1 contributed cash Partner 2 contributed stuff Both count toward their basis in the partnership. The stuff is valued at the Fair Market Value. That being said… Partner 2 has BASIS in the stuff contributed to the partnership BUT that basis may be less than the Fair Market Value. Nothing taxable yet. Example: You and…
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HSA – Random IMPORTANT info
Reimbursements may include Health Insurance while collecting unemployment. Disbursements not used for qualified medical expenses are taxable AND PENALIZED 20% Cannot be enrolled in Medicare Cannot be claimed as a dependent on someone else’s tax return. Your plan cannot allow for prescription drug coverage before deductible is met. […]Read More… from HSA – Random IMPORTANT…
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2014 SIMPLE IRA SET UP
Who: All employers interested in retirement plans (this is what we do) What: Simple IRA’s When: Can sign up until September 30, 2014 for new plans and fund later. Why: Cause you are going to want to retire someday. It is never too early nor too late to start. How Much Can an Employee Contribute: Up to $12,000 per employee…
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Electric Car Tax?
You might have received some tax credits for purchased a certain kind of hybrid vehicle, depending on the year, etc. Let’s ignore that benefit. Now you are driving pretty much gas free. Gas free or practically gas free also means many states are noticing a significant drop in tax revenues from the pump. Thus, electric cars…
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1041’s and Capital Gains
If a trust has capital gains, the trust pays the tax except in the final year when the trust is closed. In any other year, if beneficiaries receive a distribution, they are taxed on any ordinary income over and above deductible expenses. If there is not a distribution, the trust pays the tax on the ordinary income. Not…