Let say you have a doctor who operates as a sole-prop ( medical/dental liability pierces the coporate veil)
Said doctor also owns the real estate that the office sits on.
Q1: You can not pay rent to yourself as a sole prop. Is that correct?
Q2: If the doctor sold a minimal share of business (say 5-10%) to a partner, can the business (partnership or other joint venture company aka LLC or S-corp) start writing rent checks to doctor?
^^^From my understanding, rent expenses will lower self-employment taxes, FICA and social security
Q3: Considering this is a minority share of the business (lack of control and liquidity), what discount can you apply to this minority share of business? What passes the bullshit smell test?
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Foreign national family member (grandfather) passes away.
Inheritance share is roughly 100k. From brief research, this shouldn't be a problem to bring into the country (Form 3250).
Q1: Any special precautions I should take?
Q2: I have family members who might occasionally want to give me gifts. From a brief read of the IRS form 3250, its roughly 15k/person but each family counts as 1 person (related persons). <--- I might be misunderstanding this
How far does one extend this family interaction? Say you have ten cousins? How about family of your cousin? This whole section is just riddled with holes
How much $ before a red flag gets set off? 50k? 100k?
Said doctor also owns the real estate that the office sits on.
Q1: You can not pay rent to yourself as a sole prop. Is that correct?
Q2: If the doctor sold a minimal share of business (say 5-10%) to a partner, can the business (partnership or other joint venture company aka LLC or S-corp) start writing rent checks to doctor?
^^^From my understanding, rent expenses will lower self-employment taxes, FICA and social security
Q3: Considering this is a minority share of the business (lack of control and liquidity), what discount can you apply to this minority share of business? What passes the bullshit smell test?
_____________________________________
Foreign national family member (grandfather) passes away.
Inheritance share is roughly 100k. From brief research, this shouldn't be a problem to bring into the country (Form 3250).
Q1: Any special precautions I should take?
Q2: I have family members who might occasionally want to give me gifts. From a brief read of the IRS form 3250, its roughly 15k/person but each family counts as 1 person (related persons). <--- I might be misunderstanding this
How far does one extend this family interaction? Say you have ten cousins? How about family of your cousin? This whole section is just riddled with holes
How much $ before a red flag gets set off? 50k? 100k?
WIA- For most of men, our time being masters of our own fate, kings in our own castles is short. Even those of us in the game will eventually succumb to ease of servitude rather than deal with the malaise of solitude