| Subject | Date Asked | Expert |
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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Q: After 59 1/2 the amounts withdrawn become taxable.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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| 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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| overseas tax exemptions | 11/18/2009 | John Stancil, CPA |
Q: I am working for a US company as a contractor in Iraq. This year I will have spent 160 days ...
A: Jeff, Thanks for your question. You must have a physical presence in a foreign country for 330 ...
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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: John, Thanks for your question. The church will need to complete a statement acknowledging the ...
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| Tax Question from Transferring Grant Deed | 11/18/2009 | MEdusa |
Q: To settle a legal dispute, I have agreed to transfer the grant deed title of my investment property ...
A: first. define 'silent' partner. any documentation at all ? including the $15k original investment?? ...
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| Tax Question from Transferring Grant Deed | 11/18/2009 | MEdusa |
Q: To settle a legal dispute, I have agreed to transfer the grant deed title of my investment property ...
A: few supporting questions. what is the nature of property surrendered? nature of the dispute? ...
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| rule 330 | 11/18/2009 | John Stancil, CPA |
Q: If I work international less than 330 days, but stay out of country unemployed for 330 days, does ...
A: Bill, Thanks for your question. The 330-day physical presence test does not require that you be ...
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| inherited foreign cash | 11/18/2009 | John Stancil, CPA |
Q: I am a US Citizen. My father is in a nursing home in Canada. About 2 years ago,my brother, who lives ...
A: Paul, Thanks for your question. If it occurs after the death of your father, it would be ...
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| Stock merger treatment | 11/18/2009 | John Stancil, CPA |
Q: My company may merge with another company. The other company has assigned a value to my company and ...
A: Greg, Thanks for your question. You will have a carryover basis in the new stock. In other words, ...
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| Contracted Labor | 11/17/2009 | John Stancil, CPA |
Q: John, Our company is a small company that moved from Texas to Kansas. In Texas our Sales Reps. were ...
A: Denise, Thanks for your question. That is pretty much a federal questions, although states may ...
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| cap gain on land sale | 11/17/2009 | John Stancil, CPA |
Q: Parents gave me a lot in 1990, I paid $1. I want to sell it and I would like to know what the tax ...
A: Diane, Thanks for your question. Actually you do not pay tax on the gain. Since the selling price ...
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| Estate Tax | 11/17/2009 | John L. Tidwell |
Q: Good day to you, I would like to find out the amount of estate taxes that was paid on my mothers' ...
A: Nicole: All records of an estate are filed with the court that had jurisdiction over your mothers ...
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| Beneficiaries K-1 Reporting | 11/17/2009 | MEdusa |
Q: How is interest earned on U S Savings Bonds (EE and I) reported on the K-1 sent to a beneficiary to ...
A: not a simple answer to a complicated question. various scenarios are possible all with very ...
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| tax | 11/17/2009 | MEdusa |
Q: 135. Since a partnership is a "flow-through" entity, it does not pay taxes on its income. Instead, ...
A: read your homework and stop trying to take the fuc<ing easy way out. and you want to do taxes or be ...
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| Business Start up | 11/17/2009 | Alexandra Shainskaya, CPA |
Q: I just started my new business with Mary Kay. I am very new to this and unsure how to keep record of ...
A: In order to keep track of your income and expenses it would probably be easiest to buy an accounting ...
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| 1099-Misc Non-Employee income | 11/17/2009 | John Stancil, CPA |
Q: Through divorce I received NQ Stock Options transferred to me to sell myself as I was in a low tax ...
A: I still think that it cannot be treated as Schedule C income, since it is having FICA and Medicare ...
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| Back taxes -- options? | 11/17/2009 | WILLIAM D MCCONNAUGHY |
Q: ...This is a state tax question, but general information on how best to proceed would be helpful. ...
A: You should get a certified copy of your tax return from IRS and utilize it to properly prepare your ...
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| 1099-Misc Non-Employee income | 11/17/2009 | John Stancil, CPA |
Q: Through divorce I received NQ Stock Options transferred to me to sell myself as I was in a low tax ...
A: Jim, Thanks for your question. Not certain what 1099-MISC income you refer to. If you mean the ...
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| Sale of Second Home | 11/17/2009 | John Stancil, CPA |
Q: We own a condominium in the Buffalo, NY area that was used primarily in the winter as a safe haven ...
A: Paul, Sorry, but the gain must be reported in the year of sale. The only exception would be if you ...
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| 401K with drawl befor tax hike | 11/16/2009 | MEdusa |
Q: I am 69 and have a small sum in a 401K. The Bush tax cut will run out befor I am 70.5 Should I with ...
A: is not that simple. how much other income do you have. how much do you have qualifed assets (401k ...
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| college tution | 11/16/2009 | John Stancil, CPA |
Q: My son is 37 yrs. old. He lives in one state & we live in another. He went back to school to become ...
A: Brenda, Thanks for your question. You cannot claim him as a dependent as he does not live with ...
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| Residence state | 11/16/2009 | John Stancil, CPA |
Q: John: My home is in Colorado where I have worked previously, and hope to retire to, in 4 years. I ...
A: Jim, Thanks for your question. That is correct. Under IRS rules, if your assignment lasts for ...
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| 401K early withdraw | 11/16/2009 | John Stancil, CPA |
Q: My husband is trying to withdraw money from his 401K in order to satisfy our divorce settlement. My ...
A: Dana, Thanks for your question. You will have no tax consequences. The withdrawal is taxable ...
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| Is paying someone's medical bills a taxable gift? | 11/16/2009 | Dan Lively |
Q: My sick friend D needs $28,000 worth of medical care. My friends and I want to pay for it, but it ...
A: The recipient of a gift does not have to pay taxes on the gift, so the money you give to your friend ...
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| Freelance and Deductions | 11/16/2009 | John Stancil, CPA |
Q: I've read through IRS Publication 463 and I'm trying to figure out how to handle deductions for my ...
A: Steve, Thanks for your question. If you maintain your CA apartment, your tax home would remain CA ...
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| filing tax return and independency | 11/15/2009 | Glenn D Schnabel |
Q: I am 17 years old and I live alone and support myself. I do not live with either of my parents and I ...
A: Jewel, If you support yourself and live alone, then you can file yourself and not allow your ...
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| preschool tuition remission | 11/15/2009 | MEdusa |
Q: What are the tax implications if a child development center offers free tuition for employees' ...
A: tax free MEdusa see below: http://www.irs.gov/publications/p970/ch01.html Education Below ...
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| 2007 1099B* | 11/15/2009 | John L. Tidwell |
Q: We just received a notice from the IRS that we under reported our income in the amount of 25,000 for ...
A: Jim: It is possible that the account made $5,000.00 in profit and the profit was over looked by ...
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| "Article of Agreement" question, please! | 11/15/2009 | John Stancil, CPA |
Q: My husband and I looked at a house a couple of years ago. It was/is my dream home, but out of our ...
A: Tammy, Thanks for your question. First, receiving payments in cash and not reporting it is fraud. ...
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| Will my parents have to pay taxes on a house they rent to me? | 11/14/2009 | John Stancil, CPA |
Q: My parents bought a new home, they still have a mortgage on their current residence that they will ...
A: Sue, Thanks for your question. Since they are paying the mortgage and charging you rent, they will ...
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| Dependants that have children | 11/14/2009 | MEdusa |
Q: My daughter is 18 and the mother of a two-year-old child. She lived with her father for 6 months in ...
A: is there a decree/agreement from the father/mother divorce? does she get child suuport from the ...
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