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pension, the Quebec pension plan, and the Old Age Security plan. If the recipient is a resident of the United States, the benefits are taxable only in the United States, treated as US social security benefits for US tax purposes
Special hardship exemptions have to be applied for.... and when taxpayer receives an ECN (exemption certificate number) we can input that and the penalty goes away. Has to be applied for....
Here is the link.
If you have not done so, you should explore this.... some possible exemptions.......
Required care of a loved one disrupts your ability to pay living expenses
Marketplace plans are unaffordable
Experience some hardship in obtaining health insurance.
THERE ARE MORE EXEMPTIONS. Have a look.
For many things processed at www.USATaxHelp.com, we will need to submit your authorization in the form of a Power of Attorney (POA). If it is an income issue, audit issue, etc we will need one type POA (F2848)... if it is authorization to file payroll tax forms... IRS has another form (F8655) as does State of Florida (DR600).....
BUT, for 1099's to IRS, our firm can process if.........
Transmitters, paying agents, etc. A transmitter, service bureau, paying agent, or disbursing agent (hereafter referred to as “agent”) may sign Form 1096 on behalf of any person required to file (hereafter referred to as “payer”) if the conditions in 1 and 2 below are met.
The agent has the authority to sign the form under an agency agreement (oral, written, or implied) that is valid under state law and
The agent signs the form and adds the caption “For: (Name of payer).”
SUMMARY OF IRS LINK https://www.irs.gov/uac/like-kind-exchanges-under-irc-code-section-1031
You cannot sell ANYTHING and defer taxes…
You can EXCHANGE (qualified intermediary is hired.. you don’t get your hands on the money)… subsequent property is identified within 45 days… and have a total of six months from sale date to purchase like kind property.
When the exchange is done, if you received boot (money, cars, debt forgiveness in excess of debt assumed), then you are taxed on a part of the boot.
The old rules of selling a primary and reinvesting the proceeds in a home of equal or greater value are gone.
AND, it did not apply to a vacation home anyway, only a primary.