Recent content by Andrew312

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    USA Staying overnight in own rental property and being reimbursed by company could think about the following: - put your apt up for rent on VRBO, AirBnB, or some such, and rent it to yourself. - you control whether to accept the tenant, and presumably, you, qualify : ) - the third party (VRBO, AirBnB, etc.) issues the invoice that you submit for...
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    USA Staying overnight in own rental property and being reimbursed by company

    The idea behind per diems is to do away with the burden of receipts. The only thing you need to substantiate is that you were out of town in the city for which you are claiming the per diem. The section 280A calcs can get tricky. We have a workpaper that we use for our clients (who have rental...
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    USA Staying overnight in own rental property and being reimbursed by company

    Interesting fact pattern. Could you do the following: (i) Ask BigCo HQ to pay you per diems (ii) BigCo will take a tax deduction for the payments (iii) You will exclude the payments from income (iv) You will be staying at your own rental apartment so the days you spend there will be counted...
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    USA Escrow didn't issue 1099s

    Hi Essie, I have a few comments: (1) The HUD-1 settlement statement can be a substitute 1099-S. But, the important thing is just to file the sellers' returns appropriately. They need the selling price (which they know) and the basis (which as you say got a step-up when you're mother passed...
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    USA Repayment of sign on bonus

    Indelro, You have to amend the 2017 tax return. The wage income should be $5000 less than originally reported. Your client will receive a refund with interest. Best, Andrew
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    USA Tax question for Master Limited partnership

    Herkfsu, Section 357(c) does not apply to the new facts. What you describe in (a) versus (b) are materially different transactions with different tax consequences: (a) "MLP in 2018 that reorganized into a corporation," (b) "debt holders became 95% owners in the new entity (in exchange for...
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    USA Tax question for Master Limited partnership

    Cancellation of debt ("COD") income is not limited by basis. But, this is not COD. It sounds like what may have happened is the MLP had liabilities in excess of it's basis in it's assets. In the reorganization, the corporation was the transferee of the assets subject to the MLP's liabilities...
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    USA Marriage and property abroad

    Dear Stefano, Thanks for the additional information. There is a chance that the Italian notary fees could exceed the US tax on a sale, i.e., $150,000 * 10% * 20%, or $3,000 : ) (This assumes negligible tax basis, a 20% tax on long term capital gains and no foreign tax credit / no Italian tax...
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    USA Condo bought for son

    The fact that a family member used the unit would tend to negate the condo's investment use under 280A.
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    USA Marriage and property abroad

    Dear Stefano: That's an interesting question and the answers could be different depending on the assumptions we make. For example, after you are married, and if you file a joint return, and if you sell the property, the gain would be reported on that joint return. So, in a sense, your future...
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    Canada Need to buy investment property via my company

    Hi Selsa, Lenders will demand a higher interest rate for nonrecourse debt; the maximum loan to value ratio is also usually lower than for mortgage debt on owner occupied property. But, like bklynboy said, can be done. From a tax perspective, I would have a few follow on questions. What's the...
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    Germany Relation between subsidiary and parent company regarding to taxes

    Hi Anabana, If the ownership structure is, for example, "Parent GmbH" owns 94% of "Subsidiary, Inc.," and Parent GmbH has not filed an election on Form 8832 to be disregarded, then the beneficial owner is Parent GmbH. There is no disregarded entity in this example. But, the cross-border...