answered on Jan 2, 2020
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... View More 
answered on Nov 30, 2019
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.... View More
His wife fought will and deed.. We settled with her for $35,000. How do I figure cost basis of property for tax purposes. Was is gifted, bequested or purchased?
answered on Aug 2, 2019
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... View More
answered on Jul 30, 2019
There's no tax obligation for you since it's a gift and no tax obligation from the grandparents because it comes from out of the country. This assumes they are not US citizens.
If they are US citizens and the amount exceeds $30,000 a gist tax return would need to be filed and... View More
Now they say my dad owes taxes since 2007 and trying to take my land. What do I do
answered on Jul 7, 2019
Provide evidence of transfer and payment of tax for the years in question.
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... View More
answered on Feb 23, 2019
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 have been offered a job and my employer wants me to fill out form W-4 to withhold taxes. I can’t find an answer as to whether I can use my ITIN instead of a SSN. Please help, someone.
answered on Sep 5, 2018
If you have a valid social security number that belongs to you, you should use that. An ITIN is for tax filing/reporting purposes. It is not intended to use for work.
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... View More
answered on Apr 17, 2018
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.
Previously on J1 now on a H1 through j1 waiver
answered on Jun 16, 2017
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... View 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.
answered on Jun 5, 2017
US citizens living abroad still have to comply with US tax obligations. I have provided links to the IRS website, which should answer many of your questions.
https://www.irs.gov/individuals/international-taxpayers/taxpayers-living-abroad
Filing requirements for US citizens... View More
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.
answered on Apr 5, 2017
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... View 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... View More
answered on Feb 11, 2017
Contact a Low Income Taxpayer Clinic in your area. You can run a search by going to the Taxpayer Advocate Service website.
If your situation is accurate, the clinic should be able to help you.
answered on Nov 16, 2016
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... View More
answered on Sep 26, 2016
You should find a Tax Controversy attorney to handle the matter. There are a lot of different ramifications that depend on the exact factual scenario.
For example, a "side business" that involves occasionally making trinkets and selling them on Etsy is very different from a... View More
answered on Nov 18, 2013
In general tax sales take place by the sheriff of the county of situs.
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