| Subject | Date Asked | Expert |
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| PAYMENT PRIOR TO DIVORCE SETTLEMENT | 10/5/2008 | Glenn D Schnabel |
Q: I was divorced 6 months ago, but the property settlement has yet to be settled. My family law ...
A: Jeff, Thank you for your follow- up question. 1)So am I out of luck? My family law attorney has ...
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| Death of spouse | 10/5/2008 | John Stancil, CPA |
Q: Wife Carol died in Sept. I need to prepare HER return for jan-sept 2008.One 1099 and one K-1 is ...
A: Joel, Thanks for your question. First, whatever return you file will be for the entire year. You ...
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| equity allowance advice | 10/5/2008 | John Stancil, CPA |
Q: Recently, my husband(full time pastor)had additional duties put on him by the death of a fellow ...
A: Wilma, Thanks for your question. My advice would be for the church to increase his salary by that ...
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| PAYMENT PRIOR TO DIVORCE SETTLEMENT | 10/5/2008 | Glenn D Schnabel |
Q: I was divorced 6 months ago, but the property settlement has yet to be settled. My family law ...
A: Jeff, Thank you for your follow up question. 1) How do I document or otherwise prove-up that these ...
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| PAYMENT PRIOR TO DIVORCE SETTLEMENT | 10/5/2008 | Glenn D Schnabel |
Q: I was divorced 6 months ago, but the property settlement has yet to be settled. My family law ...
A: Jeff, Thank you for your question. 1)This has become a significant amount of money, and I was ...
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| Zero tax rate on Capital gain | 10/5/2008 | Carole Dunton |
Q: Need clarification on eligibility for Zero tax rate on Long term capital gain on sale of personal ...
A: You won't be able to claim the 0% tax rate on all of the gain remaining after your exclusion if your ...
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| Inherited IRA | 10/5/2008 | Carole Dunton |
Q: My father passed away January 2005 at age 69. He had a traditional IRA which he left to my sister ...
A: Since you missed the first required minimum distribution and the amount is small, you can take it ...
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| depreciation recapture | 10/5/2008 | John Stancil, CPA |
Q: I purchased two rental homes last year. I plan to sell them for a gain in two years. I understand ...
A: Everett, The gain on the real estate will not exceed your marginal ordinary income rate. Some of ...
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| independent contractor | 10/5/2008 | Glenn D Schnabel |
Q: I currently have a full time job where my tax bracket is 35%. I also have a part time job working ...
A: Thomas, Thank you for your question. 1)In terms of income tax rates, is the tax rate for my part ...
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| Zero tax rate on Capital gain | 10/5/2008 | Carole Dunton |
Q: Need clarification on eligibility for Zero tax rate on Long term capital gain on sale of personal ...
A: If you owned and lived in the home as your main home for 2 years during the 5 years preceding the ...
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| capital gains | 10/4/2008 | Carole Dunton |
Q: I own a home in Caifornia, I need to try and sell it as I can no longer afford to keep my home. I ...
A: You need to go to your tax person to calculate your income tax on the gain. I don't have enough ...
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| Reporting lottery winnings | 10/4/2008 | John Kirk, CPA |
Q: I work for a charity and we will have a lottery where the winner will receive a car that was donated ...
A: You need to issue a 1099-misc to the winner stating the appraised value of the vehicle. Not what ...
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| 1041 K-1 distributions | 10/4/2008 | John Kirk, CPA |
Q: My sister died in 1999. I was the successor trustee of her living trust. In her trust, she left my ...
A: It really depends on the trust agreement as to whether the trust or the beneficiaries pay the tax on ...
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| New baby, should the father and I get married? | 10/4/2008 | Glenn D Schnabel |
Q: I just had my first child in August 2008, but am not married to the father. He has two (maybe 3) ...
A: Heidi, Thank you for your question. 1) I was wondering if it would benefit us to get married so ...
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| Tax shelter a portion of severance? | 10/4/2008 | Helen P. O`Planick, EA |
Q: I found out a few days ago, that my job for the past 26 years is being consolidated into our main ...
A: You can contribute to an IRA or a ROTH IRA. HOWEVER, for a traditional IRA, you may or may not be ...
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| capital gains | 10/4/2008 | Carole Dunton |
Q: I own a home in Caifornia, I need to try and sell it as I can no longer afford to keep my home. I ...
A: You can't transfer the capital gains to your house in Virginia. You say that you rented the house. ...
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| Tax Liability | 10/4/2008 | John Kirk, CPA |
Q: I'm currently a college student and I work part time. I moved out of my house about 5 months ago and ...
A: You can claim exempt from Federal withholding if you had no tax liability last year, and expect no ...
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| nonresident alient | 10/3/2008 | Glenn D Schnabel |
Q: My friend lives in Russia (and not a resident of USA)and he would like to buy a residential property ...
A: Tatsiana, Thank you for your question. 1)When buying for 100% cash I assume that cash should be ...
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| My own business | 10/3/2008 | John Stancil, CPA |
Q: I jsut started my own catering business and and set up as an S-Corp, which my CPA told me that ...
A: Mary, A couple of issues. You many not want to do payroll, but if you have people whom you ...
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| 401k + divorce | 10/3/2008 | Ivan Roth |
Q: I gave my wife $30,000 out of my 401k. I had them take the taxes out. now the irs says that I still ...
A: if this is not the case, which I assume it is you do owe a 10% penalty for early withdrawal the ...
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| Question on Sec.179 | 10/3/2008 | John L. Tidwell |
Q: Your webisite is really useful for any business or Accountants. I got a quick question on ...
A: Jon: The irs web site spells out what the irs will allow for depreciation. I do not have a list of ...
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| Stock Sale | 10/3/2008 | John Kirk, CPA |
Q: A client of mine, a NY S-Corp is selling their stock, which is not something I usually come across. ...
A: If his stock is sold for $100,000 the gain would be determined by the difference in the basis of the ...
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| Severance Pay Taxes | 10/3/2008 | John Stancil, CPA |
Q: I'm receiving severance pay at this time after 9 years of service and the information I received ...
A: Wanda, Severance pay can be taxed at a flat 25% or at your usual withholding rate depending on how ...
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| Audit | 10/3/2008 | Jay Allen Finn, CPA |
Q: I am being audited for the tax year 2006. I have not had my first meeting. During my preparation ...
A: Pete, You did not tell me what specifically they are auditing or if you have adequate proof or ...
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| Tax Liiability on Historical Property | 10/3/2008 | John Kirk, CPA |
Q: Expert: John Kirk CPA Oct.3, 2008 Subject: Town Tax Liability on Historical Property in ...
A: I really can't answer that, that is something the town council should have discussed in the purchase ...
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| First time home purchase... | 10/3/2008 | Helen P. O`Planick, EA |
Q: I am single and looking to purchase my first home. I am currently considering taking either a ...
A: First, note that if you take a loan from your 401K and don't pay it back, you will pay taxes AND ...
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| Foreign Income Tax Exclusion | 10/3/2008 | John Kirk, CPA |
Q: If I were to work in Iraq from April 09 - April 10 as a U.S. contractor in support of the military ...
A: For you to qualify for the full exclusion of $87,600 for 2008 you need to have lived in the foreign ...
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| 401 K tax question | 10/2/2008 | Carole Dunton |
Q: I am 61 years old and would like to withdraw my 401k money and put it into a CD during this period ...
A: If you takae it out of the retirement account you will have to pay income tax on the distribution. ...
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| stock joint accounts | 10/2/2008 | Carole Dunton |
Q: We want to open a joint account with ING so we can buy stock. It stated we needed to check the tax ...
A: Assuming that you file a joint return you would simply report dividends, gains and losses on your ...
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| 401k 10% Tax Penalty | 10/2/2008 | Glenn D Schnabel |
Q: Is there any discussion in the House/Senate regarding termporarily lifting the 401k early withdrawal ...
A: Mark, Thank you for your question. I have not heard of anything like that. Most are 1)removing ...
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| Partnership Sale - Form 4797 | 10/2/2008 | Glenn D Schnabel |
Q: My questions relate to the Partnership tax forms 4797, 1065 Schedule K, and 1065 Schedule D (?? if ...
A: Bill, Thank you for your questions. 1. Am I correct that land and building should be separated on ...
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| NJ inheritance tax | 10/2/2008 | Glenn D Schnabel |
Q: My two brothers and I inherited a farm estate in NJ with property estimated to be valued over 2 ...
A: Dan, Thank you for your question. Congratulations on joining the farming business. 1)I am ...
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| Stock Sale | 10/2/2008 | John Kirk, CPA |
Q: A client of mine, a NY S-Corp is selling their stock, which is not something I usually come across. ...
A: Since it is a transfer of stock ownership, you are correct in that it is not a bulk sale. Under sec ...
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| Relocation PKG Taxes | 10/2/2008 | John Stancil, CPA |
Q: I recently relocated, my company moved me from one facility to another. They offered a relocation of ...
A: Stephen, That's pretty much correct. The amounts paid to the movers should not be taxable income ...
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| property tax | 10/2/2008 | John Kirk, CPA |
Q: I'm about to close on my new house in two weeks. We don't have date yet, but it will probably be ...
A: It should be settled on your closing statement. If you close after 10/15/08 and the property tax ...
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| Taxes on Pension | 10/2/2008 | Carole Dunton |
Q: I am interested in taking a lump sum payment on a pension plan that was canceled with my former ...
A: In addition to ordinary income tax you will have to pay a 10% penalty for early distribution. Plus ...
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| Pension | 10/1/2008 | Carole Dunton |
Q: I am receiving a monthly pension check. Do I have to pay taxes on this money?
A: Your pension would be taxable if your total income exceeds your standard deduction and personal ...
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| Need help with 1099-MSC | 10/1/2008 | Helen P. O`Planick, EA |
Q: I have been unable to work for quite some time now but I have an old contract for a web site I host ...
A: You must file. You need a Sch C and SE along with your 1040. You will owe taxes. If you use ...
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| Back taxes pd this year. | 10/1/2008 | Glenn D Schnabel |
Q: I have a fellow who is just now paying the withheld payroll taxes for 03, 04 & 05. He was a ...
A: Pam, Thank you for your question. 1)Can he deduct the payments this year? As a schedule C filer, ...
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| Employee or independent contractor? | 10/1/2008 | Helen P. O`Planick, EA |
Q: I have been working for a company most of this year as an independent contractor, but I believe that ...
A: It looks like you should definitely be an employee. File the SS-8 with your return and send one to ...
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