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Are K-1 Distributions Considered Taxable?

Are K-1 Distributions Considered Taxable?

Schedule K-1 is a tax form that reports income, losses, and dividends. The K-1 can be used by partnerships, S-corporations, and trusts to report income, losses, deductions, credit, and distributions to their stakeholders and the IRS. Depending on the issuer, the information on the K-1 is used to complete Form 1065 (partnership tax return), Form 1120-S (S-corporation tax return), or Form 1041 (trust and estate tax return).

Jan 4, 2024

Do I have to Report Rental Income from a Family Member?

Picture this scenario.

Dec 25, 2023

How Much Can You Inherit Without Paying Taxes?

How Much Can You Inherit Without Paying Taxes?

Every so often, Congress introduces bills to reduce or repeal what are known as “death taxes.” Eliminating these levies tends to create controversy; one side argues that the estates of high net-worth descendants should pay their fair share in taxes. The other side argues that such a tax is unfair to those left behind.

Dec 18, 2023

What Are Tax Planning Strategies When Your Clients Are Selling a Business?

Selling a business at a profit can generate a large tax bill. Experienced business owners know that successfully navigating the tax code is a critical skill. We’ll expand on three tax planning methods that business owners can employ to limit their tax impact.

Dec 5, 2023

Do You Recapture Depreciation on an Installment Sale?

In a previous blog, we discussed the benefits of selling real estate assets through installment sales. Offering an installment sale agreement could widen the buyer pool. Additionally, this method can help decrease capital gains taxes.

Dec 2, 2023

When Should I Receive My 1099-R Form?

A 1099-R form is specifically related to distributions from retirement accounts and is essential for reporting your income accurately to the Internal Revenue Service (IRS). So, when should you expect to receive your 1099-R form?

Nov 14, 2023

Is Estate Planning Tax Deductible?

Estate planning is a financial and legal process that allows individuals to efficiently transfer their assets to heirs while potentially minimizing estate taxes and ensuring their wishes are carried out after they pass away. It involves creating wills, trusts, powers of attorney, and other legal documents to protect wealth and ensure a smooth transfer of assets to the next generation. But, is tax planning tax deductible?

Nov 5, 2023

How Long Can You Carry Over Rental Losses?

No one goes into owning real estate with the idea that they might take a loss on it. But it can happen—issues like depreciation, unexpected repairs, or a sudden bump in interest rates that might impact your mortgage.

Oct 31, 2023

Can Passive Rental Losses Offset Other Passive Income?

The three generally acknowledged income categories are active, passive, and portfolio income. While active income (also called ordinary or earned income) results from active participation in an endeavor, such as wages from a job, passive income is derived from activities requiring minimal taxpayer effort. Passive sources of income may come from rental properties (but not always), partnerships in a business, and royalties. Portfolio income includes dividends, interest, and capital gains.

Oct 10, 2023

Who Pays Property Taxes on a Life Estate?

A life estate is a method of owning property with another person and then efficiently distributing the property to the designated person(s) after your death. This tactic is most often used to secure ownership of a residence that is the owner’s primary home. The homeowner creates a life estate, which reserves for that person the right to occupy the home for life. The intended heir is defined as the remainderman. The remainderman has an ownership interest in the home beginning with the designation, but they do not own it until you die.

Oct 3, 2023

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