Taxes & More Taxes

Taxes

Regarding the low income levels for most retired people a sale of a primary home under $500,000 is still excluded. However, the annual taxes are approaching what people paid for their homes in the 1950s.

Another issue people have been inquiring about regard LLC structures is not settled as to how the IRS will view these structures (commonly referred to as “checkbook IRA”),

Based on how EIN’s are issued, I’m not sure how the IRS would know who owns the LLC. In general either the IRA custodian or the IRA owner (as LLC manager) applies for it. Tax professionals blog on a related issue- 2 single member IRA LLC’s invest in an oil wells. We cannot comment on this being correct or not. It is offered purely for those who have been inquiring.

http://www.taxalmanac.org/index.php/Discussion:Partnership_Return_for_Checkbook_IRA%3F