Does anyone know of a good source of tax advice for one time events?

ThomWV

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Wed Oct-21-09 08:09 PM
Original message

Does anyone know of a good source of tax advice for one time events?

I am looking for some tax advice but not any sort of big-time or long-term planning, I'm just getting ready to sell a chunk of property that I bought years ago so I can give the proceeds to my son to use to begin building a house. My wife and I will also give him the land on which to build the place. Needless to say I'd like to preserve as much of the money that comes from the sale as possible. There are other concerns too, effects on Social Security income limit, stuff like that. Anyone know of a good reliable source of advice for small events like this?

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katanalori

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Wed Oct-21-09 08:24 PM
Response to Original message

1. You absolutely should

talk to a CPA - soliciting this type of advice from anyone else is not wise IMO.
If you have to pay the CPA for an hour's worth of his/her time, well worth it.
Good Luck, and so nice of you to help your son. : )

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quiller4

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Wed Oct-21-09 08:51 PM
Response to Reply #1

2. I second that. You are talking about capital gains tax on a sale.

Talk to the CPA before the sale so that you can best structure the sale for minimal tax consequences. It isn't impact on Social Security which can be impacted by earnings but capital gains that you need to deal with.

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gleaner

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Wed Oct-21-09 08:54 PM
Response to Original message

3. Go to a reputable CPA or EA ....

They will explain to you the effects of the sale on your taxes, and perhaps have some way for you to conserve income.

Also you can go to www.irs.gov and download publications. They are written in doublespeak, but they will give you an idea of what advice to expect from your expert.;)

Ask your friends about accountants or EAs and then check with your state board of accountancy to make sure there are no complaints against the account's license. Enrolled agents can also be checked out, and I'm sure the board of accountancy can guide you to the right place. Good luck.

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