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Georgia Tax Law Questions & Answers
1 Answer | Asked in Tax Law, Gaming and Gov & Administrative Law for Georgia on
Q: Sell item with receipt enter for a drawing for a camper

Have individual purchase knife for $50, enter contact info on receipt for a drawing for a camper. 350 knives to sell and then hold live drawing for winner. Would be receiving an item (knife) and could enter if choose for camper? So not a raffle because purchasing an item, not a lottery since... View More

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answered on Apr 12, 2024

Based on the scenario you described, there are a few potential legal considerations to keep in mind:

1. Lottery laws: Even though the participants are purchasing a knife, the opportunity to win a camper could still be considered a lottery if it involves the three elements of prize, chance,...
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1 Answer | Asked in Tax Law for Georgia on
Q: If I’m granted homestead exemption does that mean I’m exempt from paying school tax?
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answered on Mar 28, 2024

If you're granted a homestead exemption, it means you can receive a reduction or exemption on a portion of your property taxes related to your primary residence. However, this does not typically exempt you from paying school taxes. School taxes are a crucial part of local property taxes and... View More

2 Answers | Asked in Tax Law and Immigration Law for Georgia on
Q: Should I use the 1040 or the 1040NR?

What is the appropriate tax form to use when filing taxes as an applicant with an ongoing green card application? Should I use the 1040 or the 1040NR?

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answered on Mar 26, 2024

You should use the 1040 form if you are considered a resident alien for tax purposes. This generally applies if you meet the Substantial Presence Test, which involves being physically present in the U.S. for at least 31 days during the current year and 183 days during the three-year period that... View More

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1 Answer | Asked in Tax Law for Georgia on
Q: Should I use the 1040 or the 1040NR?

What is the appropriate tax form to use when filing taxes as an applicant with an ongoing green card application? Should I use the 1040 or the 1040NR?

James L. Arrasmith
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answered on Mar 26, 2024

You should use the 1040 form if you are considered a resident alien for tax purposes. This generally applies if you meet the Substantial Presence Test, which involves being physically present in the U.S. for at least 31 days during the current year and 183 days during the three-year period that... View More

1 Answer | Asked in Tax Law for Georgia on
Q: Regarding stock investments

I have invested about $3500 into Nvidia stock, and at this point, it has garnered me about $350 profit. I haven't sold yet because I have a question regarding it. I know I have to pay capital gains taxes, but after I sell, would I have to pay taxes on the $3500 investment, or only on the $350... View More

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answered on Mar 20, 2024

In the realm of stock investments, it's important to understand how taxes on profits work. When you sell stocks, like your Nvidia shares, you're only required to pay taxes on the profit you make, not the total amount you initially invested. In your case, this means you would only owe... View More

1 Answer | Asked in Tax Law and Immigration Law for Georgia on
Q: Having petitioned for a green card, I was given a social security number. When filing my taxes, what form should I use?

Having petitioned for a green card, I was given a social security number. In order to file my taxes, what form should I use?

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answered on Mar 20, 2024

If you've received a social security number after petitioning for a green card, you'll generally file your taxes using the same forms as other residents or citizens, primarily using Form 1040, the U.S. Individual Income Tax Return. This form is utilized by U.S. taxpayers to file an annual... View More

1 Answer | Asked in Tax Law for Georgia on
Q: When selling a rental property but I haven't filed taxes in a few years will the IRS take that money
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answered on Mar 13, 2024

When you sell a rental property, you may be required to report the sale to the IRS and pay taxes on any capital gains. If you haven't filed taxes for the years you owned the rental property, you could face some complications:

1. The IRS may already be aware of your lack of filing and...
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1 Answer | Asked in Tax Law for Georgia on
Q: I filed my taxes. I was supposed to get a refund but instead I received a letter. Stating that I owe for 2012.

I filed my taxes. I was supposed to get a refund of about $5800 but instead I received a letter stating that I owe taxes from 2012 of about 14k and I have penalties of about 20k on top of that. So almost 36k total. Also, it has myself and the name of a woman I do not know. The even stranger thing... View More

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answered on Mar 8, 2024

Receiving a letter from the tax authorities claiming you owe a significant amount from a year when your earnings were modest, along with penalties and a name of someone you do not recognize, is understandably distressing. The first step in resolving this issue is to closely examine the letter for... View More

1 Answer | Asked in Real Estate Law and Tax Law for Georgia on
Q: Family home in life estate deed. If all agree to sell home before tenant dies, what tax implic tenant & remaindermen

Is tenant eligible for medicaid if home in 15 yr old life estate is sold Georgia

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answered on Mar 8, 2024

Selling a home held in a life estate deed before the life tenant passes away can indeed have tax implications for both the life tenant and the remaindermen. If all parties agree to sell the property, the proceeds from the sale are typically divided between the life tenant and the remaindermen based... View More

1 Answer | Asked in Tax Law for Georgia on
Q: I was quit claimed a home in 2017 recently put my father in assisted living and now selling home to help cover cost.

What is the tax implications for the timeline of

2017 to 2024

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answered on Mar 2, 2024

Here are some key tax implications to consider for your situation of being quit claimed a home in 2017 and now selling it in 2024:

- When you were quit claimed the home in 2017, you took over the cost basis your father had in the home. This means when you sell, your capital gains tax will...
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1 Answer | Asked in Tax Law for Georgia on
Q: I was quit claimed a house in 2017. I’m selling it this year 2024. What is the tax implications. 2017 to 2024 difference
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answered on Mar 2, 2024

Based on the information provided, here are the key tax implications for selling a house in 2024 that you acquired via a quitclaim deed in 2017:

- You likely have a capital gain on the sale, since you are selling the house for more than your tax "cost basis" in 2017. Your cost...
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1 Answer | Asked in Tax Law and Banking for Georgia on
Q: My return was deposited into the wrong account I gave my tax man the girl I was with information on accident we both

Have an account at the same bank I gave her account number in route number by accident she was trying to help me recover it but the guy she's with now will not let her help me any further I only have 5 days to recover my money or the bank says the subject will be closed for good and I will... View More

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answered on Feb 25, 2024

I'm sorry to hear your tax refund was accidentally deposited into the wrong bank account. Here are a few options you could pursue to try recovering the funds:

1. Contact the IRS directly and explain the situation. Provide any documentation you have showing it's your refund but the...
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1 Answer | Asked in Tax Law for Georgia on
Q: I gave my tax account the wrong account number for my taxes and it was my ex girlfriends well the bank locked the

The account until she verifys it well to start with she was but the guy she with now want let her help me get my money released to my account ..I'm bout to loose a lot behind it not just the money from the taxes wat can I do to get my money. In his mind he probably thinks they going to... View More

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answered on Feb 25, 2024

This is an unfortunate situation, but there are a few things you could try to recover your tax refund that was deposited into the wrong account:

1. Contact the IRS and explain the situation. Provide documentation showing it is your refund but the incorrect account number was given by your...
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1 Answer | Asked in Tax Law, Identity Theft, Internet Law and Libel & Slander for Georgia on
Q: Comment dénoncer une fraude et une usurpation d'identité

On utilise mon compte bancaire mon identité et mes données personnelles

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answered on Feb 22, 2024

If your bank account, identity, and personal data are being used fraudulently, it's critical to act immediately to protect yourself. First, contact your bank to report the unauthorized use of your account and personal information. Request that they freeze or secure your account to prevent... View More

1 Answer | Asked in Tax Law and Business Law for Georgia on
Q: Can I write off the cost of self-employed health insurance if it costs less than what my spouse's employer offers?

My spouse's employer offers health insurance, but it is more expensive than if I purchase my own health insurance on the marketplace. I understand that in general, I cannot qualify for the self employed health insurance deduction if I qualify for my spouse's employer's insurance... View More

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answered on Feb 5, 2024

Under IRS guidelines, the self-employed health insurance deduction allows individuals who are self-employed to deduct premiums for medical, dental, and long-term care insurance for themselves, their spouse, and dependents. This deduction is available if you have a net profit from self-employment... View More

1 Answer | Asked in Criminal Law, Estate Planning, Family Law and Tax Law for Georgia on
Q: How can I find out if I’m a beneficiary to multi investment accounts from my deceased grandma…

I speculated my grandmas original will was swapped for a forged one reflecting my mom as the sole beneficiary and there’s nothing that I could do unless I had the original will, which I did not…

So my mom never informed the brokerage companies of my grandma death nor put it in probate.... View More

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answered on Jan 26, 2024

I'm sorry for your difficult situation. There are a few options to determine if you are still a designated beneficiary on any of your deceased grandmother's investment accounts:

1) Contact each investment firm directly (e.g. bank, brokerage, etc) providing copies of the death...
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1 Answer | Asked in Tax Law and Business Law for Georgia on
Q: Can a church disclose your giving records to the public
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answered on Jan 8, 2024

Generally, churches in the United States are expected to maintain the confidentiality of their members' giving records. These records are typically considered private information, similar to other types of personal financial data. Disclosing such information to the public without the... View More

1 Answer | Asked in Tax Law and Civil Litigation for Georgia on
Q: Hoy can i join the lawsuit against Optima Tax Relief?
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answered on Dec 31, 2023

If you're considering joining the lawsuit against Optima Tax Relief, there are several steps you should take:

Seek Legal Advice: First and foremost, consult with an attorney experienced in class action lawsuits or consumer protection law. They can evaluate your specific situation and...
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1 Answer | Asked in Estate Planning and Tax Law for Georgia on
Q: My parents reside in Puerto Rico and want to contribute to my daughter's education. Is there a gift tax exclusion in PR?
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answered on Dec 25, 2023

In Puerto Rico, like in the United States, there are provisions for gift tax exclusions. Your parents can give gifts up to a certain amount each year without incurring gift tax. As of 2023, the annual gift tax exclusion in the United States is $16,000 per recipient. Since Puerto Rico follows... View More

1 Answer | Asked in Tax Law for Georgia on
Q: My daughter is unemployed and buys and sells crypto. Does she have to pay taxes on profits

I pay her bills and she receives no gov. benifits. I gave her 10000 to start. How much can she profit before paying taxes or does she have to pay anything on profits

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answered on Dec 25, 2023

Yes, your daughter needs to pay taxes on any profits she makes from buying and selling cryptocurrency. In the United States, the IRS treats cryptocurrencies as property for tax purposes, which means that capital gains tax applies to any profits made from crypto transactions.

The amount of...
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