by Bruce E. Bell | Feb 1, 2018 | Bruce E. Bell, Tax Corner
Question: I am a partner in a two-person partnership which holds two condominium units for rental. Can we dissolve our partnership without paying tax on the appreciation in the condominium units?Answer: Although partnerships are not subject to Federal...
by Bruce E. Bell | Jan 1, 2018 | Bruce E. Bell, Tax Corner
Question: I own a 50% membership interest in a limited liability company (“LLC”) which is taxed as a partnership and I also own stock in a S corporation. The corporation advanced funds to the LLC in 2017. Since the LLC is no longer in business, do I as a LLC...
by Bruce E. Bell | Dec 1, 2017 | Bruce E. Bell, Tax Corner
Question: I will be renting out my vacation home for part of the 2018 year. If I have income from the rental, do I have to pay tax on the income? Alternatively, if I have a rental loss, can I deduct the loss?Answer: If you rent your vacation home for less...
by Bruce E. Bell | Nov 1, 2017 | Bruce E. Bell, Tax Corner
Question: With most of my estate consisting of cash in a bank account, I am considering retitling the account in joint tenancy with my daughter who is my only child. Isn’t this much simpler than preparing a Will and having my assets probated?Answer: Joint...
by Bruce E. Bell | Oct 1, 2017 | Bruce E. Bell, Tax Corner
Question: I recently lost my job and need to withdraw funds from my somewhat sizeable individual retirement account for living expenses. Since I have not yet attained age 59 ½, is there a way to avoid the 10% penalty tax on my IRA distributions? Answer: The IRS...
by Bruce E. Bell | Sep 1, 2017 | Bruce E. Bell, Tax Corner
Question: I am unwinding the cross-purchase buy/sell agreement I have in place with the other 50% owner of my corporation. What are the tax consequences when we receive back from each other the policies of insurance on our lives?Answer: Corporate buy/sell...
