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  • Can dissolving church sell real estate to pastor?

    Can a dissolving church sell real estate to the pastor that originally deeded the property to church several years ago? My initial research says no. My research says the recipient of the property must be: 1. Another exempt organization. 2. Federal, state or local government for public purpose or 3. A court appointed organization functioning...
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  • Treasur2
    started a topic Stock Basis?

    Stock Basis?

    Deceased received stock from demutualization of an insurance company in 2000 where he was EE. Lived in NY state at that time, was married to the same sp as below.

    Moved to Washington state, cp state. TP death occurred in 2017. SP "inherited" stock, per will (I do not have copy) sold in 2018. I do not know registration at the...
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  • Is S-Corp stock basis shared by spouses?

    Husband and wife are two of the four shareholders of an S-Corp and each own about 35%. Husband has ~5K stock basis, wife has ~33K stock basis. There is no debt basis. S-Corp has ~20K losses this year, about 14K of which will pass to the husband and wife, split about evenly between the two.

    I know that constructive ownership/attribution...
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  • Basis of Rental Property with delinquent payments added to princiapal

    I have a client who's purchase price of a rental property is $376,000. He got a loan modification several years back that brought his mortgage balance up to $420,000 by adding in missed payments to the principal. (I think this is called capitalization of interest?) He is now short selling the property. I've read about four publications now and old...
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  • Sale of Former Residence Converted To Rental

    Hypothetical situation that is mirroring a real-life client situation:

    Purchase residence for $250k in 2006
    Convert it to rental in 2009 when FMV is $150k
    $20k of accumulated depreciation taken during the rental period from mid 2009 to mid 2015.
    Property sold in 2015 for $200k after expenses.

    Is there...
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  • Basis of real property in revocable trust settlor's death

    Settlor placed her personal residence (never used as business or rental property) in a revocable trust. She died and the trustees sold the house in accordance with the trust. Is the house allowed a step-up basis?
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