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
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.
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
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.
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.
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
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
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.
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.
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
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