| Subject | Date Asked | Expert |
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| Gifting a 1031 property | 11/9/2009 | John Stancil, CPA |
Q: For three years my husband and I have owned a rental property we bought as a 1031 exchange. We paid ...
A: The $13,000 is an annual exclusion and can be given to an unlimited number of individuals. It is ...
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| Gifting a 1031 property | 11/9/2009 | John Stancil, CPA |
Q: For three years my husband and I have owned a rental property we bought as a 1031 exchange. We paid ...
A: Karen, Thanks for your question. No tax problem if you follow all the procedures. Since the gift ...
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| tax fraud in undesignated offerings? | 11/8/2009 | John Stancil, CPA |
Q: I understand that when the donor of a designated offering exerts undue control over the gift, then ...
A: If the church is holding a "special offering" for a specific purpose - evangelist, parsonage ...
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| comm. chargebacks | 11/8/2009 | Carole Dunton |
Q: I work on 100% comm. And if clients don't make 6 monthly payments I get "charged back" on the money ...
A: If the income and the charge back occur in the same year, it would not be deductible. If the income ...
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| How does buy-out price affect property-tax value? | 11/8/2009 | Bruce W. Tyler, EA |
Q: My ex & I have a divorce agreement that specifies that I have the option to buy-out his share of our ...
A: Excellent questions! First, I am going to assume you live in a state where property taxes are based ...
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| Sale of inherited foreign property | 11/8/2009 | John Stancil, CPA |
Q: My father-in-law passed away in Taiwan 28 years ago and left the family house to my wife and her 5 ...
A: Hou, Thanks for your question. No you cannot treat the entire amount as an inheritance and avoid ...
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| Condo Association Common Property | 11/8/2009 | John Stancil, CPA |
Q: The New Jersey Turnpike Authority (NJTA) recently acquired about an 2 acres of common property from ...
A: JoAnn, Thanks for your question. Normally, unless the association distributed the proceeds to the ...
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| Homebuyers tax credit | 11/8/2009 | MEdusa |
Q: I purchased a home that closed on Apr 1, 2009 and since they extended and expanded the home buyers ...
A: no. a. until the bill is signed (expected this weekend or monday) it is not yet law anyway, but my ...
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| Tax ID for deceased and Trust transfers | 11/8/2009 | John Stancil, CPA |
Q: My 98 yr old mother passed away recently. I am on her checking and saving accounts. Do I need to ...
A: Patti, Thanks for your question. You need to get a taxpayer ID number for the estate and for the ...
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| Filing requirement | 11/8/2009 | John Stancil, CPA |
Q: I filed an Articles of Incorporation with Secretary of State on May 2007, but I did not start my ...
A: Since there is no income and no expense and you have not filed a previous return, this is likely ...
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| Income taxes for co-owned rental property | 11/7/2009 | John Stancil, CPA |
Q: What is the best way to handle the income taxes for a 50-50 co-owned rental property that located in ...
A: Lincoln, Thanks for your question. Since it is not a partnership or an LLC, it is simply a joint ...
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| tax treatment of services that may include housing | 11/6/2009 | John Stancil, CPA |
Q: An individual may provide property management, maintenance and repair service to me at an apartment ...
A: Ken, Thanks for your question. First off, under the arrangement you have outlined, he would not be ...
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| Disability Income and FICA Tax | 11/6/2009 | John Stancil, CPA |
Q: In a previous answer, you stated that disability income is not subject to FICA. That does not seem ...
A: I can't speak for the insurance company, but my wife is on disability, I have done numerous returns ...
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| Effectively connected income in USA | 11/6/2009 | John Stancil, CPA |
Q: 1. An Indian company realises it may have unreported taxable income in USA due to providing services ...
A: Amitabh, Since the statute of limitations does not begin until the return is filed, they are ...
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| 401K | 11/6/2009 | Carole Dunton |
Q: Tax wise is it a good idea to pull a 401K out now to purchase a home when you are over 60 and what ...
A: If you withdraw money from a 401(k) you will pay ordinary income tax, at whatever rate your total ...
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| Physical presences test and lodging, meal exclusions | 11/6/2009 | Glenn D Schnabel |
Q: I am well versed in the requirements of the 330 day physical test and have met the amount for that ...
A: Ric, According to the IRS Publication 54: Foreign earned income does not include the following ...
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| Distribution into HSA from roth IRA | 11/6/2009 | Dan Lively |
Q: My wife and I have a HSA health insurance plan and I would like to one time fund the HSA with money ...
A: You can do a direct roll over from a Roth IRA to an HSA account, but it does not make sense. You ...
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| default on a promissory note note tax deduction | 11/6/2009 | MEdusa |
Q: FACTS: My business partner and I are going our separate ways (very amicably). He is going to keep ...
A: send a NEW 'private' question and I'll provide email off line. First, I would send him notice to ...
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| Filing taxes | 11/6/2009 | Glenn D Schnabel |
Q: My fiance works for himself and has not filed his income taxes in 2 or 3 years. This is preventing ...
A: Maria, If he does not file and has income to report, then the IRS can treat him as a non filer and ...
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| contract work tax filing | 11/6/2009 | John Stancil, CPA |
Q: I am contemplating accepting a job where the employer does not take out taxes so I will be ...
A: Brenda, Below is my original answer. Please ignore the "4" after January. Sorry for any ...
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| first time homebuyers tax credit | 11/6/2009 | Bruce W. Tyler, EA |
Q: my wife and I purchased a house in June of 2008 and refinanced it in 2009; I have not owned a home ...
A: Nick, Help me here some -- you said you lived in the home since 2006 but bought it in 2008 -- is ...
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| Mileage taxed without 1099 form | 11/6/2009 | John Stancil, CPA |
Q: I just got a letter from the IRS saying I owe $711 plus a $59 late fee on $2543 of "non-employee ...
A: Jim, Thanks for your question. The form itself would not help, as the IRS has a copy already. If ...
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| Sale of Personal Home Turned Rental | 11/6/2009 | Glenn D Schnabel |
Q: In July 2008 we bought a new home and put our old home on the market. In late December a friend ...
A: Troy, Alot of this has to do with intent and what actually happened. If you converted your home to ...
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| dependent for tax purpose | 11/6/2009 | Bruce W. Tyler, EA |
Q: "My employer allows us to put our significant other on our medical as a domestic partner. On the ...
A: Amy, If your boyfriend did not earn over $3650 in 2009 and you provided over 50% of his support, ...
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| IRS 105b | 11/6/2009 | MEdusa |
Q: My employer allows us to put our significant other on our medical as a domestic partner. On the form ...
A: you can take him as a dependent. he should file a zero return claiming zero and you can claim ...
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| Pell Grant - FinAid ... | 11/5/2009 | Dan Lively |
Q: I am trying to get ready to go to college by starting my FAFSA application ... though I am worried ...
A: For this dollar amount, you should should just pay the amount due. It will continue to accrue ...
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| default on a promissory note note tax deduction | 11/5/2009 | MEdusa |
Q: FACTS: My business partner and I are going our separate ways (very amicably). He is going to keep ...
A: actually, you are $150k behind. how much income was reported in the interim (assumes 900k - the sum ...
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| MISC 1099 | 11/5/2009 | MEdusa |
Q: I work for a small law office. DO I need to issue MISC 1099 forms to vendors who were paid as ...
A: as you work for a law firm, you realize this is not legal advice, but yes. you do need to report ...
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| Retail Tax...double tax? | 11/5/2009 | Helen P. O`Planick, EA |
Q: I am a salon owner and purchase my product for retail including hair color from a distributor. I ...
A: You must charge tax to the end user. You need to check with your state's taxing authority and find ...
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| Dependent Care Claims | 11/5/2009 | Bruce W. Tyler, EA |
Q: I have had a few different childcare providers sign off on dependent care claim forms. If they are ...
A: I'm not sure what you mean by "sign off on their dependent care forms" - could you help me with that ...
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| estate tax on currency gains | 11/5/2009 | MEdusa |
Q: My father passed away in Canada a couple of years ago. The amount of his estate is below the taxable ...
A: no. but you do have to pay income taxes on the interest or capital gains on the accounts (in ...
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| Back taxes.. | 11/5/2009 | Mike Wellman |
Q: First I use to work for PWC in Chicago on the consulting side (SAP), just before the spin off, ...
A: The fact that the taxes have already been assessed means that he cannot lay low if he has a bank ...
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| K-1 (1065) | 11/5/2009 | John Stancil, CPA |
Q: I have a few questions in filling out Schedule K-1 (1065): Part II L: Partner's capital account. ...
A: Jeff, Thanks for your question. The cash account is an asset. The capital balance is the amount ...
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| inheritance tax | 11/5/2009 | Dan Lively |
Q: We need to have a gun collection appraised for the IRS for inheritance tax. Can anyone do it or must ...
A: You need to use a qualified and experienced appraiser. Look at the appraisal as your insurance ...
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| Question regarding IRA distribution and gifting | 11/5/2009 | John Stancil, CPA |
Q: My retired father (age 68) has various IRA accounts. He thinks it's a waste to let the money sit ...
A: Angelina, Thanks for your question. Any withdrawal, regardless of what he does with the money is ...
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| tax liabilty | 11/5/2009 | John Stancil, CPA |
Q: If my primary residence is in CA, but I own a second home in Oregon and do some work online from ...
A: Rich, Thanks for your question. If the money is earned in OR, you owe state taxes on it. Since ...
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| 1099 and NYS unemployment | 11/5/2009 | John L. Tidwell |
Q: I have worked the last 2 years for an individual as a 1099 contractor (administrative assistant); ...
A: Ms. Klein: I assume that you have not file unemployment tax reports on your wages/earning. I also ...
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| tax laws | 11/5/2009 | Dan Lively |
Q: My wife and I are separated and headed toward divorce. I make about 40,000 this year and have quite ...
A: To see how married filing separately will affect you, you can prepare your return this way and ...
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| married filing separate | 11/5/2009 | John Stancil, CPA |
Q: My wife and I are separated and headed toward divorce. I make about 40,000 this year and have quite ...
A: James, Thanks for your question. If you file separately, you cannot be held liable for what is on ...
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| Roof deduction?? | 11/5/2009 | John Stancil, CPA |
Q: I am renting a house to my sister in Georgia, I live in California. The idea is to rent it to her ...
A: Joanne, Thanks for your question. The cost of repairs and replacing the roof is not deductible at ...
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