Question: My widowed father recently died and failed to designate myself nor any of my siblings as beneficiaries of his IRA. Is there an opportunity to have these funds paid out over a prolonged period of time and avoid the five-year payout period?
Question: I have a lake house which I occasionally rent to my corporation for business use. Am I still allowed to both exclude from tax the rental income I receive and have the corporation deduct the rent paid?
Question: I am the beneficiary of a traditional Individual Retirement Account that I inherited from my recently deceased 80-year-old father. What is the best strategy for withdrawing the funds?
Question: I intend to sell to a charity a vacant lot that I have owned and held as an investment for many years for less than the current value. Can I take a charitable contribution deduction for the difference?
Question: I own a number of mutual funds. Should I be switching my investment assets to ETFs for income tax savings?
Question: I am one of three equal owners of a corporation where I continue to work. I just turned age 70 and am wondering if I can defer the start of required minimum distributions from our company 401(k) plan until I retire?
Question: My mother is terminally ill and holds a meaningful amount of property, including traditional Individual Retirement Accounts. Is there a basis step-up at her death on her IRAs and on any of my appreciated assets I may choose to transfer to her?
Question: I own two separate businesses and am considering adopting a profit sharing and 401(k) plan for my employees. Is my advisor correct that the plan must cover the employees of both companies?
Question: My husband and I recently won the grand prize from my State’s lottery. Can you provide some guidance on how we will be taxed on our lotto winnings?
Question: I have a significant balance in my individual retirement account. Can I use my IRA to purchase real estate?
Answer: You can purchase real estate from your IRA. Various requirements must be satisfied to comply with IRA real estate purchases, however, and the failure to adhere to the requirements can be costly from a tax perspective.