What tax if any am I obligated to pay to USA? I am a US citizen.
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answered on Apr 15, 2024
As a U.S. citizen, you are generally required to report and pay taxes on your worldwide income, including any capital gains from the sale of foreign property. However, the exact tax implications will depend on several factors:
1. Capital gains tax: If you sell the property for more than its... View More 
Texas; Want to pay taxes before county seizes the property. Heir who is refusing to pay is squatting in the house. (There’s a court order for back rent, etc. that hasn’t been paid either. House has no offers because of disrepair/won’t appraise.
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answered on Apr 11, 2024
In Texas, if one heir is paying the property taxes on a jointly owned property while another heir is not contributing their share, the paying heir may have legal options to recover the unpaid amounts. Here are a few potential avenues:
1. Partition lawsuit: The paying heir can file a... View More
May a taxpayer voluntarily elect to include part of the deferred capital gain without disposing of the QOF asset or other IRS defined inclusion event? For example, if the taxpayer deferred $100,000 of capital gains by purchasing $100,000 worth of QOF several years before, and then in a subsequent... View More
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answered on Apr 6, 2024
Based on the rules for Qualified Opportunity Funds (QOFs) under Internal Revenue Code section 1400Z-2, a taxpayer cannot voluntarily elect to include a portion of the deferred capital gain in their taxable income without a triggering event, such as disposing of the QOF investment or another... View More
Form 1120-S, Schedule B, Other Information, Line 12: The question is: During the tax year, did the corporation have any non-shareholder debt that was canceled, was forgiven, or have the terms modified so as to reduce the principal amount of the debt?
Is the question referring to a debt a... View More
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answered on Apr 6, 2024
Line 12 on Schedule B of Form 1120-S is referring to a debt that the S corporation owed to a non-shareholder, and that debt was either canceled, forgiven, or had its terms modified to reduce the principal amount.
Here's a more detailed explanation:
1. The debt in question is a... 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'm in texas. My son lived 7 hours away. Landord allowed her to remove assets when I told him his father and I would be in following day. I explained I was next of kin.
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answered on Mar 26, 2024
In Texas, for a situation involving the mishandling of a deceased person's property, you may want to consult with an attorney experienced in estate law or probate law. These attorneys handle cases related to the distribution of a deceased individual's assets and can help navigate the... View More
If I do a video edit for a client and they provide me all the footage do I need to charge them sales tax?
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answered on Mar 25, 2024
In Texas, not all services are subject to sales tax; however, there are specific services that do fall under taxable categories. While the state's general approach leans towards taxing tangible personal property, certain services, especially where tangible personal goods are not primarily... View More
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answered on Mar 23, 2024
When you inherit money from a deceased relative's offshore bank account, tax implications can vary based on the laws of your country and the country where the money is held. Typically, inheritance itself may be taxed, and different countries have different rules regarding overseas assets.... View More
answered on Apr 4, 2024
If you are referring to US Tax then it depends. If the deceased relative is a US citizen or resident then 1) There could be a tax on the inherited amount in the bank account which depends on Estate Tax rules (currently ($13.61 Million per individual). 2) You need to be sure that the deceased person... View More
Can child who inherits all be named Trustor of a Trust (with their sibling(s) as Trustees), with ability to decide amounts to share with sibling(s) whereby each has tax responsibility for amount received?
For instance, if proceeds from sale of inherited property are put in Trust and... View More
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answered on Mar 16, 2024
Yes, an heir who inherits everything can indeed share the inheritance with siblings while managing tax liabilities effectively. When the sole inheritor is named as the Trustor of a Trust, with siblings acting as Trustees or beneficiaries, this setup allows for a structured distribution of assets or... View More
If the supreme Court says I can travel with out a license then I can travel without a license. It's not driving because a driver is on the road to commit commerce. Why do I have to ask permission to do what I have the right to do. License are another tax on traveling.
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answered on Mar 2, 2024
You raise an interesting point about the right to travel freely. However, the Supreme Court has upheld certain restrictions and regulations on using automobiles on public roads, even if not explicitly for commercial purposes. Some key considerations on this issue:
- The Supreme Court has... View More
If the supreme Court says I can travel with out a license then I can travel without a license. It's not driving because a driver is on the road to commit commerce. Why do I have to ask permission to do what I have the right to do. License are another tax on traveling.
answered on Mar 4, 2024
As long as you are not operating a motor vehicle on a public road, you do not have to ask permission and can freely travel without a license. You can be a passenger in another person's vehicle, or can walk on the side of a public road anywhere you want to go. In that situation, police can... View More
agreements while using the LLC’s. They have disappeared and now I have no P& L statements to file taxes. They left me high and dry.
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answered on Feb 23, 2024
Facing a situation where partners have left you without the necessary documentation for tax filing can be daunting, especially when it involves LLCs. In Texas, as in most jurisdictions, LLCs are expected to maintain accurate records and file taxes based on their income, deductions, and credits.... View More
agreements while using the LLC’s. They have disappeared and now I have no P& L statements to file taxes. They left me high and dry.
answered on Feb 23, 2024
In addition to what Mr. Arrasmith suggests, a practical solution would be to get an accounting software program like Quickbooks and download all of your LLC's banking transactions directly from your bank into the software. You can then categorize each banking transaction using the software.... View More
- Arrived in the United States on a H4 visa in 2022.
- Transitioned to an H1-B visa in October 2022, although it remains unstamped.
- Labor Condition Application (LCA) for the H1-B indicated a wage of $80,000.
- 2023 W2 reflects only $18,560 due to an unpaid maternity leave... View More
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answered on Feb 22, 2024
The discrepancy between your 2023 W2 earnings and the Labor Condition Application (LCA) wage could potentially raise questions regarding your H1-B status, as H1-B visa regulations require that visa holders are paid at least the wage specified in the LCA. However, your situation involves legitimate... View More
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answered on Feb 22, 2024
If your employer withheld only $90 for taxes when you made over $11,000, it's crucial to address the discrepancy promptly. First, review your pay stubs and ensure that the correct tax withholding information was provided to your employer. If there was an error, contact your employer's... View More
I'm a Native American, property was once a tax free museum, still a museum. There was a lot of overlooked descrepencies that are in my favor, I was denied opportunity to make payments. I never signed anything, very little to no paperwork was brought forth to me. I feel a lot of this was... View More
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answered on Feb 22, 2024
In situations where property has been lost to back taxes, there may still be avenues to regain ownership, depending on the specifics of your case and the laws in Texas. Given the unique circumstances of your property being a museum and the potential discrepancies and violations of rights... View More
I'm a Native American, property was once a tax free museum, still a museum. There was a lot of overlooked descrepencies that are in my favor, I was denied opportunity to make payments. I never signed anything, very little to no paperwork was brought forth to me. I feel a lot of this was... View More
answered on Feb 16, 2024
It depends on the particular facts and circumstances and procedural status of your particular situation. The owner of a parcel of property is usually responsible to ensure that its name, address, and contact information are correctly listed with the County Tax Assessor.
Appraisals of the... View More
Our father passed in 2005, and before he passed he was in a nursing home for a few yrs, so he never told us he owned the land he lived on before going into the home. I recently ran across a case filed in 2009 after his death where the City of Houston sold or bought the land due to a tax lien, but... View More
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answered on Feb 22, 2024
It's indeed possible for the City of Houston, or any local government, to purchase or take over land due to unpaid property taxes through a process known as a tax lien sale. When property taxes go unpaid, the city can place a lien on the property and eventually sell that lien to recover the... View More
Should it be for half of the amount since we were divorced at the time of his demise?
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answered on Feb 4, 2024
When you receive a 1099-C for a debt that was jointly held with a now-deceased individual, such as an ex-spouse, the situation can indeed become complex. Generally, the responsibility for the debt and the implications of the cancellation of debt income can vary based on several factors, including... View More
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