It depends on what you sell it for. If you sell for more than what you purchased it for plus any adjustments (adjusted basis) then you'll have capital gains. If you gift it you'll have a reporting requirement but likely no tax will be owed on the transaction. If you sell it for significantly less...Read more »
That depends on a number of additional factors. An LLC is almost always better than nothing. And the S-election requires an entity to be accepted. So the LLC is essentially a foregone conclusion. The question becomes to s-elect or not.
That question becomes first an issue of eligibility....Read more »
It's going to depend on the language in the settlement. That will determine when the property passed, whether as a gift or as part of the estate. If the settlement did not address the issue then I would think the gift would stand as completed and carryover basis would apply. It would be beneficial...Read more »
He kept state aid in his name, denied me foodstamps and insurance when they were with me because I could not afford an attorney. He was unemployed and filed for tanf and the state pursued me. The judge dropped the charges at the show cause but support order still stands and I have filed taxes for... Read more »
Depends whether that child support order requires payment through state of KY it directly to him. If payable to state, they may intercept your taxes. If the support is payable directly to him, you will probably your refund.
I was never made aware of the previous owners delinquent state sales taxes prior to my purchase. And the state of Kentucky even approved and took full payment for my Transitional Liquor License Application. Only then was I informed of the previous owners delinquent sales tax status. If previous... Read more »
Liquor licenses are a highly regulated area by government. When you purchased the LLC you should have been made aware of the back taxes owed. You probably have a cause of action against the sellers for failing to disclose that information.
An H-1B employee is only allowed to receive income from the H-1B employer as described in the H-1B petition. Working for any other employer would require a new petition or a "concurrent" H-1B petition from the second employer. H-1B also depends on an employer-employee relationship. One cannot run...Read more »
I was asked by the company in India how to process the part of tax that I'm responsible to pay for US. I have no idea what type of tax I would be responsible to pay and I have no idea how I would pay from overseas. Please kindly advise me of those questions. Thank you.
He owned a home that is in foreclosure and he owes approximately $2,500 in bills. He has no money in the bank and not assets. Do I need to file a tax return? He would likely get a small return but figured that would go to pay the bills anyway so wasn't sure if I had to file.
No one is OBLIGATED to begin probate for anyone -- particularly when it makes no financial sense to do so, If the CREDITORS want to try to get at whatever assets they can then THEY will have authority to file probate, deal with the IRS etc.
If you have the original will however, state law...Read more »
I just found out the IRS took my 100.00 savings out of US BANK listed as a tax levy and it left me with only 56.00 dollars to live on for the rest of the month. I only get a total of 735.00 a month for SSI and now if they are taking money out of that i will not be able to even survive as i barely... Read more »
If a vendor is not collecting sales tax it is your responsibility as a purchaser to remit proper use tax to the state, county, and city as applicable. The sales tax and use tax are essentially the same, it simply depends on who is paying the tax. What taxes are applicable will depend on where you...Read more »
In general tax sales take place by the sheriff of the county of situs.
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