| Subject | Date Asked | Expert |
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| Married filing separately for expat with foreign spouse? | 7/19/2008 | Glenn D Schnabel |
Q: This question is about 2008 taxes. I'm a US citizen, and my husband is Japanese. He worked in the ...
A: Amy, Thank you for you question. 1) My question for 2008 is: would our taxes be lower if we ...
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| Non business Bad Debt-Home Improvement | 7/18/2008 | John Stancil, CPA |
Q: My wife and I recently had a pool installed. The pool has poor workmanship and numerous defects. ...
A: You do not have to actually spend the $40K, an estimate of the cost to finish would be sufficient to ...
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| Taxation of retirement funds | 7/18/2008 | Glenn D Schnabel |
Q: I am leaving my company in Switzerland and moving to California,USA .What happens to my Swiss ...
A: Ugur, Thank you for your question. 1)What happens to my Swiss retirement funds savings if I ...
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| Bonus Pay | 7/18/2008 | John Stancil, CPA |
Q: My bonus pay was suppose to be $7,498 dollars but my pay stub read $6,998. When I asked my employer ...
A: Amish, Thanks for your question. What your employer has done may not be the best way to handle it, ...
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| Capital Gains on Real Estate | 7/18/2008 | Carole Dunton |
Q: My wife currently own our home in San Jose, Ca, approximate value $400,000. We also own 3 acres of ...
A: All of that would work but you could not exclude all the gain on the rental unit even if it is ...
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| FILING STATUS | 7/18/2008 | Jay Allen Finn |
Q: My husband passed away in june 2007. I filed my 2007 taxes as married. How many years does IRS ...
A: if you have a qualifying child, you can extend the joint filing (I think only one year). However, ...
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| Tax on a Structured Settlement | 7/18/2008 | Jay Allen Finn |
Q: I have a structured settlement and I am selling it to a company that buys these annuities. In the ...
A: We need to determine if your original annuity or structured settlement is a taxable annuity; ...
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| federal taxes due? | 7/18/2008 | Carole Dunton |
Q: my name's candice and i recently opened a small business in NJ. This is my first quarter filing ...
A: Assuming that you are a sole proprietor, you will report your business income and expenses on ...
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| Early IRA Withdrawal | 7/18/2008 | John Stancil, CPA |
Q: I have 2 homes and other real estate that I own free and clear. No rental income from any of ...
A: Dale, You cannot contribute to an IRA unless you have earned income, which you do not appear to ...
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| Church Tax Deductible | 7/18/2008 | John Stancil, CPA |
Q: We have a issue that keeps coming up at our church that i would clarification. We have a senior ...
A: Actually the problem is that if the funds are designated as entertainment, there could be an ...
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| gift taxes / trust | 7/18/2008 | John Stancil, CPA |
Q: I was recently made trustee of a trust created for a living elderly friend. Essentially, his assets ...
A: Ann, Thanks for your question. This is not a gift situation, so you do not have to worry about ...
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| Separated Tax Filing | 7/18/2008 | Glenn D Schnabel |
Q: My wife and I may separate. One of our biggest issues is the way she spends money. She owns her own ...
A: Jack, Thank you for your question. Just a note, why did she not incorporate if the business was ...
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| Injured spouse deductions allotment | 7/18/2008 | Mike Wellman |
Q: I am trying to fill out an injured spouse form, as I recently remarried and am not liable for my new ...
A: If you itemize your deductions, enter each of your separate deductions, such as employee business ...
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| state income tax | 7/18/2008 | John L. Tidwell |
Q: I know someone who lives and works in DC. She is getting Maryland state tax withheld from her ...
A: Sandi: Maryland has an agreement with DC that employers will withhold state income tax and forward. ...
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| per diem | 7/17/2008 | Glenn D Schnabel |
Q: I am an independent contractor working on a long term project. How long can I remain on this job ...
A: Mike, Thank you for your question. As an independent contractor, per diem becomes subject to ...
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| 1120 s balance sheet | 7/17/2008 | John Stancil, CPA |
Q: husband and wife owners 50/50. we put prop. 2 lots into business name. did not owe any money on them ...
A: Steve, Thanks for your question. The land would go on the balance sheet at your cost not FMV. ...
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| Is gift tax due on 3rd party loan payoff? | 7/17/2008 | John Stancil, CPA |
Q: My father and I are joint owners (50% each) of a vacation property in Washington, and both our names ...
A: Mickey, Thanks for your question. Because you are not liable on the debt, your paying off the ...
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| unreimbursed expenses from employer bankruptcy | 7/17/2008 | Glenn D Schnabel |
Q: My husband worked for a company that reimbursed his expenses (gas, etc.; he was in sales). He used ...
A: Rebecca, Thank you for your question. He should use Form 2106 to claim business expenses. There ...
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| Gift Tax | 7/17/2008 | John Stancil, CPA |
Q: but am hoping to get a bit more detail. My understanding is that a married couple can gift up to ...
A: Mark, Thanks for your question. No, its about that simple. The key point is that the payments ...
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| How to report to investors in an LLC | 7/17/2008 | John Kirk, CPA |
Q: I have a single-member LLC. If investors put money into it with the idea of earning interest income ...
A: It depends on how they are investing in the LLC, if not as members than they are loaning the LLC ...
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| Gift Taxes | 7/17/2008 | Glenn D Schnabel |
Q: My Mother in Law wants to gift her three children $10,000 each, i understand from your answer to the ...
A: David, Thank you for your question. 1)My question is if there is a standard form that should be ...
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| Non business Bad Debt-Home Improvement | 7/17/2008 | John Stancil, CPA |
Q: My wife and I recently had a pool installed. The pool has poor workmanship and numerous defects. ...
A: Steve, Thanks for your question. You cannot deduct the legal costs, as they are classified as ...
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| Gift Tax | 7/16/2008 | John Stancil, CPA |
Q: My father could win a mal-practice law suit of around 2 million. He wants to give me $200,000. Is ...
A: Kristi, I misread a portion of your question and need to amend my answer. If you defaulted he ...
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| Clergy Tax Reporting | 7/16/2008 | Helen P. O`Planick, EA |
Q: I would like information about gift giving and pastoral responsibility in reporting. Is there any ...
A: Anyone can give anyone a gift, nothing is taxable (a gift tax return is due if the gift(s) exceed a ...
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| Employment status | 7/16/2008 | John L. Tidwell |
Q: I agreed to fill in for an employee who is out for surgery in the month of July at a winery that I ...
A: Elizabeth: You are an employee not an independent contractor. It is apparent that the employer is ...
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| Church provided material and gifts | 7/16/2008 | John Stancil, CPA |
Q: Is there an established monetary threshold to be used when providing literature, books, and ...
A: Kenneth, Thanks for your question. The key here is whether there is a pro-quid-pro. In other ...
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| Claiming Independent | 7/16/2008 | John Stancil, CPA |
Q: I'm a 19 year old college student who was born and raised in Ohio, but am attending school in ...
A: Sarah, Thanks for your question. First, there is really no such category as claiming independent. ...
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| social security | 7/16/2008 | Glenn D Schnabel |
Q: This is the first year I'm receiving social security My business failed and my only income is social ...
A: Lisa, Thank you for your question. Since your only source of income is $1400 per month, you will ...
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| MFS - amending later | 7/16/2008 | Helen P. O`Planick, EA |
Q: The new student loan repayment legislation which includes loan forgiveness after 10 years of public ...
A: You can amend to MFJ anytime within the 3 year window of amending the returns. HOWEVER, I'm not ...
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| Parentally abducted children | 7/16/2008 | John Stancil, CPA |
Q: My ex-wife abducted our two daughters in mid May of 2007. I was granted sole custody of them in ...
A: Bill, Unfortunately not. Since the child was abducted by a relative, they are not considered by ...
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| adoption tax question | 7/16/2008 | Helen P. O`Planick, EA |
Q: I will be adopting an older child, and the child will be legally placed in my home for adoption in ...
A: Unless adopted by the end of the year, you will not be able to claim him for 2008. If he is legally ...
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| rental property losses | 7/16/2008 | Carole Dunton |
Q: I own a condo in California. I am considering moving to Washington State and renting out my property ...
A: When you deduct your expenses they include mortgage interest and property taxes as well as other ...
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| need to know how to do taxes | 7/16/2008 | Carole Dunton |
Q: i work for a texting company as a ic and no taxes taken out of checks i just started and i am paid ...
A: You will report your income and expenses on Schedule C. Your net self employment income will be ...
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| OFF the Books | 7/16/2008 | John L. Tidwell |
Q: currently work off the books but my employer pays me with a check. i have been working there for ...
A: Steve: If you are working for your employer as an employee, the wages you are earning are being ...
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| OFF the Books | 7/16/2008 | John Stancil, CPA |
Q: i currently work off the books but my employer pays me with a check. i have been working there for ...
A: Steve, Yes, you need to file amended return for all years in which the off the books income was ...
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| Car donations of deceased title holder | 7/16/2008 | John Stancil, CPA |
Q: I understand that I must provide a tax id or social security number to the charity to whom we are ...
A: Barbara, Thanks for your question. You should use the estate ID or your SSN. If you use the ...
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| S-Corporation and 1099-C | 7/16/2008 | John Kirk, CPA |
Q: I have a small retail business with property under S-Corporation. I and my partner, each are 50% ...
A: The taxes cannot be avoided. The fact that the business is insolvent has no bearing in this case. ...
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| rental property losses | 7/15/2008 | Carole Dunton |
Q: I own a condo in California. I am considering moving to Washington State and renting out my property ...
A: You report your rental income and expenses on Schedule E. One of your expenses is depreciation. Be ...
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| Overseas Tax Exempt | 7/15/2008 | John Stancil, CPA |
Q: Is it possible for your tax exemptions to be prorated for the number of days you are out of country ...
A: Sean, The foreign earned income exclusion will be prorated, but in order to receive it at all you ...
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| Buying house tax issues | 7/15/2008 | Glenn D Schnabel |
Q: My mom (85) lives in an apartment and is considering buying an investment house (foreclosure). She ...
A: Pam, Thank you for your question. 1)What issues will this present for her income taxes, etc. If ...
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