answered on Feb 22, 2024
Setting up a living trust in Florida as a non-resident solely to avoid state taxes on investments within the trust may not be a viable strategy. While Florida does not impose state income tax on individuals, there are other factors to consider, such as residency requirements and potential tax... View More
I gave my married daughter a rental property that I owned for 45years…will the IRS accept a real estate market analysis as the value on a 709 form? Can the tax value be used?
answered on Feb 5, 2024
When determining the value of a property you gave to your daughter for reporting on a 709 tax form, it's important to follow IRS guidelines accurately. While a real estate market analysis can be a helpful reference, it might not be sufficient on its own.
The IRS typically requires a... View More
This money was paid to the state when I was paid. It has already been taxed. It was an interest free loan to the state. My deductions are such that I have overpaid the state, so they are returning part of my money back to me. How is that taxable income when it was originally taken from my gross... View More
answered on Jan 23, 2024
You raise a good point. Refunds of state income tax that was already withheld from your paycheck and remitted to the state throughout the year are typically not considered new taxable income when returned. The key reasons are:
- You already paid tax on the underlying income that the tax... View More
I was recently sent mail from my county's tax administration in North Carolina which had the names from my neighbor's that lived across the street. I never gave them permission to use my mailing address.
answered on Jan 23, 2024
Yes, it is generally illegal for someone to use another person's mailing address to receive mail from the tax administration or other entities without their consent. A few key points on this issue:
- Federal law prohibits falsely representing one's identity or address in matters... View More
Can a county tax office go back and backdate taxes 3 years later? There was a senior citizens exemption on the account, she passed at the end of 2020. they were informed. They wait until 2023 to go back and remove the exemption causing taxes to double.
answered on Jan 22, 2024
In North Carolina, county tax offices have the authority to reassess property tax exemptions and make adjustments, even retroactively, if they determine that the conditions for the exemption no longer apply. In the case you described, where a senior citizen's exemption was in place and the... View More
After 23 years, income and expenses no longer justify listing annual losses and necessary paperwork on our tax returns.
answered on Jan 11, 2024
Converting vacation rental property to a private second home on your joint tax return typically involves a change in the property's use. It's essential to understand that tax laws can be complex, and the Internal Revenue Service (IRS) has specific guidelines for different property... View More
After 23 years, income and expenses no longer justify listing annual losses and necessary paperwork on our tax returns.
answered on Jan 12, 2024
Converting a vacation rental property to a private second home for tax purposes involves a change in how you report the property on your tax returns. When a property is no longer used for rental purposes, it is no longer subject to rental income and expense reporting.
To make this change,... View More
File tax return.I get $1842 month from social security
answered on Dec 25, 2023
The amount you can withdraw from your 401k without having to file a tax return depends on various factors, including your total income, filing status, and age. Since you receive $1,842 per month from Social Security, this amounts to approximately $22,104 annually.
For the tax year 2023, if... View More
The estate was used as a pass-thru only.
answered on Sep 14, 2023
In this case, the estate should report the distribution of the IRA balance on a final income tax return for the estate, which is typically filed using IRS Form 1041. The distribution should be reported as income on the estate's tax return, and any tax liability should be settled from the... View More
I thought the proceeds came to me and I reported them on my taxes. Why would I pay them the taxes?
answered on Sep 14, 2023
It's typically the individual's responsibility to report and pay their own capital gains taxes on cryptocurrency transactions to the IRS. If the exchange is asking you to pay the taxes directly to them, it raises concerns. You should consult with a tax professional to ensure proper... View More
No drugs were ever taken off my person or from my house. This is a conspiracy charge. The people that showed up to my house said they was taking my property even though they knew they was sending the notices to the wrong address. I had no clue I even owed this 7000.00 in STATE DRUG TAXES. the state... View More
answered on Sep 11, 2023
Handling federal criminal charges and the related repercussions, including any potential drug tax assessments, can be incredibly complex. Generally speaking, federal and state proceedings are separate and the obligations or liabilities arising from them might be distinct. Given the gravity of your... View More
answered on Jun 7, 2023
That's not exactly accurate. Generally, whether or not someone is required to complete a Form W9 is related to how much they are paid (or supposed to be paid) by a specific source of reportable income. Unless an exception applies, someone who receives reportable income from multiple sources... View More
the PD about the pay rate and duties required. Contact signed, &work has been completed, but now business will not pay officers until w9 is filed. This was not in the contact &the pay for each officer would be under $600.
answered on Jun 7, 2023
Depending on such factors as the amount of pay a contractor receives, requiring the contractor to sign a W9 may be required by tax law. The party paying the contractor doesn't necessarily need to spell this out in the contract or disclose it ahead of time, because it isn't a term that the... View More
She filed as "single" with zero deductions and zero dependents. Because no tax was withheld on the first $10,000 she now owes money on her return. Not happy about it.
answered on Mar 29, 2023
While it is not exactly "common," it also is not at all unheard of for an employer to fail to make payroll withholdings and deductions. It is often just a matter of oversight, especially with a new employee. However, an employee is ultimately responsible for checking to make sure their... View More
I was not on the clock but the other employee was. The company is telling me I must sign a W9 because it is income since I didn't get my car fixed before receiving payment. I am not receiving any gains so I do not feel like I should have to pay taxes on being remedied for a loss. Thanks for... View More
answered on Feb 21, 2023
A North Carolina attorney could advise best, but your question remains open for two weeks. Ordinary compensatory damages for bodily injury or property damage are not usually taxable, as a general rule. Double check with a tax attorney or accountant in your state, since this is something they would... View More
It's mainly state taxes but some federal also. I dont know who to call without being ripped off by tax relief services.
answered on Mar 21, 2024
For federal taxes, reach out to the Internal Revenue Service (IRS) directly. They can provide guidance on how to address your back taxes and may offer payment plans. It's crucial to communicate with them to avoid additional penalties and interest. Their website also provides resources and... View More
answered on May 7, 2023
The Homestead Exemption eligibility criteria vary depending on the state, so it's best to check with your local tax assessor's office or the relevant state agency. However, in general, the income and assets of a spouse may be considered when determining eligibility for certain tax... View More
answered on May 16, 2022
Certain types of taxes are dischargeable in bankruptcy, IF you have filed a tax return showing those taxes as due longer than two years and four months prior to the date you file for bankruptcy relief.
Sibling transferred property to them as parent was dying and couldn’t speak I assume to avoid probate. Also sibling had apparently gamed the system by purchasing property in my parents and his name do wife couldn’t get it as inherited property can’t be taken. Is this not fraud? Tax fraud?... View More
answered on Feb 2, 2022
If someone transfers real property to themselves using a POA it is voidable, contact an attorney local to the area and ask them to assist you with having everything undone.
I'm a student in usa under F1 visa and I want to open a uk LTD and sell on the us market on eBay under my company name? It is legal to sell under my company name even if I'm not eligible to work under f1 visa and I should pay taxes to the us or uk government?
answered on Dec 23, 2021
That would be a de facto visa condition violation that will get your student status cancelled.
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