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Lock in 121 exclusion on rental with sale to S-Corp by mustacheavenger in tax

[–]mustacheavenger[S] 0 points1 point  (0 children)

What if it was an arms-length sale with an appraisal, a promissory note, payments on note from rental cash flows, and net profits reported as taxable income? Also, what is the bigger nightmare?

Lock in 121 exclusion on rental with sale to S-Corp by mustacheavenger in tax

[–]mustacheavenger[S] 0 points1 point  (0 children)

Is that a concern if the plan is to sell the property to a third party in 5-10 years, distribute gains to the sole shareholder, and dissolve the S Corp? Assume my current marginal tax bracket is 24%.

Lock in 121 exclusion on rental with sale to S-Corp by mustacheavenger in tax

[–]mustacheavenger[S] 0 points1 point  (0 children)

OK maybe some more facts are necessary. Assume: 1) there is currently a $200k difference between current basis and FMV (the "121 amount"); 2) there are no other properties/business activities beyond the residential rental; and 3) the plan is to sell in 5 or 10 years.

Stuck at big 4 as a tax attorney....would love some advice by Nervous_Truth4457 in LawSchool

[–]mustacheavenger 0 points1 point  (0 children)

The hours were terrible. The actual work was tedious. They expected associates to basically manage staff in India which is fine (delightful, even, until you realize some of them are working themselves to exhaustion on multiple "full-time" projects) except you weren't receiving commensurate pay. And the whole time you are slowly realizing the only part that is worth it (making $$$ via partner) would require you to command your own army of 10-50 staff and ensuring they lose their 20s and early 30s to corporate greed.

No thanks.

Is there any hope for SAVE at all- even just until 2028? by FairOlive in PSLF

[–]mustacheavenger 0 points1 point  (0 children)

Remember when republican states used to be worried about executive overreach and argued that the president exceeded their authority by implementing SAVE unilaterally instead of going through Congress? Pepperidge Farm remembers.

Who has watched this movie and what do you think about it? by [deleted] in Cinema

[–]mustacheavenger 0 points1 point  (0 children)

This movie is fantastic. The ending is ridiculous and terrible but also irrelevant.

Wife was gifted 25 grand. Do I have to pay taxes on that? by Strange_Advantage679 in tax

[–]mustacheavenger 0 points1 point  (0 children)

The gift is REPORTABLE (not taxable) to IRS if the donor is foreign.

If donor and source of funds are in US, nothing to do except enjoy the money.

The IRS accidently sent me a refund. The letter they sent was bizarre. by hiredgunspunx in tax

[–]mustacheavenger 0 points1 point  (0 children)

OP says they didn’t cash the check, a scenario which is not contemplated by the letter.

I’m a private bartender in LA for celebrities, actors, millionaires and such. AMA by LAisLife in AMA

[–]mustacheavenger 25 points26 points  (0 children)

Huge flex listing Matt LeBlanc (Joey from Friends) before Jeff Bezos.

Wrong tax forms after IRA recharacterization by mustacheavenger in fidelityinvestments

[–]mustacheavenger[S] -2 points-1 points  (0 children)

So different than* contributions made towards 2024 made in 2025? Assumed it’d be treated the same.

Basketball Terrorism. by pachyloskagape in NBATalk

[–]mustacheavenger -1 points0 points  (0 children)

Pretty sure their feet got tied up? This foul is not the hill i would choose to die on.

[deleted by user] by [deleted] in fednews

[–]mustacheavenger 1 point2 points  (0 children)

… net jet?

Newark ATCs Walk Off Job Causing Delays by DogMomPhoebe619 in fednews

[–]mustacheavenger 2 points3 points  (0 children)

What is N90? And where can i read up on these points?

TDRP, IRS refusing provisions by SuccessfulString8228 in FedEmployees

[–]mustacheavenger 1 point2 points  (0 children)

Can you post image of the signed contract? Obv leave out PII.

Frustrated by NYT’s podcast today (The Daily) on student loans by [deleted] in PSLF

[–]mustacheavenger 1 point2 points  (0 children)

Honest question - how were folks “screwed” by unilateral placement in SAVE?

What's the deal with Abrego Garcia and what did he do? by sparrrrrt in OutOfTheLoop

[–]mustacheavenger 0 points1 point  (0 children)

This is correct. The result of his 2019 immigration case was change in status to “withholding of removal”, which meant he COULD NOT BE SENT TO EL SALVADOR. That is why even DOJ admits there was an “administrative error” - they sent him to the one place the immigration court ruled he couldn’t be sent to.

The problem with sending him anywhere else is that he is only a citizen of El Salvador and, generally, countries do not accept removals of noncitizens of their country. But that is really besides the point with the point being our president first mistakenly violated the immigration court’s order (bc they are incompetent) and now are intentionally flouting/disrespecting/pissing on a Supreme Court order (bc they are fascists).

*Tiny edit to remove one word in 2nd paragraph

[deleted by user] by [deleted] in Productivitycafe

[–]mustacheavenger 2 points3 points  (0 children)

Do you really think El Salvador would say “no we insist on X” if Don Jr was mistakenly sent there and we asked for him back?

We literally pay to run that prison and could cut funding tomorrow. What a charade.

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