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Where is built-in gain reported?
13588: 1120S – Entering Built-In Gains To begin entering info for Built-In gains, go to the Assets-Sales-Recapture tab, select the D2 screen, and locate t...
Category: General
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Does a 16 year old have to live with parents?
Once emancipation is granted, the minor is tasked with caring for herself until she reaches the age of majority. In California, as long as a child is 15 y...
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Is a credit card loan tax deductible?
You’re allowed to take a tax deduction for some types of interest payments, but unfortunately, credit card interest is not among them. The tax code classi...
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Can my Thai girlfriend live in the UK?
How can my Thai girlfriend live permanently in the UK? If you live in the UK, your Thai girlfriend can come to visit you in the UK on a visitors Visa. Thi...
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Does every business in California need a business license?
Generally, all businesses that wish to conduct business in California need to register and form their legal entity with the California Secretary of State’...
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Can Saudi citizens have dual citizenship?
The basic principle of the Saudi Arabian Nationality Law is that children acquire their father’s citizenship. It also adopts the principle of mono-nationa...
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Can a beneficiary borrow from a life insurance policy?
A beneficiary generally cannot take out a loan on a life insurance policy unless the beneficiary is also the policyholder or has power of attorney to make...
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Who are the owners of an LLC limited liability company?
Owners of an LLC are called members. Most states do not restrict ownership, so members may include individuals, corporations, other LLCs and foreign entit...
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How do I report excess deductions on termination of trust?
Under Proposed Regulations 113295-18 PDF, an excess deduction on termination of an estate or trust allowed in arriving at adjusted gross income (Internal ...
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How should we repay the debt?
Read on for more information on each easy debt payoff strategy. Create a Budget. Pay Off the Most Expensive Debt First. Pay More Than the Minimum Balance....
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Is paying off student loans subject to gift tax?
Answer: If a friend or family member pays your student loans off, it is probably a non-taxable gift to you. However, your friend or family member may be r...
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Can you collect unemployment if you get severance in CT?
When you receive severance pay as your employer terminates you, the Connecticut Department of Labor (CTDOL) doesn’t automatically disqualify you from unem...
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How do I file jointly with Turbotax?
When you enter your own information in Personal Info, you have to answer the question “Were you married?” If you click the button for Married, then a drop...
