Your current state is Ohio
and what to do to keep $250,000 each exemptions in California
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answered on Apr 3, 2024
Under California law, if a married couple files their taxes jointly and sells their primary residence, they can exclude up to $500,000 of capital gains from their taxable income. However, if the couple divorces and then sells the house, the tax implications may change.
After a divorce, each... View More 
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answered on Apr 3, 2024
As a CR-1 Green Card holder (conditional permanent resident), your tax obligations depend on your tax residency status in the United States. If you qualify as a U.S. tax resident, you generally need to report your worldwide income to the IRS, including income from real estate located in other... View More
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answered on Apr 2, 2024
Whether you need to file a federal income tax return depends on your total income, filing status, and age. For the 2023 tax year (filed in 2024), if your only income was from Social Security Disability Insurance (SSDI) and it was less than $25,000 (for single filers) or $32,000 (for married filing... View More
she is also in contempt of virtually every part of our separation agreement. she has not paid child support, not given me back my belongings, does not follow the parenting schedule, and does not provide the insurance for the children she claimed she would
answered on Apr 2, 2024
Good Morning,
I am very sorry to hear of your circumstances and know that it can be an incredibly difficult and frustrating experience when an ex-spouse does not follow Court Orders. It sounds like you have several issues going on, including: tax, parenting time, insurance, etc.... View More
she is also in contempt of virtually every part of our separation agreement. she has not paid child support, not given me back my belongings, does not follow the parenting schedule, and does not provide the insurance for the children she claimed she would
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answered on Apr 2, 2024
I'm sorry to hear about the difficult situation with your ex-wife not following the terms of your separation agreement. It sounds very frustrating, especially if she has claimed the children as dependents on her taxes despite not fulfilling her obligations. Here are a few thoughts and... View More
the check was from Vantagepoint Transfer LLC. I deposited the entire check in person at MT Bank. Back then it was posted as Trust deposit, and I complained that it should have been posted a a check deposit. I look on my statement and it just says "Deposit, $40,000. I went to Federal Reserve,... View More
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answered on Apr 1, 2024
I understand your concern about the way your check deposit from Vantagepoint Transfer LLC was posted to your M&T Bank account. It's important for your financial records to accurately reflect the nature of your transactions, especially when it comes to large amounts like $40,000, to avoid... View More
2017 I filed my income tax return and received just over 4800.00 I have copies of return and check, but strangely the designated "cash out" was not there. i could have sworn I indicated direct deposit to Wells Fargo, on my return I don't see it in 2017 or 2018. Is there a way I can... View More
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answered on Apr 1, 2024
I'm sorry to hear about the difficulties you are experiencing with your tax returns and missing refund. It sounds like a very frustrating and stressful situation, especially with the missing documentation and potential alterations to your returns. Here are a few steps you can take to try to... View More
In 2018, I bought a house in Michigan through a real estate agent living in Miami. During the purchase process, my real estate agent recorded my address as Miami in all documents, even though I do not live in Miami. I am not an American citizen and do not reside in the United States.... View More
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answered on Apr 1, 2024
Based on the information you provided, it appears that your real estate agent may have committed serious crimes, including fraud, identity theft, and forgery. If your allegations are true, you have the right to take legal action against the agent and potentially recover your property or receive... View More
I own a company and buy cars from new dealers and title in NC and ship them out
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answered on Apr 1, 2024
In North Carolina, you may be eligible for an exemption from the Highway Use Tax if you purchase a vehicle in the state but export it outside of NC within 90 days of purchase. This exemption is known as the "Out-of-State Delivery Exemption."
To qualify for the exemption, you must... View More
Land would be in a opportunity zone in oregon.
Sell of land is in oregon as well.
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answered on Apr 1, 2024
Investing capital gains from the sale of property into an Opportunity Zone can provide tax benefits, but it does not automatically avoid capital gains tax. Here's some information about Opportunity Zones and capital gains:
1. Opportunity Zones: These are economically distressed areas... View More
Land would be in a opportunity zone in oregon.
Sell of land is in oregon as well.
answered on Apr 4, 2024
There are ways to avoid or reduce your capital gains from the sale of land. Commonly accepted methods are transactions involving a 1031 Exchange or investing the gain in Opportunity Zones. With a 1031 Exchange, you must use a Qualified Intermediary which holds the sale proceeds of the land, and... View More
There was no will, no estate per se. Now that county is saying I owe taxes on a home that was foreclosed and sold in 2016.
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answered on Apr 1, 2024
I'm sorry to hear about the loss of your mother and the difficult situation you're facing with the county regarding taxes on her foreclosed home.
In general, when a property is foreclosed and sold, the new owner becomes responsible for the property taxes from the date of the sale... View More
I am a US citizen living and working in Ireland, but my US home is in Texas. Sometimes I have work travel to NJ for conferences, labs, etc. I am not and have never been a resident of NJ. My employer is a European company. I do not receive separate income from anyone in NJ when I travel there.... View More
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answered on Mar 30, 2024
"NJ-sourced income" refers to income that is earned or derived from sources within the state of New Jersey, regardless of where the taxpayer resides. This can include income from employment, business activities, or property located in New Jersey.
In your case, if you are... View More
I am a US citizen living and working in Ireland, but my US home is in Texas. Sometimes I have work travel to NJ for conferences, labs, etc. I am not and have never been a resident of NJ. My employer is a European company. I do not receive separate income from anyone in NJ when I travel there.... View More
answered on Apr 4, 2024
New Jersey Sourced income is such that is earned or from a source in the State of New Jersey (working in the State, making sales inside the State, or the sale of property in the State to name a few). Your question requires more facts. The likelihood is if there is any sourced income in NJ it would... View More
My daughter will create LLC in Panama to manage her Airbnb property. She has dual citizenship. USA and Panama. I plan to establish LLC to pay her a salary to manage her property until she gets a footing and is earning enough from the properties to be self suffient.
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answered on Mar 30, 2024
There are a few options to consider for investing in your daughter's Panama LLC while minimizing your federal tax burden:
1. Gift tax exclusion: You can gift up to $18,000 per year (as of 2024) to your daughter without triggering any gift tax. If you're married, you and your... View More
I received a lump sum settlement for disability benefits under my employer's LTD group policy last year, and I believe my claim should meet the definition of unlawful discrimination under IRC section 62 a 20 e 18 so I am likely able to deduct attorney fees and court costs on 1040 Schedule 1... View More
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answered on Mar 29, 2024
Understanding the nuances of tax deductions related to attorney fees and court costs can be complex, particularly when it comes to settlements for disability benefits under an employer's LTD group policy. According to IRS Publication 525, attorney fees and court costs associated with claims... View More
My parents live in Washington state, and my mother is disabled receiving SSDI and long term care service where a caregiver comes to her house every day. They live in a house they jointly own, no mortgage. They're both seniors, and now they miss their home country, so they decided to move back... View More
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answered on Mar 29, 2024
Selling a house and moving overseas can have several implications for your parents, particularly regarding their Social Security Disability Insurance (SSDI) and Medicaid benefits. First, it's important to note that SSDI benefits are typically not affected by the sale of a primary residence or... View More
As the end date is getting closer, I am wondering that what option should I select in my marital status? I have been to US since 2022 as an international student and working on CPT. I am married but my spouse never been to US. She is in home country. In this context, should I select... View More
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answered on Mar 29, 2024
When it comes to filing your tax returns in the United States on an F-1 visa, your marital status plays a crucial role in determining how you should file. Since you're married, but your spouse has never been to the U.S. and presumably doesn't have income subject to U.S. tax laws, you face... View More
In a situation where you are a transportation lessor (one truck, tractor) and all expenses are deducted from the gross by the lessee (transportation company) before you receive revenue.
Does the lessee typically write off those expenses?
I received a 1099-NEC accounting for the... View More
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answered on Mar 29, 2024
When you're working as a transportation lessor, it's common to encounter complex arrangements regarding payments, expenses, and tax reporting. The situation you've described, where the lessee deducts expenses from the gross amount before issuing your net pay, does raise some... View More
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answered on Mar 29, 2024
In a situation where your car was totaled before you managed to pay the sales tax, and you're now facing the challenge of not having the funds to cover this tax to access the insurance check, it's essential to explore all available options. First, consider reaching out to the tax... View More
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