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
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
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
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.
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
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
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
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
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
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?
My will covers all of my assets and is not very complex, but the investment company that manages my IRA account has a beneficiary form which doesn't allow the same amount of detail. Upon my death, is it likely that there will be financial, e.g. tax, implications if no beneficiary designation... View More
I have been living in the home since 2009 and my daughter and I took care of them until they passed away my mom passed 11/2015 my dad 12/2015 and I just started receiving disability in the summer of 2016. I have been paying the property taxes but now they are saying I owe more money for... View More
The former owner is deceased, so he cannot convey. Hire a competent attorney to search the title, determine heirship, and draft an Affidavit of Heirship to be recorded. That Affidavit becomes your recorded source of title. The taxes sound serious. Taxes are a lien against the land, and might...View More
I am receiving Social Security retirement benefits. I have a rental property that nets about $4000.00 per year. If I put this property into an LLC (North Carolina), will I have to pay FICA? Will it affect the benefit I currently receive?
If you are unsatisfied with how the administrator is handling the estate, you need to speak to the clerk's office. The clerk's office would probably like to close this estate and will be willing to lean on the administrator some to assist you.
I do not consent to being the Nomde Guerre, dead entity or corporate fiction (ens-legis), named in "ALL CAPS" created by legislature, as I am flesh and blood created by God all mighty and live on the land. As all crimes are commercial in nature ,held in bankruptcy court of equity, in... View More
At the present time the gift tax exemption is more than $11 million per person. You could gift your entire share to her all at once and not incur any gift tax as long as that gift plus prior gifts made by you in the past do not exceed $11 million in the aggregate.
I am living in two different homes in two different states depending on season etc. I typically live a few monhts in one of the two homes, and then I move to the other and live there for a while. This has been my situation for 10 years. I own one of the homes (State A) but the other home (State B)... View More
My partner, Kacie wrote on article in the Tax Adviser on this topic. See here https://www.thetaxadviser.com/issues/2019/apr/involuntary-conversion-principal-residence.html#:~:text=A%20direct%20involuntary%20conversion%20of,does%20not%20recognize%20a%20gain.
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