Can you use a 1035 transfer to rollover an inherited annuity from one company to another without paying taxes.
916715
Yes.  Anytime you so a 1035 exchange, there will be no taxes due and your tax basis will stay the same.
879992
To roll it over into your name makes it a taxable event unless you are the spouse.  Once the taxable event has happened and you claim this on your income taxes, the money becomes "Non Qualified" money, and you do not have to continue taking the distributions.  Really bad advice from this bank.  They want you to roll it over with them so they can make the commission again!  I'd contact a reputable insurance company, and have them roll it over into an annuity, and let this money sit and grow tax deferred for years.  This could be quite a nest egg when you get ready to retire.  Don't do the annuity with the bank, or broker the interest tends to be lower because you have a middle man.  Let me know if I can put you in touch with someone that can make this simple and right.
329589
Section 1445(b)(5) provides that a transferee (purchaser) is not required to withhold on the proceeds if the transferee is an individual acquiring the property for his own use as a residence.  This is echoed in Regulation section 1.1445-2(d)(1) which states:\n\n"No withholding is required under section 1445(a) if one or more individual transferees acquire a U.S. real property interest for use as a residence and the amount realized on the transaction is $300,000 or less." \n\nThe exemption does not apply if the purchaser is not a natural person, or if the purchaser does not intend to use the property as a personal residence.  If your purchaser has not been identified, it can't be determined at this time whether the exemption applies.\n\nThere are ways to reduce the withholding tax, but in your case the cost to implement them would be a significant fraction of the amount of tax at stake.  You may owe tax anyway, and if you don't, the excess of the amount withheld over your ultimate tax liability is refundable to you.\n\nSection 1445 is the withholding provision that backs up section 897, which imposes tax on sales of real property by foreigners.  Under that section, your gain is taxable as if it were income derived from a business conducted in the United States.  This means that you must file a Form 1040-NR for the year of sale reporting the gain and computing the tax.  The tax may be more or less than the amount withheld.  If it is more, you must pay the difference to the IRS; if it is less, then you are entitled to a refund of the excess payment.  In any case, you can't file until after the close of the relevant year.\n\nArticle 13 of the US-UK income tax treaty specifically allows the US to tax gains derived by UK residents from the sale of US real property.\n\nAdditional information is available at the website link below.
216142
Get your brokerage to INITIATE a transfer.  If you don't have a brokerage open an account,  you can walk into just about any bank and tell them you want to set up a retirement self directed fund and they will do the paperwork for you.\n\nOnce official paperwork is initiated, the holder of your funds will have to legally transfer them.
490116
Tax - Technically yes, if there is a capital gain above your annual exemption for the year based on the market value of the shares at the date of transfer. However, even if there is a gain you may be able to defer it (broadly, if your daughter is UK resident and it is a gift of a business asset - basically a personal company and not shares in a plc).  \nThe definitions to qualify for the relief are pretty specific, so if the gain is likely to be over GBP8,800 (2006/07 rate) then you need to get detailed advice.  If your gains for the year (including any other chargeable disposals in the same tax year) are below that level, no tax.\n\nStamp duty - last I knew, you technically did have to pay stamp on such a transaction, but as it is a gift it would only have been 50p.  However, the stamp duty was completely revamped a couple of years ago and I do not recall how the new regime applies to gifts of shares. Hopefully someone else can help with that.\n\n\nEdit :  Sloop John, you are mixing inheritance tax exemptions and capital gains tax rules together!
671656
i don't think there is any legal way to avoid capital gains, but i am not sure
523260
If you are the receiver of the inheritance, the tax has already been paid by the estate.  The money you received is tax-free.  My condolences on your lose.
418933
She can add it without asking, all she needs to do is go to the bank and tell them to do so.\n\nIn the United States, bank CDs terminate at the death of the last account holder, which would be her.  The beneficiary then receives the value at death.  In some states for larger estates, inheretance tax is due, but otherwise nothing is due.  Any taxes due will be due from her estate.  Only if the estate cannot pay the taxes will the government start chasing the money.  There may be legal issues with a minor beneficiary that needs managed, but UTMA or UGMA would cover it.
1095422
It depends on the type of inheritance you are receiving personal, corporate, trust, etc.\nYou also didn't state where your bank account is (U.S or Canada).\nTalk to an expert in inheritance laws, before you do anything you may regret later.\nGood luck to you!!
303192
It can be done.  You should consult an advisor with experience in trust planning.  I would recommend a trusts and estates lawyer.  The major question you will want to answer is whether you want to give the money to the school and let them manage it, or whether you want to retain management over the funds yourselves.  In either case, there must be no possibility that anyone but a charitable, educational, etc. recipient will ever get any money from the fund.  It's probably easier to qualify if you turn over management of the fund to the school, but you should be able to accomplish it either way.
521478
Unfortunately, you can only roll it over into another investment property (Like-kind exchange)  Applying it to your residence will not work.  You have sixty days (before or after the closing) to identify another property and 180 days to close on it.  If you held the property for investment (say yes) and held if for over 12 months, you will pay tax on it at the lower capital gains rates. If you held it for less than 12 months, it is considered ordinary income and is taxed at your regular rate.  If it is less than a year, see if the buyer will wait until the year is up.  Give them soem money back at closing to compensate them for waiting.  It could be worth your while.  To see what the tax might be, use your tax software to estimate what your tax would be.  Sorry to hear about the medical problem, I hope everything works out.  Also, ANY profit is a good profit!!!!!
1141574
There should be no expenses, penalties, or taxes to pay if you roll your 401(k) directly into your new 401(k) or to a traditional (non-Roth) IRA.  Do not have your old 401(k) holder send a check to you, they should send it direct to the new firm that will be handling your funds.
83280
Call the Customer Service area at the IRS by calling 1-800-829-0922 and ask to speak with someone in the Tax Law Department who handles Capital Gains Tax, they will transfer you.  You can also visit their website at www.IRS.Gov, where you can download forms & publications.  There is even a link where you can Free File your return at no charge (if your AGI is less than $50,000).
986127
You need to be put on the note from the mortgage company.  Meaning you would have to refinance.  Your parents will get the tax credit.  But as a suggestion, I would ask your parents to put you on the deed so if anything happened to them you will not have to pay an inheritance tax.  Establish credit if you can.  I know it is a tough world but that is your best bet.
1162290
Yes and no.  Some counties will allow family to family transfers, but that generally only covers not charging Transfer Tax.  ANY deed recorded can make the property subject to tax increases.  And not only on the "purchase" price.  They can increase it to the estimated value of the property.\n\nA deed is good if notarized and delivered.  It doesn't necessarily have to be recorded BUT if you go to sell, it would be a big hassle AND the county can still go after you for the taxes after closing based on the date of the deed.  \n\nThere's not much to do to get around it.  Taxes in general ( and you'd have to check with the County) will be approximately 1.25% of the property worth at the time of sale. \n\nIf you can hold on to it (the property) and need a tax break at the end of the year, the loss could come in handy, otherwise you'll have to pay the difference  :(\n\nGood luck!
836184
I presume you're talking about a retirement account (401K or pension) you've got at an employer or perhaps an IRA at some financial instituion and you want to move it somewhere else.\n\nIn order to not have to pay big-time taxes and potentially penalties, your account monies need to be transferred to where you want them to go in a very strictly regulated way.  You'll need to talk to the financial institution where the money is right now and they should have some forms for you to fill out telling them where it needs to go.  Then, they should completely take it from there and the next thing you know, you shoul dbe receiving a notice from the institution you're moving the money to that they've got it there.\n\nIf on the other hand you choose to have them cut you a check that you hand carry or mail to the new institution, the law considers you have realized capital gains and you owe tax on it, even if you pop it right back into the new institution.\n\nThe law pertaining to this is typical pointless Federal bureaucracy that was intended to cvatch a few cheats.  Don't try to buck the law, have your current institution  handle it.
917401
You would have to transfer ownership of the house to the corporation. This would probably  be a taxable gain for the corporation so I don't think it would be a good idea.