According to the covid stimulus package, those who are in default of their student loans will not have their tax refund garnished. My question is: Does this apply to only 2019 tax refunds, or will it also apply to 2017 and 2018 refunds? I am entitled to refunds for the past three years and never... Read more »
The stimulus does not involve tax year 2019--because 2019 tax returns are not even due until July 15, 2020. Moreover, If you have never filed tax returns for tax years 2018 or 2017 you will probably not receive any stimulus check.
I assume that I would have to pay short-term capital gains taxes based on the immediate market value, then if I immediately sold it, would I then pay capital gains taxes again based on the original owner's cost basis? Thank you in advance for your insights.
If you received it for services rendered. The value of the Stock is ordinary income to you. And, the value is, therefore, your tax basis. If you sell it at a gain, the difference between your selling price and the value when you received it for services rendered is your capital gain; short term or...Read more »
Real estate is transferred using a document of conveyance called a deed. However, there are a variety of types of deeds, and the choice is not always obvious. I do not ever recommend using quitclaim deeds because of issues with insurability. That leaves possibly a warranty deed or a special...Read more »
Unless you have a tax preparation background you should hire someone to prepare your taxes. That way you will not have to worry about making a mistake, getting audited, and paying someone like me a lot more then you would have paid an accountant. Find a good accountant, with experience in this...Read more »
Operated a auto repair shop in NY in 1999. Had CPA do my taxes and paid what he said that I owed for sales tax tax for year 1999 which was around $500. Later got notice that I owed more than I had paid so I contacted CPA and he said he would take care of the issue. Had unfortunate events occur in... Read more »
In my divorce decree, my ex-spouse agreed that I could take the full mortgage interest and real estate tax deduction on our property jointly owned until our son is financial independent. The IRS is now saying that I am only allowed to take 50% of the deduction because we both own it. The property... Read more »
Hi, I wanted to get information about the possibility of transferring money I have in Brazil in my account there to my US account, about $225,000. Do I need to pay tax on that when I transfer, or in the end of the year? Do I need to declare it in my tax return? I am a temporary resident in the US... Read more »
Signed away all rights to house in divorce, but spouse hasn’t and won’t refinance to take my name off mortgage. She plans on selling and I will get no money in the sale, would I get hit with a capital gains tax?
Inherited rental commercial property sold in 2019. Its 2019 Rent income received prior to sale. Past due taxes in total, inclusive of 2019 taxes, were paid at closing. When filing 2019 Estate tax returns for 2019, which is also Final Return, should these real estate taxes be claimed as deductible... Read more »
Estate earned rental income in 2018, which was claimed as rental income on its 2018 tax returns. Such monies in 2018 were not distributed at that time to beneficiary. In 2019, same money was now distributed to beneficiary. Does beneficiary now need to claim such monies as distributable taxable... Read more »
You should have thought to ask yourself this same question way back when you deposited new money into a retirement account that prohibits early withdrawals unless the known penalty is paid. The reason the IRS is seeking to tax the funds as regular income is because you violated the terms and...Read more »
We (the church- 501c3) have been renting to a daycare for 30 years. It is a for-profit. The church has been renting for 1/2 market-value. There is no lease and they are paying via a "donation". It is my understanding that the IRS still considers that "rent". Is that... Read more »
My experience with 501(c) exempt organizations is limited. But I can provide this:
The church should be concerned about what is called "Unrelated Business Income". The Internal Revenue Service defines the income generated from unrelated business activities as income from a trade...Read more »
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