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CO Horn

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  1. CO Horn
    We were not. Your original posting said he was buying their home, not buying a home for them. If he is purchasing from a 3rd party and renting to your parents at arms-length, what he is proposing should work. When he buys the vet property, it will need to be titled in his name or whatever name is on title of the current property and lease it to the vet entity.
  2. CO Horn
    That would probably work, but doesn't change the fact (IMO) that he can't purchase your parents' home as replacement property.
  3. CO Horn
    The issue is not with your parents selling the property, it is with your brother buying the property. Even if he could do it, he would have to pay tax on the gain when he sells it back to them in a couple of years, unless he did another 1031 exchange.
  4. CO Horn
    That rule went away 20 years ago. The current rules is they can exclude $500K of gain if they have owned and used as personal residence for 2 of the last 5 years.
  5. CO Horn
    However, it appears that you may not be able to dispose of (sell) relinquished property to a non-related party and acquire like-kind replacement property from a related party without recognizing depreciation recapture and capital gain income tax liabilities. I disagree with Jhawk that relatives are not related parties. Code Sec 1031(f)(3) defines related parties. It refers to code Section 267(b) which in turn refers to 267(c)(4) that defines related persons as: The family of an individual shall include only his brothers and sisters (whether by the whole or half blood), spouse, ancestors, and lineal descendants
  6. CO Horn
    http://www.exeter1031.com/1031_exchange_related_party_issues.aspx Yep, can’t do it. See acquiring property from a related party.
  7. CO Horn
    As to the first question, if community assets were never commingled, it should remain separate property. A couple of things on the second. First, there are rules about related party exchanges. Not sure if this would qualify. Second, if they purchase the property back in a year, he’ll still pay the capital gains tax.
  8. CO Horn
    The funny thing is, those that make the Old v New Testament argument are the first to come back to the Old Testament to justify their intolerance.
  9. CO Horn
    Sambo’s, Burger Chef, Farell’s ice Cream Parlour
  10. CO Horn

    Tax reform

    CO Horn replied to zork's topic in Cloak Room

    Look at a partial asset disposition you can allocate a portion of the original cost of the rental to the HVAC unintended that is being replaced.
  11. CO Horn

    Tax reform

    CO Horn replied to zork's topic in Cloak Room

    HVAC expensing only applies to nonresidential buildings.
  12. CO Horn
    You calculation looks to be correct. What does the “adjusted” earnings mean? i think it makes more sense to role the employer 401k into a solo 401k as opposed to an IRA.
  13. CO Horn
    She can put the most away on the least amount of income with a solo 401k. Why not keep the money in the 401k? Why does she want to roll it over into an IRA? There are things that you can do with a 401k that you cannot do with an IRA and vice versa. What about a cell phone and/or internet? Does she have any business mileage? in general, an LLC only provides liability protections and not tax savings. When you say she’s claiming a home office, what is she claiming? Is she using the safe-harbor or actual expenses. The safe harbor may be more beneficial.
  14. CO Horn
    I never use a water pan for ribs. I use a rib rack for the ribs. I can get 5 racks easily on a L using rib racks. Also, for baby backs I do 2-2-1 as opposed to 3-2-1.
  15. CO Horn
    Nothing special in the way of breweries in that area. Davidson’s Liquor will have a great selection to choose from. Parry’s Pizzeria has a huge taplist. Some beers to look for: Weldwerks, Odd 13, 4 Noses, La Cumbre, and Melvin if you like IPAs. I like a lot of the beers from River North as well.
  16. CO Horn
    Where in Denver will you be? What days will you be here?
  17. CO Horn
    McEnany carries a mutated BRCA2 gene.[22] In 2016, conservative radio host Dana Loesch caused a small controversy by mocking McEnany's "flat-chested" and "bleach blonde" appearance, not knowing about her BRCA2 mutation that factored into her decision to undergo a double mastectomy .[23]
  18. CO Horn
  19. CO Horn
    Roth is not taxed as long as it had been in existence for five years prior to her death.
  20. CO Horn
    It does not have to be earned income in Colorado. Not sure about other states.
  21. CO Horn
    Good points. If in a Roth, he would still have to take RMDs. Other benefit for a 529 plan would be if he were in a state that allows a tax deduction for 529 contributions.
  22. CO Horn
    Since it is a Roth, distributions are tax-free as long as Roth has been open for five years.
  23. CO Horn
    I think with multiple beneficiaries, you can take a lump sum distribution if all beneficiaries want to take a lump sum. If one of the beneficiaries wants to keep the Roth, they need to be split into three IRAs and then you can take lump sum. Not sure if this is the case, but I thought I remember reading this somewhere.
  24. CO Horn
  25. CO Horn
    If the Pubs are hypocrites, how are the Dems the real problem? You know very well that the Republicans would not pass any legislation penalizing employers

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