Posts in Tax Planning
How is the profit from the sale of our home taxed during a divorce?

There are a few questions imbedded in your bigger question, so I'll be taking them one at a time. Before starting, however, you will likely benefit from talking with a financial professional, at least CPA for doing your taxes this year. To answer your main question, assuming the property was never depreciated as an investment property, your share of the capital gains will be taxed at long-term capital gains rates. This should be a tax of 15% of the capital gain above the exclusion amount.

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Would Getting a Paper Divorce Help Financially?

Yes, getting a paper divorce can help you financially but it can also be a financial negative depending on your personal situation. As with most things with Personal Finance, the answer is it will depend on a large number of factors related to your family's finances. Below are a few of the consideration that immediately spring to mind, which you will want to explore.

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Can I ask the IRS to allow me to return an IRA distribution after the 60 day rollover period?

Yes, there is potential for relief from the IRS, but ignorance of the rules and weakness in English are most likely going to get denied. At this point you will want to contact a financial advisor and a CPA to help you with this. The CPA will help you in dealing with the IRS and a good financial advisor . . . .

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How are taxes calculated when Bitcoin is exchanged for physical gold and a profit is generated?

The IRS considers Bitcoin, and all virtual currency, to be property and will tax the gains in the property whenever you sell or exchange your Bitcoin for another asset (including gold or even other virtual currency). So you will have to pay taxes on the amount the Bitcoin has increased in value since you bought it. Below are additional key tax issues related to virtual currency . . . .

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What are the tax implications of selling a rental property and using the profits to purchase another rental property?

Depending on your situation and your desire, there are two broad options each with their own tax implications. The option which allows you to defer taxes on the sale is a 1031 exchange and will require you not to have access to . . . .

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How do I find the right financial advisor for me?

Finding the right adviser is difficult but not impossible. You will want to research advisers and then set up appointments with at least three or four of them. An adviser should be a fiduciary, should not be a commissioned. . . .

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If a private individual leases a property to a non-profit, is there an exemption for property taxes for the term of the lease?

Simply leasing a property to a non-profit will not, on its own, exempt a private individual from having to pay property taxes. Since property taxes are state taxes, the exemption will depend on the laws in your individual state. Non-profits are exempt from all state property taxes because. . . .

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