Michael David Siegel's answer I had a case like this last year. There are ways to deal with it but it depends on the facts. Saying you are a shareholder when you are not is not the right thing to do, as you assumed. There are State and Federal estate tax and income tax consequences to doing this right. Also, the partition case was not done right if this issue arose post judgment.
Eric Steven Day's answer You will still be able to take the exemption from gain on the sale of a personal residence under certain circumstances. It's called the 50 mile rule. If the location of the new job is 50 miles or further away you will be able to take the exclusion of the 2-year rule and the entire transaction would be tax free
Tammy Lyn Wincott's answer You can speak with the attorney who is suing and find out some options. At a minimum I would suggest filing an "Affidavit of Heirship" in the County where the property is located. This takes two people who have known the family for a long time, know relatives and circumstances; however, it cannot be anyone who could inherit, i.e. a spouse of a relative does not qualify.
You might file a disclaimer to real property as well.
Eric Steven Day's answer If the income is earned within the U.S., the taxpayers always have to file a US tax return to pay taxes on the income that they generate in the U.S. They may also have to file the income in the foreign country that they reside in, but they will likely get a credit for any income taxes that they pay to the U.S. on the same income. A lot of this depends on the country and whether the U.S. has any treaties with the foreign country.
Brent T. Geers' answer You'll need to consult with a tax attorney or other tax professional, particularly about whether mileage is deductible. It will all obviously depend on your overall tax situation; with the raised standard deduction starting with this tax year, a lot of people who used to itemize may no longer be able to do so, which would make your question a moot point if you are one of those people.
Very generally, I am unaware of allowable deductions for fines, fees, or costs related to criminal...
Eric Steven Day's answer When you withdraw funds from an inherited IRA, the money is subject to income tax to the beneficiary that withdraws the IRA. However, you should not be required to pay the 10% penalty for the early withdrawal of these funds. Therefore, the first 10% withholding would be a good idea in case you owe taxes after deductions on the distribution, but the additional 10% which would be to cover the penalty if there was one is not necessary. I would have them withhold the first 10% even though you...
Richard Sternberg's answer Unlike VAT, sales tax is paid by the vendor at point of sale. So, if the purchase was in Colorado, the vendor must report and pay sales tax on the sale unless there is an exemption under state law. Such exemptions often exist for non-profit charitable entities with § 501(c) status, but the exemptions are controlled by Colorado state law. You should consult a lawyer in Colorado for details.
D. Mathew Blackburn's answer It's going to depend on the goods and services provided. Is the company paying for a service or a good? Services are not subject to sales tax, goods are. If I have my brakes changed am I buying brakes, the installation service, or both? The first step would be an analysis of what was purchased and how does CO treat that purchase for sales tax.
For income tax purposes if the international company is buying from you and selling to a 3d party that you then deliver the stuff to, it...
Jon Dowat's answer The amount of the "write off" depends on the nature of the Condo. Was the Condo you personal residence or was it an investment property.
If it was a personal residence you will not be able to claim the loss. If it was an investment property you will have generated an ordinary loss. One can use this loss ($40K) up to 100% of your taxable income.
For example if it was an investment property your $40,000 loss can be used to offset up to $40,000 of taxable income regardless...
Michael David Siegel's answer You should not have made the distribution without getting the EIN number for the return. When you get a receipt and release you should also get the EIN number. However, the IRS will accept the return.
Answered on Oct 3, 2018
Tammy Lyn Wincott's answer If it was addressed in your divorce decree and awarded as part of a property settlement, I suggest filing a certified copy of the divorce decree in the county deed records where the property is located.
Elaine Shay's answer He doesn't have to protest your cabin.... He, like you, could simply move into it. You are not the first person to find themselves owning property with someone with whom an agreement to manage or sell the property cannot be reached. Fortunately, you can commence a partition action to force the sale of the property. Many times, even when a co-owner previously refused, a negotiated settlement can be reached after a partition is commenced that allows one party to buy out the other.
Jon Dowat's answer It is not clear from the question what the problem is. The IRS does not send a tax return back saying it was rejected. However, the one exception is when a taxpayer submits a non traditional tax return. For instance a tax return that states that the taxpayer "is a sovereign nation" and not subject to to income taxes, or a tax return has all zeros, or the part of the return says signed under penalty of perjury is scratched out or otherwise modified.
Grant St Julian III's answer First, your license suspension is a separate proceeding from the DWI. If a blood sample was taken on your DWI, it may take several months for the crime lab to return the results, which causes a delay in the filing of the criminal case. Call an attorney in your area; don't wait for a phone call. Good luck.
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