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RetirementGuru is one of only 1,691 professionals in the country who holds both the Certified Financial Planner (CFP) and Enrolled Agent (EA), Admitted to Practice before the IRS, designations (CFP Board of Standards: July 2009). He's been involved in the financial planning and tax industry since 1985, including the last 18 years in private practice.
quit claim deed, inherited or stepped-up basis?
Mom conveyed her interest in her Florida condo to her son by quit claim deed in 2003 and retained a life estate. She passed away early this year. For capital gains purposes, does the son inherit her basis or get a step-up at death? Thanks.
2 AnswersUnited States9 years agoDoes the son enjoy a stepped-up basis on the property? (10 points)?
In an effort to avoid probate at her death, Frank's mom, Sylvia, conveyed her interest in her Florida condo to her son 12 years ago through a quit claim deed, and retained a life estate. She passed away last month.
Does Frank get a stepped-up basis to the date-of-death value or, does he "inherit" his Mom's original basis because it was a gift? Please explain your answer. Thanks!
5 AnswersUnited States9 years agoQ. How much, if any, can Mary contribute to her IRA? (10 pts)?
Mary, a 65-y.o. taxpayer, has income of $30,000 consisting of $15,000 from SS, $10,000 interest/dividends, and $5,000 alimony. Can she contribute to an IRA?
2 AnswersInvesting9 years agoHow much tax is owed on the sale? (10 points)?
Harry Walters gave his 31-y.o. grandson, Steve, 100 shares of ABC stock valued at $10,000 on the date of the gift. Harry paid $15,000 for the shares of stock four years ago. Steve sells the stock six months later for $12,000. Steve is in the 25% marginal tax bracket.
What is Steve's short-/long-term capital gain/loss?
4 AnswersUnited States9 years agoHow much tax is owed on this Roth IRA withdrawal (10 points)?
Joe, a 51-year-old taxpayer, has contributed a total of $20,000 to his Roth IRA over the last four years. Last week, when his account was worth $25,000, he withdrew $10,000 from his account. He is in the 15% marginal tax bracket. What's the tax bill on this withdrawal?
*New responders only, please*
3 AnswersPersonal Finance9 years agoHow much tax is owed on this Roth IRA withdrawal (10 points)?
Joe, a 45-year-old taxpayer, has contributed a total of $30,000 to his Roth IRA over the last eight years. Last week, when his account was worth $40,000, he withdrew $15,000 from his account. He is in the 15% marginal tax bracket. What's the tax bill on this withdrawal?
4 AnswersUnited States9 years agoComfortable men's summer sandals/shoes?
Can anyone recommend a comfortable pair of sandals/shoes to wear, without socks, that has support, in the heat of Florida, with shorts and a golf-type shirt? No open toes.
Thanks.
2 AnswersFashion & Accessories10 years agowood flooring graying/discoloring on 1st floor of townhouse?
My hardwood/engineered wood flooring is graying in a few spots, one being as large as 4' x 6'. Is it water damage? There's no water source in the area. What needs to be done.
Thank you in advance.
4 AnswersMaintenance & Repairs10 years agoCosts associated with LLC taxed as Sub-S in Florida?
What additional fixed state costs, if any, will a business incur if it elects to be taxed as a Sub-S corp instead of a Sole Proprietorship in Florida? I believe you have until Mar 15 to make that election, yes?
2 AnswersCorporations1 decade agoWhy is "1/2" used in significant IRA ages like 59 1/2 and 70 1/2?
Why did IRS choose to confuse taxpayers with this odd, first-year calculation age instead of using "round" birth dates like age 59 and age 70?
3 AnswersInvesting1 decade agoWhat are the calibration settings for the Samsung LED 6300 Hi-def TV?
1 AnswerTVs1 decade agois a loss on a variable annuity deductible?
Can you deduct a loss on a tax-deferred variable annuity (non-IRA) and how do you do it?
3 AnswersInvesting1 decade agoWhy do prescription dog foods (e.g. Hill's, Purina) appear to have the worst ingredients?
Most have corn, wheat gluten, chicken by-products etc.
8 AnswersDogs1 decade ago