| Subject | Date Asked | Expert |
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| Offer in Compromise | 11/25/2009 | John Stancil, CPA |
Q: Over the past 2 years, my brother who is a very small business owner has been haggling with the IRS ...
A: At this point, incorporation or adding another owner would not help, as any such action would be ...
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| Offer in Compromise | 11/25/2009 | John Stancil, CPA |
Q: Over the past 2 years, my brother who is a very small business owner has been haggling with the IRS ...
A: Debra, Thanks for your question. He could sell you the equipment at fair market value for cash and ...
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| california taxes | 11/24/2009 | MEdusa |
Q: HOW DOES RESIDENCY OR NON-RESIDENCY AFFECT CALIFORNIA PROPERTY TAXES? Dean
A: no clue. live as far from calif as i can pretty sure they do have a homestead exepmtion and they ...
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| Selling and buying a home | 11/24/2009 | Dan Lively |
Q: I am in the process of selling my home and our projected closing date is 12/30/09. However, the ...
A: It is not a problem at all to sell your current home in 2009, and buy the next one in 2010. The one ...
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| gift | 11/24/2009 | John Stancil, CPA |
Q: My parents are gifting their home to me. They have lived there for many years. They would qualify ...
A: Nancy, Thanks for your question. Since the house is a gift, your basis will be their basis in the ...
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| forcloser | 11/24/2009 | John L. Tidwell |
Q: I owned on my house,1. and 2.-nd mortgage $245,000,have not pay my mortgage in 3 month`s,i will ...
A: Garbor: I do not know the answer to that question. I do not know a good deal of information that ...
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| Gift Taxes | 11/24/2009 | Helen P. O`Planick, EA |
Q: I shared a cd with my child who is now an adult. Every year I gave her an amount under an annual ...
A: Until your daughter removed the money from the CD it was not considered a gift. So it is now a gift ...
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| Capital gains tax on land sale | 11/23/2009 | Carole Dunton |
Q: I have 20 acres in Cass County, MO. My primary home residence sits on 10 acres of it. The other 10 ...
A: The sale will be taxed as a long term capital gain at a maximum rate of 15% (at least until Congress ...
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| VA - Part Resident - Notice for tax return filing | 11/23/2009 | John Stancil, CPA |
Q: Sir This is regarding a notice from Virginia Tax department for non filing individual income tax ...
A: Jay, Thanks for your question. Because you were a resident of VA for part of the year and had ...
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| Education Credit/Deduction | 11/23/2009 | John Stancil, CPA |
Q: I have a daughter in her 1st year & 1st semester of college (she is listed as a dependent on my tax ...
A: Mike, Thanks for your question. You did not incur any qualified education expenses and cannot take ...
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| Church tax question | 11/22/2009 | John Stancil, CPA |
Q: Our church in Colorado would like to make a portion of the church building available to another ...
A: Gordon, Thanks for your question. The sale and subsequent collection of interest from the pastor ...
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| Hope credit | 11/22/2009 | John Stancil, CPA |
Q: I am graduating in December with my 2nd bachelors degree, so I have already been to school for 4 ...
A: Cara, Thanks for your question. The Hope Credit was only for two years, but was changed to the ...
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| claiming a loss | 11/22/2009 | John Stancil, CPA |
Q: If a house was sold at a loss during the past year and a separate loan was taken out to cover the ...
A: Valerie, Thanks for your question. If the house was a personal residence, the loss or the interest ...
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| change in basis | 11/21/2009 | Dan Lively |
Q: I have been depreciating the wrong basis amount on my rental property since 2003 and now I'm selling ...
A: I am not sure what the fair market value from 2003 is being used for with regard to your basis, ...
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| change in basis | 11/21/2009 | Dan Lively |
Q: I have been depreciating the wrong basis amount on my rental property since 2003 and now I'm selling ...
A: You depreciate what is allowed or allowable, If you miss taking the correct amount you can amend ...
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| rollover ira | 11/21/2009 | Carole Dunton |
Q: I am 49 years old,I recently became disabled. I dont have alot in my ira but I thought it would be ...
A: I don't know whether or not you have to use all your funds before you can get government aid because ...
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| IRA-BDA 2009 Distribution | 11/21/2009 | MEdusa |
Q: Does the 2009 suspension on mandatory IRA distributions apply to IRA-BDA as well? My mother has an ...
A: the temporary suspension of rmd applies to inherited accounts too. see irs publication 590 ...
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| estate 1040 | 11/20/2009 | Dan Lively |
Q: My mother passed away on January 25, 2009. I understand I have to file 1040 and 1041. Her income ...
A: Unfortunately, you cannot carryback stock capital losses. You can only carry these forward. If any ...
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| gift taxes | 11/20/2009 | John Stancil, CPA |
Q: If one were 85 and contemplating giving an early inheritance of 500,000 to a child in his or her ...
A: Bob, Thanks for your question. Just give it and file a gift tax return. Unless it has previously ...
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| Rental to Primary Residence | 11/20/2009 | Carole Dunton |
Q: How long do you have to live in a previous rental property for it to be considered your primary ...
A: You have to live in your main home 2 years during the 5 years preceding the date of sale to exclude ...
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| Ca Rental property to Primary Residence | 11/20/2009 | MEdusa |
Q: How long do you have to live in a previous rental property for it to be considered your primary ...
A: general rule is 2 out of last five with intermittent absenses not deducted. but remember there is ...
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| rollover ira | 11/20/2009 | MEdusa |
Q: I am 49 years old,I recently became disabled. Do I have to use my retirement funds up before I can ...
A: i can not speak to the requirement for you to drain your retirement funds. check with social ...
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| Dependent question | 11/20/2009 | Carole Dunton |
Q: I have been taking care of 3 people for the last 8 months including taking care of my son. Can I ...
A: If you didn't earn enough money to file a tax return you would get no benefit from claiming any or ...
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| Repayment of Relocation expenses | 11/20/2009 | John L. Tidwell |
Q: John, I joined company A in 2008 and they spend 15K on my relocation with an agreement that I will ...
A: Sanjay: Originally you were paid additional money by the company by the way of a relocation ...
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| Help With Refund Eligibility | 11/20/2009 | Helen P. O`Planick, EA |
Q: I gave my accountant my 2005, 2006, and 2007 personal and business tax information to prepare both ...
A: You can sue him in a civil suit if you think you were done wrong. But no matter what, you have lost ...
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| estate | 11/20/2009 | Dan Lively |
Q: My mother passed away on January 25, 2009. I understand I have to file 1040 and 1041. Her income ...
A: Sorry to hear about the passing of your mother. There are 3 returns that you need to consider from ...
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| Help With Refund Eligibility | 11/20/2009 | Helen P. O`Planick, EA |
Q: I gave my accountant my 2005, 2006, and 2007 personal and business tax information to prepare both ...
A: You have lost your 2005 refund, the statute of limitations has expired and there is nothing you can ...
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| IRS Audit | 11/20/2009 | Dan Lively |
Q: We are getting audited for specifically Cost of Goods issue, because of a family farm. So there is a ...
A: If the family business was filed as a schedule C on your form 1040, and was not a separate business ...
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| Tax Liability | 11/19/2009 | MEdusa |
Q: I want to invest/give $25,000 to a family member to aid in their starting a business. What would be ...
A: depends upon how you (and they) set it (your loan, investment and subsequently the business itself). ...
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| Federal Tax on Federal CSRS pension living abroad | 11/19/2009 | John Stancil, CPA |
Q: My only source of income is a federal Civil Service Retirement System (CSRS) pension. If I move to ...
A: Ray, Thanks for your question. As a U. S. citizen you are subject to tax on your worldwide income, ...
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| 401K withdrawals | 11/19/2009 | Glenn D Schnabel |
Q: After 59 1/2 the amounts withdrawn become taxable. Does that mean they are considered ordinary ...
A: 401K withdrawals are considered ordinary income subject to federal income tax not subject to the 10 ...
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| Perdiem tax | 11/19/2009 | John Stancil, CPA |
Q: Is there a rule to taxing perdiem or wages, if I stay and work in Texas over a year? What is the ...
A: Mark, Thanks for your question. If the assignment is for an indefinite period, or is expected to ...
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| Taxes on Severance Pay | 11/19/2009 | Dan Lively |
Q: Is severance pay taxed like regular income or as a bonus?
A: Severance pay is taxed as regular income. However, you can adjust your W-4 prior to the payout to ...
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| step-up basis after spouse dies | 11/19/2009 | John Stancil, CPA |
Q: do you need an appraisal to get the correct value of farm and house or will the property tax papers ...
A: Marilyn, Thanks for your question. You don't want to use property tax papers as those frequently ...
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| Any money owed after 8 yrs of not living and working in the U.S. | 11/19/2009 | MEdusa |
Q: About 6 years ago my father died in a hospital in Jamaica awaiting surgery. My father did not leave ...
A: cant speak to jamaican law, but you would not owe usa tax on an inheritance so go for it. plus, I ...
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| Filing taxes in Indiana and in a pending divorce. | 11/19/2009 | John Stancil, CPA |
Q: My question is: My soon to be ex husband and I are having to file income taxes jointly due to the ...
A: Brenda, Thanks for your question. No, he does not have a right to half the taxes. You do not have ...
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| Filing taxes in Indiana and in a pending divorce. | 11/19/2009 | MEdusa |
Q: My question is: My soon to be ex husband and I are having to file income taxes jointly due to the ...
A: you can file under status 'married filing separately' usually does not provide quite the same ...
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| Filing taxes in Indiana and in a pending divorce. | 11/19/2009 | Alexandra Shainskaya, CPA |
Q: My question is: My soon to be ex husband and I are having to file income taxes jointly due to the ...
A: This is something you have to discuss with your divorce attorney. Usually your attorney will ...
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| real property transfer | 11/19/2009 | John Stancil, CPA |
Q: Is there any way to avoid gift tax when transferring real property between relatives?
A: Ben, Thanks for your question. Unless you are talking about a very large transfer, there should ...
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| Charitable Contribution | 11/18/2009 | John Stancil, CPA |
Q: I'm not sure if my last question went into a pool or went directly to the person I selected, but I ...
A: Sorry, I saw that part, and failed to answer it. I had about 6 questions come in at the same time ...
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