I own a home in Alpharetta, GA, I believe transferring ownership from myself to an LLC I own would allow the LLC to expense mortgage payments and Repairs & Maintenance costs as a cost of maintaining the property for tenants. I also believe the LLC could capitalize costs related to capital... Read more »
Yes you technically can, but it doesn't work. You end up netting if it works out well and you have to defend it in an audit. It always ends up being net taxable when the IRS recalculates the FMV of the rental.
Once you run all the numbers it's comes out that you create tax out of...Read more »
From a tax perspective the return has been filed when it's placed in the mail. If something happens in the future with the IRS that will be an adjustment of that return. There's nothing that can unfile it.
I would also check with an immigration attorney to make sure the...Read more »
me and my fiancé were asked to move here from Florida to run a warehouse for the company we work with. we just recently found out that Kentucky has state taxes but our company has not been taking out state taxes on our paychecks. How do we fix that? Will that mean that we will owe money when we... Read more »
Check with HR to see what address they have on file for you. You're likely still listed as living in FL so you haven't been setup as a KY resident for payroll. Another problem could be that you need to update your W-4 for state withholdings.
I live in Subsidized housing (rent based on income), recently the re-certification person requested a copy of my 2019 Federal Income tax in order for me to be re-certified. I feel that she was being nasty for no reason and unprofessional, simply because I was the ONLY one that turned in my tax... Read more »
I would review the documents provided by the program under which your housing is subsidized. Just pull the documents directly and see what they say. Then if you feel that the landlord has requested too much you have documentation to backup your claim and contact information for the organization...Read more »
I was a partner with an LLC startup & it converted to a C-Corp in Jan 2019. At that point, I had been vested 33% of my LLC units/C-Corp Shares. In Apr 2019, my total number of shares (vested + unvested) were reduced from 125k to 48k. In Jul 2019, I vested another 33% of the new amount (half of... Read more »
There are several different types of restricted equity that can be provided to an employee. Each is taxed in a different way. To review your particular situation is going to require the documents for the equity grant and the conversation documents to be reviewed.
Hi. My sister has been a missionary in Peru for four years, and plans to do this for several more years. I am in the process of helping her sell her Condo in NYC. She will have a net equity profit of approximately $65,000 at sale, she does want to use this to buy her next home when she returns... Read more »
File an amended return under the SSN. Make sure to state this in the explanation section. Since amended returns must be submitted via mail it's going to be a long wait since mail has only recently started to be processed and the IRS was slow to begin with; now they have a backlog of physical...Read more »
This was written back it 2017, it was withheld from me by my mother until just recently without my knowledge. I am unsure of what to do with this going forward, any advice would be greatly appreciated.
All business accounts are in my name only. I have a contract showing I purchased the business, not my husband. It is a medical practice. Some of what they are asking for are HIPAA protected. I would not give this information to my husband. The ex-wife filed a motion stating she wants it because she... Read more »
Until his ex actually produces a subpoena or some other formal discovery request you don't have to provide anything. Once a formal request is made you would respond under the rules associated with that request. Just explain all the different reasons why the documents are not applicable,...Read more »
My sister has been handling my mother's finances but does not provide annual report of her income ( pension funds, stocks, bonds, annuities,) nor copies of her tax returns. I am her son and live-in caretaker. If my sister refuses to provide this, how can I obtain a copy of her tax returns? Is... Read more »
If the taxes were paid from marital funds and there was no provision i the final orders of the domestic court addressing the matter then he doesn't have a claim. if he disagrees his recourse is to file a motion for contempt of court for breach...Read more »
Probably. I'd need more info to be sure but generally the income worldwide of a US citizen is taxed under US law. The TCJA was supposed to fix that and most professionals agree that it actually made is worse.
I received 2 papers one is a Tax Warrant for $11,000.00 and the other is saying I owe $4500.00 for 1/1/2008 to 12/31/2009. Should I contact OTC or an Attorney first? Is the a statue of limitations on money owed to the state?
Because the order says that he can and he's current on support. If you wish to change that you need to file to modify the order. Depending on your state domestic laws it may effect the support amount or other items on the order.
Employee does not want to endorse back of check to have family member deposit/cash for them. They want their paycheck made payable directly to their relative who does not work for the company. Employee is not an independent contractor.
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