You're dealing with two different tsxes. Sales tax and income tax. To tax you the IRS and the tax department of each state needs nexus, essentially enough interaction to create the right to assess tax on you. The IRS only deals with income tax since there is no federal sales tax. Income tax nexus...Read more »
I am selling a property in a foreign country, Peru. I am a citizen of peru but have been living in the US since 2000, became legal resident alien on 2019. Property has never been rented. How much tax will i have to pay on a 95k capital gain, approximate percentage?
Generally there is no transfer tax on a gift. There will be recording fees. For gift tax it will depend on the value of the property. If the value exceeds $15,000 ($30,000 if both parents are gifting) then a gift tax return is required to be filed. However, no tax will be due if you have enough of...Read more »
My husband has a child with his ex. We filed together this past tax year he recently got sentenced to 4 years. We have 3 kids of our own and obvisouly I'm the only one providing how would I go about filing with out having my money going to child support. Also child support has stopped but he also... Read more »
Assuming the other requirements of the personal residence exclusion are met. You exclude the first $250,000 ($500,000 if you are married) in gain on the sale. If you bought the property for $100,000 and you sell it for $350,000 you would have $250,000 in gain and that would be excluded from tax and...Read more »
beneficiary for his NH state retirement. When he passed away I rec'd his entire retirement. The taxes paid were well over $40,000. I think this is too high. He passed in 2006. Do I have any recourse for a refund?
So my father is on his fathers Will an will receive about $40,000. his father is medically unable to change the will at this time. My father is on Social security disability, has medicare an medicaid which are very important because he needs them to pay for dialysis. I heard that if he gets this... Read more »
Yes, you will need a new EIN. You're changing the structure of the business.
Note: If you were electing to be taxed as a corporation and leaving the entity as an LLC with the state you would not need a new EIN. This confuses a lot of peope so I'm making a note of it here....Read more »
My manager hired his wife he has never called her a comanager but she makes decisions like he does she did not have to move up the food chain and she is definitely treated differently than the rest of us it is a privately owned business he does not have her clocking in and out as well he has... Read more »
When you setup an installment agreement that stops the garnishment, however it frequently happens that the paperwork is not processed correctly and the garnishment does not stop, If that's the case contact your employer to see if they are processing it and if they have not received any paperwork...Read more »
I am disabled and collecting SSDI in Massachusetts. My spouse has offered an out of court divorce settlement of a TIAA in with four accounts totaling $110,000 (Qualified Retirement Plan, Tax sheltered annuity plan, Tax-deferred annuity Plan, Define Contribution retirement plan).
Federal would be ~24% depending on other income and deductions and 5.05% for Mass.
Because the transfer is pursuant to a divorce your spouse doesn't have any tax ramifications for withdrawing the funds and you only have to pay tax on taxable withdrawals, no early withdrawal penalty. You...Read more »
My son is enrolled in the school district's post high school special needs transition program. This program requires transporting him to different job sites throughout the week. The school district does not provide transportation to the program sites. Transportation is provide by the city... Read more »
Yes, transportation expenses for the beneficiary that are required as part of the educational program are considered qualified expenses. Make sure you retain receipts and the information regarding the necessity of the transportation in case of audit.
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