Get free answers to your Tax Law legal questions from lawyers in your area.
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 
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
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
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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... View More
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
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
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... View More
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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... View More
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... View More
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... View More
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
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
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... View More
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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
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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... View More
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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
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... View More
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answered on Dec 25, 2023
In Georgia, county tax commissioners are required to provide legal notification before selling property for a tax lien. This requirement is part of the due process to ensure property owners are aware of the pending sale and have an opportunity to address the tax lien.
The legal notification... View More
Have the highway county does not allow sales outside Gilmer -city of ellijay - very weird but we are wanting to move in the area with our property but they put up signs and looks horrible
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answered on Dec 25, 2023
In your situation, where a city has annexed property that includes a distillery on a county road, there are a few steps you can take to address your concerns. First, it's important to understand the specifics of the annexation process. Typically, a city can annex adjacent areas through legal... View More
weighs over 6000 lbs
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answered on Nov 9, 2023
Section 179 of the Internal Revenue Code allows businesses to deduct the full purchase price of qualifying equipment or vehicles used for business purposes. To be eligible, the vehicle, such as your 2005 Hummer, must be used for business purposes more than 50% of the time.
Given that your... View More
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