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About Glenn D Schnabel
(Top Expert on this page)

Expertise
I can answer most federal individual income tax questions. I can not provide legal advise.

Experience
I have worked for a CPA firm for over 11 years. I have worked in private as well as government I have recently been running a tax preparation office, mainly focusing on individual income taxes

Organizations
I have been affiliated with managing condo associations and as a member of a coalition to educate condo owners as to their rights and responsibilities.

Education/Credentials
I have my B.S.B.A in Business Administration . Concentration in Accounting I have gone to yearly tax seminars and have tried to keep up with the evolving tax changes

Awards and Honors
Over my years I have received local awards for contributions to worthy organizations.

Past/Present Clients
This, of course remains confidential

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes)

Questions Answered By Expert Glenn D Schnabel
In Category Tax Law (Questions About Taxes)

Subject	Date Asked

Willed property	11/18/2008
Q: My Mother's house was willed to me. Her death was in Oct. 2008. I am now selling this house. Do I ... A: Carolyn, Thank you for your question. 1)Do I have to put the capital gains, from this house, on ...
Withdrawing money from an IRA	11/17/2008
Q: Do you have a close estimate about how much taxes I will have to pay after withdrawing $23,000 from ... A: Mary, Thank you for your question. 1) Do you have a close estimate about how much taxes I will ...
$7,500 Tax Credit for First Time Home Buyer	11/17/2008
Q: 11/18/08 I am looking to buy a house in the next couple months. I am single and 23 with no ... A: Gregg, Thank you for your question. 1)My question is: If I buy the house in Jan 2009, can if be ...
rental deductions	11/16/2008
Q: Last year, I could not deduct expenses and depreciation from my rentals because my wife and I made ... A: Thang, Thank you for your question. 1) I do all the screening, repairs, and management duties so ...
Medical Questions	11/15/2008
Q: I live in the Memphis, TN area and had to fly to New York City for open heart surgery. My wife ... A: Larry, I'm glad that every thing worked out for you. I guess I will make a note that NY ...
Medical Questions	11/15/2008
Q: I live in the Memphis, TN area and had to fly to New York City for open heart surgery. My wife ... A: Larry, I guess the IRS feels that people should be checked into a hospital and not staying at a ...
Dependent Care Credit/Flex Spending	11/13/2008
Q: I understand that my limit for contribution to my company's dependent flex spending account is ... A: Tracy, Thank you for your question. 1) If I will pay more than that in 2009 for 1 child, can I ...
babysitting	11/13/2008
Q: ex husband trying to get me for tax fraud saying i run a daycare without turning in my income . i ... A: Ronda, Thank you for your question. 1) how much can you make before you must turn it in the pay ...
Inheritance Tax Deductibility	11/13/2008
Q: My aunt passed away this year. I inherited her IRA and I (not the estate) had to pay New jersey ... A: Robert, Thank you for your question. 1)Can I deduct this expense on my federal return? No. ...
Late filing	11/13/2008
Q: I'm not sure where to begin, it's a complicated story... In April 2008 I told my accountant to file ... A: Eran, Thank you for your follow up question. 1)Will we surely get it next year? and if not, is my ...
federal tax	11/13/2008
Q: my husband was employed between Jan and May and has again joined employment starting this week. So, ... A: Txm. Thank you for your question. 1)Can I claim him as a dependent for this year while filing my ...
gift tax	11/12/2008
Q: I know I can give or receive a gift of 1,200.00 per year with no tax report filled, but what if the ... A: Terry, Thank you for your question. 1) Who needs to file the report and what is the of tax on ...
Late filing	11/12/2008
Q: I'm not sure where to begin, it's a complicated story... In April 2008 I told my accountant to file ... A: Eran, Thank you for your question. 1). If it is an honest mistake, can it be fixed? will the IRS ...
tax exemption	11/12/2008
Q: Home News Local National AP Video News Weather Forecast ... A: Leslie, Thank you for your question. 1)May I claim my oldest son on my tax return for this year. ...
401k inheritance	11/12/2008
Q: My mother died leaving a 401k to me, what are the tax consequences if I take it, can I roll it over ... A: Mitzi, Thank you for your question. Sorry about the passing of your mom. 1)My mother died leaving ...
contractor settlement	11/11/2008
Q: This year we broke a contract with a builder, and instead of hammering it out in court we settled ... A: Jo, Thank you for your question. 1)how do we make sure that the IRS is aware of exactly how much ...
1099	11/11/2008
Q: How do you handle a situation where a person has worked part of the year as an employee paid through ... A: Louise, Thank you for your question. 1)How do you handle a situation where a person has worked ...
Tax on sell of my house	11/11/2008
Q: I am sixty-five years old and my husband is deceased. If I sell my house for $160,000 "over" the ... A: Martha, Thank you for your question. 1how much tax will I have to pay on the $160,000, not ...
Ex-Husband Lives in My House He pays the mortgage Is that Income for tax Purposes?	11/10/2008
Q: My ex-husband lives in my home (now titled in only my name) in MD with our daughter and pays the ... A: Jessica, Thank you for your question. 1)do I have to claim his payments on the first mortgage as ...
Deductions	11/10/2008
Q: I am donating two trees to the city and would like to know if I can deduct the transportation cost ... A: Brandi, Thank you for your question. 1)would like to know if I can deduct the transportation cost ...
Claiming a Child	11/10/2008
Q: My wife and I are going through a divorce. She has primary physical custody of our son but does not ... A: Gregory, Thank you for your question. 1)With the new tax laws for claiming dependents does she ...
Tax write off - home generator	11/9/2008
Q: You were so much help on my last 2 question I thought I might asked a 3rd one. Just after the Ike ... A: Steven, Thank you for your follow up question. I would say that if you had this installed after ...
Tax write off - home generator	11/9/2008
Q: You were so much help on my last 2 question I thought I might asked a 3rd one. Just after the Ike ... A: Steven, Thank you for your question. 1) Is this a tax write off. According to the web site: ...
673 tax form	11/8/2008
Q: I started my job in Iraq in june 2007 and will end June 2009. What I would like to know is what do I ... A: Steven, Thank you for your follow up question. 1) E)For 2007 you would have a prorated ...
Form 3115 and Rev. Proc. 96-31 - amending returns	11/8/2008
Q: I was reviewing the Q&A between you and Warren re: Form 3115 and filing for a change in accounting ... A: Sonia, Thank you for your follow up questions. 1)Would I be considered a small business and ...
Tax form 673	11/8/2008
Q: I started work in Iraq on 6/4/2007 & will end my contract on 6/4/2009. I retired in 2007 from my ... A: Steve, Thank you for your question. 1)once I finish my contract on 6/4/09 I would have stayed out ...
Tax filing laws	11/7/2008
Q: Someone told me that you have up to two years to file my taxes after being a full time student. Is ... A: AH, Thank you for your question. 1)Someone told me that you have up to two years to file my taxes ...
Dependent care Flex spending accounts	11/7/2008
Q: Can both my husband and I participate in our employer's dependant care FSA and each contribute the ... A: Laura, Thank you for your question. 1)Can both my husband and I participate in our employer's ...
form 709 GST tax	11/7/2008
Q: my wife and I are in our 80's and equally own our home; 80% of our son's home; and 50% of our ... A: Frank, Thank you for your question. 1)how can form 709 benefit us? Estate tax planning can get ...
Filing Taxes	11/6/2008
Q: I recently change jobs after 12 years of employment. I took my pension and my 457 plan. Due to my ... A: Tiffany, Thank you for your question. 1)My question is should I file this year or can I wait to ...
Dependants	11/6/2008
Q: My son just turned 18 in Oct. 2008. He has spent half the year in adult jail. Am I able to claim him ... A: Marie, Thank you for your question. According to the IRS web site: In general, to be a taxpayer’s ...
$7500 Tax Credit First Time Homebuyer	11/5/2008
Q: I am currently building a home and will qualify for the full $7500. We plan to close in April of ... A: Matthew, Thank you for your question. 1)should I wait until after I close to file my taxes? If ...
1099 Questions	11/5/2008
Q: I need a few questions answered. My company is a small family owed business. And they are changing ... A: Tally, Thank you for your question. 1)How does this work with the IRS? I hope they are still ...
Does using only 1099 tax forms in your life make you not a US citizen?	11/5/2008
Q: If a person never works for a company that has W2's or anything else that takes out taxes ... A: Misty. Thank you for your question. 1)does this make them not a US citizen? No. A W-2 is ...
Is Pension from Divorce Taxable?	11/5/2008
Q: I am to receive a small part ($260 monthly) of pension from my former husband and he'll also pay ... A: Lee, Thank you for your question. 1)am to receive a small part ($260 monthly) of pension from my ...
Income tax question	11/5/2008
Q: I work 6 months of the year in Alaska, own a house and pay taxes and utilities in Alaska.( Resident ... A: David, Thank you for your question. 1)If you income is earned in North Dakota, then you have to ...
Roth Conversion	11/4/2008
Q: I rolled over 50K from an old 401(k) to an IRA last year. It's now worth 35K. I've also been ... A: Jonah, Thank you for your question. 11)Is there a benefit of combining the Traditional IRA with ...
Savings Bond tax	11/4/2008
Q: When a person cashes in savings bonds do they have to report interest to IRS even if the interest is ... A: Ray, Thank you for your question. 1)When a person cashes in savings bonds do they have to report ...
per diem break	11/4/2008
Q: I am working a contract position out of state from my home. I am hearing from fellow contractors ... A: Keith, Thank you for your question. 1)I need to find what the minimum number of days I need to ...
income tax withholding	11/3/2008
Q: my gross earnings on my paycheck was $420. my company did not withold any fed or state taxes. they ... A: Angela, Thank you for your question. 1)shouldn't they still take out taxes? If you have a ...
HSA Excess Contribution	11/1/2008
Q: Glenn, My question is regarding Health Savings Accounts (HSAs)in regards to federal taxes. I was ... A: Patrick, Thank you for your question. 1)Can I simply withdraw the amount since it was funded with ...
1099's	10/30/2008
Q: Do LLC's get 1099's? Thanks, Tracy A: Tracy, Thank you for your question. 1)Do LLC's get 1099's? Thanks, Tracy Yes, You should send a ...
Working and living taxing state	10/29/2008
Q: I currently work from home in Dallas, TX. I used to work in a building in Brook Park, OH. I still ... A: Gretchen Thank you for your question. 1)Which state and city should my company be with holding ...
1040 net operating loss	10/29/2008
Q: If a 2004 form 1040 with a large net operating loss is filed in October, 2008 I presume I am too ... A: Jack, Thank you for your question. 1)I presume I am too late to waive the carry-back option. Yes ...
Tax Provisions due to Expire at end of 2007	10/29/2008
Q: Has Congress extended the seven tax provisions listed on page 2 of IRS Publication 17 ? A: Robert, Thank you for your question. 1)Has Congress extended the seven tax provisions listed on ...
House Pay-Off?	10/29/2008
Q: My wife and I (ages 48 & 44) are going around in circles trying to figure this one out. We ... A: Richard, Thank you for your question 1) Should we pay off our house and start using that money to ...
Tax Deduction on Prior Purchases??	10/29/2008
Q: I am starting a Bike training company that is been in the works for about 6 months. I bought a bike ... A: Todd, Thank you for your question. 1)Am I able to write off the bike and accessories since I will ...
allowances	10/29/2008
Q: I am in a domestic partnership and my partner will be claiming me as a dependent. On line a of the ... A: Jen, Thank you for your question. 1)On line a of the w4 I put 0 since I am being claimed as a ...
Collecting from IRS	10/28/2008
Q: several years ago, april after right after 911, my other half got his income tax back minus around ... A: Michelle, Thank you for your follow up question. 1) What would he amend his return to? It was ...
State Withholding form	10/28/2008
Q: Good Evening, The question that I have deals with an employee who filled out a W4 and the NY ... A: Ravi, Thank you for your follow up question. 1)Is there any definitive law that states what you ...
State Withholding form	10/28/2008
Q: Good Evening, The question that I have deals with an employee who filled out a W4 and the NY ... A: Ravi, Thank you for your question. 1)Please let me know if I am correct that I should withhold ...
W9 Versus 1099	10/27/2008
Q: Recently won a contest in which I am being sent monies but I had to fill out a W9 first. What is a ... A: Lou, Thank you for your question. 1)What is a W9 and why was'nt a 1099 used instead. Do I owe ...
tax amendment following a divorce	10/27/2008
Q: My ex-husband filed an amendment on our joint 2005 taxes after our divorce and received a federal ... A: Chris, Thank you for your question. 1) What do I need to do to protect myself from legal action if ...
IRA beneficary	10/26/2008
Q: My husband's father passed away and he just found out he is the beneficiary on his IRA, the IRA is ... A: Crystal, Thank you for your question. 1)if we take it out in one lump sum how much will we owe in ...
Income or sales tax	10/25/2008
Q: I'm considering a move- Seattle or Portland. WA has no income tax, OR has no sales tax. I'm a recent ... A: Jenna, Thank you for your question. 1)Which is more likely to be beneficial to me- no income tax ...
OTC stock gift	10/24/2008
Q: For OTC stock as a gift, how will it be valued and if I don't have money(cash) to pay for gift tax ... A: Bona, Thank you for your question. 1)For OTC stock as a gift, how will it be valued and if I don't ...
Income Tax	10/24/2008
Q: My mom wants to move my home to receive care. I have no mortgage payment on the house - it's all ... A: Nicole, Thank you for your question. If you charge rent to your mom, it is taxable income to you. ...
inheritance tax	10/24/2008
Q: My husbands grand father passed away and left his son (my father in-law) $200k and $200k to his ... A: Kristen, Thank you for your questions. 1)First, the estate taxed as a whole and then $200k ...
Lodging followup	10/23/2008
Q: I have the reverse question of an employer paying for housing of an employee. I live in one city but ... A: Kim, Thank you for your question. 1)Can rent,travel and related expenses I incur be deducted. ...
Taking on an investor in an LLC	10/23/2008
Q: I recently started a firm as an LLC, as the only member and principal asset (intellectual property) ... A: James, Thank you for your follow-up question. James, 1)Question is then, if I add him as a ...
Taking on an investor in an LLC	10/23/2008
Q: I recently started a firm as an LLC, as the only member and principal asset (intellectual property) ... A: James, thank you for your question. 1)what the best way to handle adding him to the company There ...
FICA	10/23/2008
Q: I have paid my 2007 FICA taxes and have recently changed jobs and my old employer is trying to keep ... A: Jerald, Thank you for your question. 1)Please help. I'm a little confused here. Were you an ...
Acquired Investment Property Cost Basis	10/23/2008
Q: I recently purchased an investment property, which I am renovating and will hold as rental property. ... A: Rich, Thank you for your question. 1)Which of the closing costs (e.g., fees, taxes, etc) should be ...
Lodging	10/22/2008
Q: A taxpayer works for a company that has offices in DC and New York. The taxpayer lives with his ... A: Tom, Thank you for your question. 1)Is any of the cost of the NY apt rent that is paid by the ...
jointly or individual filing	10/22/2008
Q: I'm going to collect my SS pension and I was wondering if I had to withhold Fed taxes as my housband ... A: Judi, Thank you for your follow up question. 1)What is the computation that needs to be done if ...
estimated tax underpayment penalty	10/22/2008
Q: If a corps taxable income for the year ended Dec 31, 2000 was $2 million, what would have to be done ... A: Bobby, Thank you for your question. This sounds like a school question. 1)What would its total ...
Cost basis of eqities	10/22/2008
Q: My parents inherited stocks and bonds that were placed in a joint brokerage account with rights of ... A: Pam, Thank you for your follow-up question. 1)If my mother now needs to sell that stock and the ...
jointly or individual filing	10/21/2008
Q: I'm going to collect my SS pension and I was wondering if I had to withhold Fed taxes as my housband ... A: Judi, Thank you for your question. 1Is that correct and what is the tax difference from jointly to ...
Car transporter	10/21/2008
Q: If we are being forced moved by our job.(military) i have a extra car that i can not drive and need ... A: William, Thank you for your question. 1)Can it be deducted on my taxes since it is a business ...
rental property deduction	10/21/2008
Q: I am retired on SS. I own two duplexes as rentals. The straight line depreciation on the two ... A: Pat, Thank you for your follow up. If the 80,000 is from interest income, it is classified as ...
OT mileage write off	10/21/2008
Q: I work for a fire department and I understand that I can write off the mileage when I am moved from ... A: Patrick, Thank you for your question. 1)Can I write off the entire round-trip mileage driving to ...
rental property deduction	10/20/2008
Q: I am retired on SS. I own two duplexes as rentals. The straight line depreciation on the two ... A: Pat, Thank you for your question. 1)My question is, can I deduct the $45,000 loss from my $80,000 ...
Can I be claimed as dpendant?	10/20/2008
Q: I'm a perminant resident of the US since July 17th 2008 and I'm 20. Since that time though my father ... A: Shirin, Thank you for your question. 1)Can he claim me as a dependent at the end of this year? ...
Where should I incorporate?	10/19/2008
Q: I live in New York but I am not a US Citizen (I am French). I am currently working for an ... A: Aurelian, Thank you for your question. 1)My friends advise me to incorporate a LLC, but is it the ...
Pregnant Dependent	10/19/2008
Q: I'm a dependent college student, but I support myself. I recently found out that I am pregnant and I ... A: Elisha, Thank you for your question. 1)Do I have to wait until the baby is born and claim her as a ...
IRA distribution of non-deductible contributions	10/19/2008
Q: For the past several years I have made non-deductible contributions to an IRA. (I have a defined ... A: Dave, Thank you for your question. 1)is it really necessary for me to get that money back in ...
Cost basis of eqities	10/19/2008
Q: My parents inherited stocks and bonds that were placed in a joint brokerage account with rights of ... A: Pam, Thank you for your question. 1)My father passed away this summer and I am wondering if the ...
7,500 tax credit	10/18/2008
Q: Can you get the tax credit if you are a first time buyer that has a co-borrower that is not a first ... A: Teri, Thank you for your question. 1)Can you get the tax credit if you are a first time buyer that ...
Missing A Work Expense Deduction?	10/17/2008
Q: My employer is based in Anchorage, Alaska. I live 50 + miles from Anchorage. I am an hourly/ at-will ... A: Tom, Thank you for your follow up question. 1)This is why I wonder if I am allowed to deduct the ...
Missing A Work Expense Deduction?	10/16/2008
Q: My employer is based in Anchorage, Alaska. I live 50 + miles from Anchorage. I am an hourly/ at-will ... A: Tom, Thank you for your question. 1) Could I be writing off the cost of parking? If you look up ...
Advertisement on Car	10/16/2008
Q: I heard on TV that advertisement on the side of your business vehicle will allow one to deduct ALL ... A: Dee, Thank you for your question. 1)I heard on TV that advertisement on the side of your business ...
one-time capital gains house sale exemption	10/16/2008
Q: My parents sold their first house in 1992. They bought it for $40K and solid it for $220K in 1992, ... A: Steve, Thank you for your follow up question. Sales Price $700,000 Commission ($40,000) ...
rental property	10/16/2008
Q: I’ll greatly appreciate if you’ll answer my questions (with “yes” or “no”) 1.Can I have a second ... A: Mary, Thank you for your questions. 1)Yes 2)Yes 3)Yes Vacant Home, need to show advertising that ...
Bad Debt from Rental Property	10/15/2008
Q: I had to evict a tenant for not paying rent on my rental property. I received a judgment against ... A: Doris, Thank you for your question. 1)Can I deduct this loss of rental income? If you did not ...
Federal Employee Disability Tax Question	10/14/2008
Q: I am a disabled federal employee trying to do my taxes for 2007. I have the CSA 1099R and am using ... A: Dawn, Thank you for your question. 1)but what i the general amount and most importantly how would ...
Wrongful termination lawsuit	10/13/2008
Q: I was wrongfully terminated by my employer. My former employer's lawyer has asked if I would like ... A: Dorothy, Thank you for your question. 1) I am trying to find out what the taxes would be to know ...
tax exemptions	10/13/2008
Q: does a monthly annuity due to a quadriplegic total disability and ssdi payments count as taxable ... A: Chris, If you are collecting on an annuity, It all depends on what the documents you signed calls ...
1041	10/13/2008
Q: My sister recently passed away. My mother was the beneficiary on most of her assests. The estate ... A: Jon, Thank you for your question. 1)I assume that Form 1041 would be used with schedule K-1. I ...
Tax loss Question	10/13/2008
Q: I'd like to know how much of a loss I can declare on my income taxes, and what the minimum buyback ... A: Nicholas, Thank you for your question. If you are referring to capital losses, you can offset ...
Collecting from IRS	10/13/2008
Q: several years ago, april after right after 911, my other half got his income tax back minus around ... A: Michelle, Thank you for your question. 1A)The IRS still has not paid him back, shouldnt they have ...
LLC gone bad	10/13/2008
Q: I left my company (LLC) with one other partner Nov. 2007. The company bought back my 49% I walked ... A: Christine, Thank you for your question. If the company paid you 49% for your interest in your LLC, ...
converting rental property to primary residence	10/12/2008
Q: I bought a condo here in Jacksonville in 2004 and lived in it as a primary residence until early ... A: Herb, Thank you for your question. 1)What are the tax implications from permanently removing this ...
money gifts to relatives	10/11/2008
Q: What is the amount of money you can give as a gift in one year with no federal tax? (In Iowa) A: Verne, Thank you for your question. You can gift up to $12,00 per calendar year without being ...
taxes	10/10/2008
Q: can i claim a car i just bought? A: James, Thank you for your question. You cannot buy a car and write it off. If you use the car for ...
Commissions	10/10/2008
Q: I am in sales and would like to begin not having taxes taken from my commission checks each quarter. ... A: Christopher, Thank you for your question. 1)What is the real answer?? The real answer is that the ...
Capital Gains on US RV Property	10/10/2008
Q: We are Canadian citizens that had purchased and sold a recreational property within a park. We had ... A: Vivianne, Thank you for your follow up question. 1)Would it be beneficial for the US Government to ...
illinois injured spouse form 8379	10/9/2008
Q: I am currently separated from my spouse. When He filed our taxes for 2007 we filed married filing ... A: Randi, Thank you for your question. 1)I was then told that the only reason the IRS told me this ...
Tax questions	10/9/2008
Q: Here it is in a nut shell.. I receive social security for survivor benefits Approx$12,576. per yr. I ... A: Jacque, Thank you for your question. 1)How can I write all these off on my taxes when I don't make ...
Capital Gains on US RV Property	10/9/2008
Q: We are Canadian citizens that had purchased and sold a recreational property within a park. We had ... A: Vivanne, Thank you for your question. You would file a 2008 tax return as a non resident alien IRS ...
Capital Gains on Personal Property	10/9/2008
Q: I recently sold an airplane (purchased in 1972) and aircraft hangar (purchased in 1977). I'm sure I ... A: Brad, Thank you for your question. When you showed the aircraft and the hangar , did you collect ...
Volunteer expenses (firefighter / EMT)	10/9/2008
Q: I'm a volunteer firefighter / EMS. I read some posts that suggest that mileage @ 14 cents a mile + ... A: Sean, Thank you for your question. Charitable mileage for 2008 is 14 cents per mile as you stated, ...
Correction of cost basis for 2007 return	10/8/2008
Q: How do I make a correction for calculating the cost basis of a stock sale for my 2007 return? Our ... A: Lisa, Thank you for your question. 1)Do we use the 1040X and do we need to include schedule D? ...
Rental Schedule E-	10/8/2008
Q: We own 2 homes. We tried to sell or rent home A from May 2007. We rented it June 2008. While living ... A: Harold, Thank you for your question. My question would be which is your principal residence? Home ...
parents as dependants	10/8/2008
Q: I don't support my parents, but they have both been ill and my mother is dying of cancer for the ... A: Yrish, Thank you for your question. I'm sorry to hear about the health of your parents, The way the ...
can partner take his share of LLC business loss	10/7/2008
Q: there, Could you please answer this question for me? thank you very much in advance! My husband is a ... A: June, Thank you for your question. 1)Can he deduct any loss of this $30000 in his income tax? ...
Can an LLC partner take a loss in his income tax?	10/7/2008
Q: there, Could you please answer this question for me? thank you very much in advance! Mr. A is a ... A: June, Thank you for your question. 1). Can Mr. A deduct any loss of this $Y? If so, is that going ...
IRS tax lien over $100,000 on property	10/7/2008
Q: If I am leasing a property for an assisted living business and the IRS decides to "take" the ... A: Linda DaLuz, Thank you for your question. If the IRS takes the property to satisfy their tax lien, ...
Loan to S corp	10/7/2008
Q: Can I write off the loan I made to an S Corp, if the S corp is closing? A: Kevin, Thank you for your question. 1)Can I write off the loan I made to an S Corp, if the S corp ...
tax due after death of wisconsin resident	10/6/2008
Q: Is there an inheritance tax due upon death of mother who passes her entire estate to six children or ... A: Sophie, Thank you for your question. 1)Is there an inheritance tax due? Wisconsin does not have ...
PAYMENT PRIOR TO DIVORCE SETTLEMENT	10/5/2008
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 ...
PAYMENT PRIOR TO DIVORCE SETTLEMENT	10/5/2008
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 ...
PAYMENT PRIOR TO DIVORCE SETTLEMENT	10/5/2008
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 ...
2 state taxes	10/5/2008
Q: I worked in the state of CT from Jan 1-Aug 30. I retained a permenant tax residence in CT. I am now ... A: Cheryl, Thank you for your question Where you are domiciled determines who you report the income ...
independent contractor	10/5/2008
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 ...
New baby, should the father and I get married?	10/4/2008
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 ...
nonresident alient	10/3/2008
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 ...
401k 10% Tax Penalty	10/2/2008
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 ...
Partnership Sale - Form 4797	10/2/2008
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 ...
NJ inheritance tax	10/2/2008
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 ...
Back taxes pd this year.	10/1/2008
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, ...
Foreign Interest Tax	9/30/2008
Q: I am looking at opening a savings account at an Irish bank. The Irish bank automatically takes 20% ... A: Sean, Thank you for your question. 1)So my question is, since the Irish government is already ...
Kidde Tax	9/30/2008
Q: I would love some clarification if at all possible. Sorry for the lengthy question. My hubby makes ... A: Kay, Thank you for your question. 1)Since it is a Sub S, we pay our income tax bracket (35%-40%) ...
Capital Gains Taxes	9/30/2008
Q: I have some property that came to me when my mother died. She had written in the deeds to control ... A: Gwin, Thank you for your question. 1)Do I have to pay all of the 15% capital gains tax or will my ...
capital loss on second home	9/30/2008
Q: My husband and I live in Ohio. We buildt a home in a plus 55 community in Arizona and closed on it ... A: Bonnie. Thank you for your question. I'm sorry about your situation. I am also surprized that your ...
fraud? forgery?	9/29/2008
Q: OK HERE IS MY STORY. I RECENTLY MOVED BACK TO MY HOME STATE I GAVE THE IRS MY BROTHERS ADDRESS FOR ... A: Crystal, Thank you for your question. This seems to be a legal issue. I would say if your ...
Married filing jointly?	9/29/2008
Q: My finance and I were wondering about federal returns. He works and I don't. We have a baby. If we ... A: Megan, Thank you for your question. Please note that your filing status depends on whether you ...
House Fire	9/28/2008
Q: Last Feb. we lost our entire house and everything in it to a house fire. We received a settlement ... A: Leanne, Thank you for your question? 1)Are we going to have trouble filing our tax return? I'm ...
Bank deposit interests and G-4 visa holder	9/27/2008
Q: I would like to know if interests earned in a savings account or CD is taxable for a G-4 visa ... A: Alexander, Thank you for your question. 1)if interests earned in a savings account or CD is ...
Proceeds from sale of Personal Property	9/27/2008
Q: Sold part of my land attached to my personal residence in an installment sale. In the agreement, if ... A: Kathryn, Thank you for your question. 1)Where do I report the proceeds? Since there was no sale ...
Owners draw	9/26/2008
Q: I am a business owner who has recently decided to do my own books instead of outsourcing. I have a ... A: Rudy, Thank you for your question. 1)My question is can I use the owners draw account as a capitol ...
city/local/township or school taxes	9/26/2008
Q: are these taxes deductible on federal return? My tax man said no, and I believe it was to the city ... A: Bill, Thank you for your question. According to definition from IRS: There are four types of ...
loss on a real estate sale	9/26/2008
Q: Party a buys a property and immediatly resells to a another party at a loss. Is the loss deductible? ... A: John, Thank you for your question. 1) Party a buys a property and immediately resells to a another ...
ira withdrawl	9/25/2008
Q: May I withdraw any of my ira without penalty after I have reached 55 to pay off my house or fund my ... A: Jim, Thank you for your question. 1)May I withdraw any of my ira without penalty after I have ...
Independent Contractor auto expense follow-up	9/24/2008
Q: My situation is that I maintain a home office but am required to work on site at my current contract ... A: Jerry, Thank you for your question. 1)Is my mileage deductible from my 1099 earnings? If the ...
Taxes on income from property	9/24/2008
Q: Recently,my fiance and I purchased a home in Bluffton,S.C. which we eventually are going to live ... A: Steve, Thank you for your question. 1)Do we have to report an income of 1250 or ...
Self Employment or Employed	9/24/2008
Q: I work at home selling things on the internet. My girlfriend who lives with me is quitting her REAL ... A: Eric, Thank you for your question. 1)My question is how will the taxation work? Will she be my ...
What if landlord does not report rent?	9/23/2008
Q: I will be moving soon into a condo that I am will be renting. This person is essentially looking to ... A: Melissa, Thank you for your question. 1)Since this is an agreement between two people, I am not ...
stock sold numbers to be put on 1040	9/23/2008
Q: We were contacted this year and had to turn in all our Tektronix stock and received a check for the ... A: David, Thank you for your question. 1)We are not sure where or who to go to to get the information ...
Sale of a vacation home	9/23/2008
Q: 1)How do you report the gain on a sale of a vacation home that was only used for personal purposes? ... A: ELI, Thank you for your question. 1) 1)How do you report the gain on a sale of a vacation home ...
Contest Winnings	9/23/2008
Q: I'm on Social Security,SSI, Medicare and Medicaid. I have been entering contests, most with cash ... A: Eliot, Thank you for your question. Winnings are not subject to self employment. It would bring up ...
Promissory Note inheritance - tax question	9/22/2008
Q: The scenario: One of the items in my late father's trust is a promissory note -- payment terms were ... A: Sarah, Thank you for your question. 1)Am I correct in thinking the principal the beneficiaries are ...
joined tax declaration	9/21/2008
Q: My husband's salary is about 200,000. I don't work, our 18- yr old son is in college. In the ... A: Vera, Thank you for your question. 1)Is there any small additional income that I or our son can ...
Condo Association IRS requirements	9/21/2008
Q: Is there any IRS requirement concerning excess operating income due to assessments being higher than ... A: Dave, Thank you for your question. 1)Is there any IRS requirement concerning excess operating ...
Overseas employment	9/21/2008
Q: My daughter is working on a cruise ship as an entertainer. She is being paid in cash with no ... A: Gary, Thank you for your question. 1)What are her tax liabilities and how can we get this cash ...
Minimal tax rate for retired woman	9/20/2008
Q: My 75 year old mother had not filed a tax return for 10 years as she had no taxable income. She ... A: Judith, Thank you for your question. 1)What is the maximum non taxable income? She should have ...
Home Repair expenses	9/20/2008
Q: My house required substantial foundation repairs last year. I paid for these repairs out-of-pocket ... A: Walt, Thank you for your question. 1)Are these expenses eligible for income tax deduction? If this ...
Tax Write off	9/19/2008
Q: I keep a file of all receipts where I think I may be potentially able to do a tax write-off. These ... A: Jeff, Thank you for your question. 1)What are the limitations and general guidelines as to what I ...
social security disability payments	9/19/2008
Q: I just received a lump sum ss disability payment and have to reimburse by LTD carrier. Since I am ... A: Luwana, Thank you for your question. 1)Since I am paying this money to my LTD carrier, will I have ...
GRANDSONS FATHER DESEASED DAUGHTER WAS NEVER MARRIED	9/18/2008
Q: I NEED TO KNOW WHAT MY DAUGHTER NEEDS FOR PAPERWORK TO CLAIM HER BOYFRIENDS TAXES FROM LAST YEAR. ... A: Regina, Thank you for your question. 1)WHAT DOES SHE NEEDS TO CLAIM LAST YEARS TAXES? Is her ...
Co-Own Home	9/18/2008
Q: I am living in Wisconsin and co-own a house with my girlfriend. When we file taxes in 2009, do one ... A: Matt, Thank you for your question. 1)When we file taxes in 2009, do one of us claim the house or ...
Selling a rental at a loss	9/18/2008
Q: I have a non-owner occupied duplex that I trying to sell. I have a potential buyer, however the ... A: Dan, Thank you for your question. 1)Is this consider a "short sale"? When you sell a property for ...
Tax Filing for Year 2007	9/16/2008
Q: I came to USA first time in year 2007 on L1-B VISA and stayed for 4 months (from June 2007 to ... A: Subbarao, Thank you for your follow up questions. 1)It will be better if you can provide some ...
Divorce & mortgage	9/16/2008
Q: I am paying the mortgage on a home that I received as part of a divorce settlement. My ex-husband ... A: Joyce, Thank you for your questions. 1)Since I am the one paying the mortgage every month, can I ...
Child dependency	9/15/2008
Q: i had a family law attny b/c we were in court for modification of child support to get an increase ... A: Karmen, Thank you for the follow up information. I would suggest you speak with a family court ...
Child dependency	9/15/2008
Q: I have a six yr old with a man and we were never married nor lived together. for the past 6yrs i ... A: Karmen, Thank you for your follow up question. 1)I haven't been asked to sign anything either so ...
Child dependency	9/15/2008
Q: I have a six yr old with a man and we were never married nor lived together. for the past 6yrs i ... A: Karmen, Thank you for your question. Unfortunately,the judge must have had compelling evidence to ...
1099A	9/13/2008
Q: I was a bit confuse with the 1099a and there's also these test about insolvency ...let say i have ... A: Flor, Thank you for your follow up question. 1)1099 one the market value is higher than the debt ( ...
1099A	9/13/2008
Q: I was a bit confuse with the 1099a and there's also these test about insolvency ...let say i have ... A: Flor, Thank you for your question. 1)Let say i have fill bankruptcy when i received my 1099a and ...
Form 3115	9/12/2008
Q: I am preparing a form 3115 for unclaimed depreciation. At the same time, I am filing some prior ... A: Warren, Thank you for the information. The article reports about a Revenue Procedure 96-31 which ...
Amateur Investor Question	9/12/2008
Q: Hopefully you can help me out on this, I'm not sure who to ask. I just graduated from college with ... A: Jane, Thank you for your follow-up question. By definition, when ever you share profits, you are ...
Form 3115	9/12/2008
Q: I am preparing a form 3115 for unclaimed depreciation. At the same time, I am filing some prior ... A: Warren, Thank you for your follow-up. I have to tell you, I have been doing taxes for over 25 ...
Amateur Investor Question	9/12/2008
Q: Hopefully you can help me out on this, I'm not sure who to ask. I just graduated from college with ... A: Jane, Thank you for your question. 1)Assuming this is legal and could work, I would get a ...
S-Corportation foreclosure	9/11/2008
Q: I bought a business that lasted only 2.5 years. Like a dummy the sale was set up as a stock purchase ... A: Brian, Thank you for your question. 1)Is there any alternative to not have to claim this as ...
May I claim mileage to and from work?	9/11/2008
Q: I live in Virginia. I work 100 miles one way from home. May I claim the mileage to and from work? ... A: Chandra, Thank you for your question. 1)The IRS is auditing me and I would like to know if I am in ...
Tax Collection	9/11/2008
Q: I understand that the IRS has 10 years to collect taxes owed. If the IRS submits a return in 1998 ... A: Lex, Thank you for your follow up question. 1)Does the clock start ticking as of 1998 when the tax ...
Renting & Owning tax Question	9/11/2008
Q: My wife and I own a condo in Somerville, MA. We have discussed with our parents (whose home is paid ... A: Jason, Thank you for your question. 1)What would the tax implications be in this scenario, ...
Tax Collection	9/10/2008
Q: I understand that the IRS has 10 years to collect taxes owed. If the IRS submits a return in 1998 ... A: Lex, Thank you for your question. 1)If the IRS submits a return in 1998 and I submit a revised ...
S Corp Truck depreciation & expenses	9/10/2008
Q: What is the best way to handle expenses for a truck over 6000 lbs placed in service in 2008 ... A: Mo, Thank you for your question. 1)Does that mean that we will always deduct actual expenses and ...
"value added" co. truck & gas card	9/9/2008
Q: I realize it is the employers responsibility to report personal use of co. vehicle and gas card. ... A: Amber, Thank you for your question. 1)What I am unclear on is whether there is a value for this ...
Massachusetts state taxes	9/9/2008
Q: I''ve been audited by Mass for '05,06 and 07. They've determined that we owe $2700.00. I'm still ... A: Donna, Thank you for your question. 1)Is this so? I guess your CPA is being glib (off the cuff, ...
Form 3115	9/9/2008
Q: I am preparing a form 3115 for unclaimed depreciation. At the same time, I am filing some prior ... A: Warren, Thank you for your question Form 3115 is when you file for a change in accounting method. ...
reduction in salary/claiming dependents	9/9/2008
Q: My husband recently lost his job and is now going to work at a job which pays less than half his old ... A: Laurie, Thank you for your question. 1)What shall we do now do we need to change things and let me ...
1099 hourly emplyee	9/9/2008
Q: my husband is a roofer and is working for a company that gives him a 1099 at the end of the ... A: Lisa, 1)but he is paid an hourly wage at the end of the week. no taxes are taken out on his weekly ...
Roth IRA	9/8/2008
Q: If you sell stock in a Roth IRA and you have a loss can you report the loss on Schedule D? A: Alan, Thank you for your question. 1)If you sell stock in a Roth IRA and you have a loss can you ...
Estate Taxes	9/8/2008
Q: My wife's parents both passed in the last 3 years. With her mothers passing about 7 months ago the ... A: Tim, Thank you for your question. 1)Can you tell me if we have to report this as income to the ...
Inheritance from outside of resident state	9/8/2008
Q: The probate on my mother's estate will pay off soon. She was a resident in Washington. I am a ... A: Eileen, Thank you for your question 1)Will I have to pay any kind of tax be it federal, state, ...
taxes	9/8/2008
Q: what taxes to pay at 70 and spouse is younger ( 53 ) is it true i don't have to pay taxes any ... A: Virginia, Thank you for your question. 1)what taxes to pay at 70 and spouse is younger ( 53 ) ...
Section 121	9/8/2008
Q: I have a question about new 121 rule. I bought a rental house in 1989. If I change it to primary ... A: Linli, Thank you for your question. As long as you meet the 2 years out of the last five years as ...
Minimum taxable income	9/7/2008
Q: I was just hired and I'm trying to figure out whether I will need to pay taxes this year or if I ... A: Daniel, Thanks for your follow up question. 1) Is this correct? Yes Keep in mind you need to ...
sub taxes	9/7/2008
Q: Can a person be 1099'd if they do only labor and used company tools? How can I hire labor help as a ... A: Miles, Thank you for your question. 1)Can a person be 1099'd if they do only labor and used ...
home improvement	9/7/2008
Q: I recently got new paint, new granite countertops, new sinks and faucets installed, as well as new ... A: Andrea, Thank you for your question. 1)What can I count as a deduction when I do my taxes? ...
COD income tax	9/7/2008
Q: What would the federal income tax liability be on my following scenario/rental property never used ... A: Regina, Thank you for your question. 1)will we owe income tax on $215,000? No See Below The ...
is my employer doing right	9/7/2008
Q: has me as an w4 but all my pay is on my commission i pay all my expenses ges car lodging food but i ... A: William, Thank you for your question. 1)i just wonder if i am paying the total what or where is ...
Health Insurance Premiums	9/6/2008
Q: I am self-employed commercial real estate broker in TN. Pay all of my own expenses including health ... A: Don, Thank you for your question. 1)What is the guideline regarding deduction of health insurance ...
Burglary Restitution as deductable charitable donation	9/6/2008
Q: Over 10 years ago my car got vandalized and had substantial damage. The persons (17 and 16 years) ... A: Eghert, Thank you for your question. 1)Is this allowed or from a tax perspective should I ...
Estate trust with rollover IRA	9/6/2008
Q: I am the executor of estate which was left in trust for distribution among brothers and sisters. ... A: Patricia, Thank you for your question. If the participant in the plan was born before Jan 2, ...
Transferring funds from the UK to the USA	9/6/2008
Q: I am an American citizen resident in the UK for the last 30 years. I want to return to the States in ... A: Allan, Thank you for your question. 1)Will I encounter any difficulties or particular tax ...
Mileage for Volunteering	9/5/2008
Q: My wife is an unemployed pastor who volunteers a lot of time (and mileage) as a chaplain. She has ... A: Joe, Thank you for your question. 1)When she was employed as a pastor, was she a W-2 or a 1099? ...
1099	9/5/2008
Q: My son has a job being paid on a 1099 for $10hr now has been asked to also do tech work besides the ... A: Audrey, Thank your for your question. 1) What type of tech work does he do? Its a way the ...
Business Buyout	9/5/2008
Q: I recently asked the following question and received the following answer from an expert now on ... A: Michael, Thank you for your question. 1)Would my capital go up by this? Your capital account ...
mileage write off	9/5/2008
Q: i am a resident of Michigan and work in Indiana. i get 5 days of per diem per week at the allotted ... A: Anthony, Thank you for your follow-up question. Yes I understood that you were referencing two ...
Capital Gains taxes due from investment property	9/4/2008
Q: In February 2008, I sold a condo I had been renting for the past 3 years. I sold it for $110,000 ... A: Glenn, Thank you for your follow up question. In your statement you said: . I sold it for ...
Capital Gains taxes due from investment property	9/4/2008
Q: In February 2008, I sold a condo I had been renting for the past 3 years. I sold it for $110,000 ... A: Glenn, Thank you for your questions. 1)Question #1- What can I deduct from the amount I received? ...
child tax credit	9/4/2008
Q: IN THE CASE WHERE A CUSTODIAL PARENT HAS NOT WORKED THAT TAX YEAR AND THE NON-CUSTODIAL PARENT HAS. ... A: Victor, Thank you for your question. 1)IN OTHER WORDS, DOES THE NON-CUSTODIAL PARENT HAVE THE ...
LLC for a roll over of IRA funds	9/4/2008
Q: I am considering using Guidant Financial to establish a LLC for me to roll over my company IRA stock ... A: Leonard, Thank you for your question. 1) Is there a problem with rolling over my IRA through ...
mileage write off	9/4/2008
Q: i am a resident of Michigan and work in Indiana. i get 5 days of per diem per week at the allotted ... A: Anthony, Thank you for your question. 1)my question is can i write off my mileage to and from ...
Tax Liability for Rental Property Short Sale or Foreclosure	9/3/2008
Q: What would the Federal tax liability be for the following transaction on a rental house never used ... A: Tony, Thank you for your question. Mortgage Balance $240,000 Short Sale ($100,000) ...
LLC filing	9/3/2008
Q: If an LLC is owned by a single member that is NOT an individual, what form would you file for the ... A: Ameet, Thank you for your question. The IRS has yet to come up with a special form for the return ...
W-9 forms	9/3/2008
Q: I am office manager for a company that manufactures spacers and bushings for aircraft and I am ... A: Christy, Thank you for your question. 1)My question is what forms should I have on the customers ...
International Student & Independent contractor	9/3/2008
Q: I am an international student currently taking classes with a J-1 visa at an American university. I ... A: Samuel, Thank you for your follow- up question. 1)I was hoping you could tell me if i am eligible ...
International Student & Independent contractor	9/3/2008
Q: I am an international student currently taking classes with a J-1 visa at an American university. I ... A: Samuel, Thank you for your question. 1)What can I do to handle all my taxes legally, and without ...
Non Compete on sale of business assets	9/2/2008
Q: Is the taxation of the non compete treated differently from a SCorp to CCorp to Sole Prop., to LLC. ... A: Robert, Thank you for your question. 1)Is the taxation of the non compete treated differently ...
does "married filing jointly" take effect after 180 days?	9/2/2008
Q: I am a resident alien (working in the US on a L1 work visa). I was transferred to US in July and ... A: Pankuj, Thank you for your question. 1)i am confused...i tried searching the IRS site for such a ...
Section 195 Election	9/2/2008
Q: Does a separate Section 195 election statement have to be attached to a consolidated return because ... A: Marquita, Thank you for your question. 1)Does a separate Section 195 election statement have to be ...
Tax benefits question	9/1/2008
Q: I am a non-resident alien (on L1 visa) working in Texas. I would like to know if I am eligible to ... A: Karthi, Are you a US citizen? If not , you only report what you earn in the US on Form 1040-NR. ...
realestate tax	9/1/2008
Q: I recently sold 31+ acres to my sister. This property was inherited several years ago. I sold it ... A: Cindy, Thank you for your question. 1)What are my federal income tax responsibilities on this ...
Question about DBA and taxes	9/1/2008
Q: We are sorry, but Mike Wellman wasn't able to answer yourHello Mr. Finn, I live in Massachusetts ... A: Talita, Thank you for your question 1)how I would pay myself, the owner, a "salary" and not be ...
Minimum taxable income	8/31/2008
Q: I was just hired and I'm trying to figure out whether I will need to pay taxes this year or if I ... A: Daniel, Thank you for your question. My question to you is: A) Do your parents claim you as a ...
1099misc from casino promotional winnings	8/31/2008
Q: IRS says I have to pay taxes on these although they are only sometimes cash and also goods and ... A: Sheryll, Thank you for your follow-up question. 1)What is fair market value---only retail? Fair ...
1099misc from casino promotional winnings	8/30/2008
Q: IRS says I have to pay taxes on these although they are only sometimes cash and also goods and ... A: Sheryl, Thank you or your question. According to the IRS web site: Prizes and awards Subject to ...
How far back can they state revenue dept go	8/30/2008
Q: Not long ago I got a letter from the state of Ky saying that I had not paid my 1996 taxes and owed ... A: Richard, Thank you for your question. 1) Can they really do this if I can't find proof of payment? ...
Sale of a home/ Tax question	8/29/2008
Q: I purchased a home in foreclosure for $10,500, and sold it for 50K almost immediately (less than a ... A: Andy, Thank you for your question. If you bought it for $10,500 and sold it for $50,000 , and you ...
unreimbursed employee business	8/29/2008
Q: My sister is an airline personnel, what expenses she can deduct in unreimbursed employee business. A: lla, Thank you for your question. 1)what expenses she can deduct in unreimbursed employee ...
LLC	8/28/2008
Q: If a husband and wife co-own an LLC, do they need a separate tax ID number for the LLC? First I was ... A: Stephanie, 1)If a husband and wife co-own an LLC, do they need a separate tax ID number for the ...
tax deduction for child	8/28/2008
Q: If a divorced couple with 2 children each claim 1 on their taxes and the oldest went to collage this ... A: Mary, Thank you for your question. 1)If a divorced couple with 2 children each claim 1 on their ...
Claim for unreported income	8/28/2008
Q: I have received a letter form the IRS addressed to my mother with a claim for unreported income from ... A: John, Thank you for the additional information. The 1099-C should have been picked up on her 2006 ...
Rental income	8/28/2008
Q: I have a rental property that is going to be vacant for a few months this year. Can I deduct the ... A: Roger, Thank you for your question. 1)Can I deduct the lost rent as a loss on my taxes? No. ...
Short Sale - Debt forgiveness	8/27/2008
Q: In August 2008 I sold a house (which was my primary residence from Jan - Sept 2007). The sale was a ... A: Dawn, Thank you for your question. 1)Can you please tell me if there are tax ramifications for ...
Claim for unreported income	8/27/2008
Q: I have received a letter form the IRS addressed to my mother with a claim for unreported income from ... A: John, 1)my Question is who is liable for this?? Thank you for your question. A 1099-C usually has ...
CD Beneficiary	8/26/2008
Q: My grandmother in OH passed away last month. My uncle is executor of the estate. He called me and ... A: Rob. Thank you for your question. 1)but what is going to happen to me tax-wise? I am in KY. ...
Federal EIN Number Not Going to Be Used Yet...	8/26/2008
Q: My wife and I and 3 others were expecting to start a business this fall. We began preparing the ... A: Edward, Thank you for your question. Is this business a corporation with stock being issued or a ...
as a real estate professional, how do I deduct passive rental losses?	8/26/2008
Q: I qualify as a real estate professional except for the 751 hr. minimum and I probably qualify on ... A: Charlie, Thank you for your question. 1)If I qualify, where and how do I deduct my rental ...
childcare provider	8/26/2008
Q: I am an unlicensed childcare provider caring for 2 siblings what do i need to do to make sure that i ... A: Shaina, Thank you for your question. 1)what do i need to do to make sure that i am paying the ...
balance sheet and taxes	8/25/2008
Q: I am working on 07 taxes. i am accrual method. s corp. my balance sheet is out of balance by 2400.00 ... A: Julie Thank you for your question. 1)how do i reconcile my balance sheet to balance at this point. ...
Personal use of company vehicle	8/25/2008
Q: I have a company car and need to log my business v. personal miles. How do I determine personal ... A: Pamela, Thank you for your question. 1) How do I determine personal use? Round trip from your ...
capital gains taxes	8/25/2008
Q: I have an opportunity to sell a minority stock holding in a private corporation which has received ... A: Frankj. Thank you for your question. 1)I am assuming that no immediate capital gains tax is due ...
FEDERAL TAX	8/25/2008
Q: ON MY EARNINGS STATEMENT FROM MY EMPLOYER,.IT SHOWS TAX DEDUCTIONS. . FED WITHHOLDING'FED.$ ... A: Toni, Thank you for your question. 1)COULD YOU PLEASE EXPLAIN TO ME WHAT IS A "FEDERAL TAXABLE ...
401k withdrawl	8/25/2008
Q: I left US in 2002 and settled in India. I have never visited US after 2002 and i need to withdraw ... A: Rajini, Thank you for your questions. First of all, are you a US Citizen living abroad? 1) It ...
Per DiemHow long may i be paid per diem?	8/25/2008
Q: I live in Charlotte, NC and work in Raleigh, NC. I keep an apartment in Raleigh where I reside, ... A: Wesley, Thank you for your question. 1)How long may I be paid this per diem? One of my ...
Commute Mileage	8/25/2008
Q: The distance to my office is 100 miles a day round trip. I am an end user that shows products to ... A: Kevin, Thank you for your question. 1)If I do not go to the office first how do I calculate my ...
Newly Married	8/24/2008
Q: 1) My new husband and I both refiled our W4's with our jobs. We filed as married (withholding at a ... A: Kristin. Thank you for your follow up question. Since I prepare income tax returns myself, I would ...
Residency Requirements	8/24/2008
Q: If I place my house in SC in my wifes name solely.....and move to a state that does not tax federal ... A: Matthew, Thank you for your question. If you put the house in your wife's name, then it becomes her ...
pipeline damages/income/property taxes	8/24/2008
Q: our family has received damages from several pipeline companies placing pipelines across our farm. ... A: Jack , Thank you for your follow up information. If they gave you a 1099 for only the $100's of ...
Newly Married	8/24/2008
Q: 1) My new husband and I both refiled our W4's with our jobs. We filed as married (withholding at a ... A: Kristin, Thank you for your questions. I see you have a lot of them. Let take each one separately. ...
"tax loss" on a corporation de-merger	8/23/2008
Q: The de-merger was on a specific date. The stock (foreign) is listed on the NYSE. On the de-merger ... A: Ray, Thank you for your question. 1)Can I take tax loss on the difference of value of stock ...
pipeline damages/income/property taxes	8/23/2008
Q: our family has received damages from several pipeline companies placing pipelines across our farm. ... A: Jack, Thank you for your follow up question. This is what you received: 1) They paid you on a ...
pipeline damages/income/property taxes	8/23/2008
Q: our family has received damages from several pipeline companies placing pipelines across our farm. ... A: Jack, 1)Can we amend previous tax filings to recover money we shouldn't have paid? I am a little ...
Possibly under the table	8/23/2008
Q: My misses is working for a friend that has a dog grooming and kennel company, it is a two person ... A: Michael, Thank you for your question. 1)How does she claim this and are the monies traceable? If ...
Earned Time Off Payout	8/23/2008
Q: I am going to take a payout on my ETO. My question is if I raise my withholding at state and fed ... A: Shirley, Thank you for your question. 1)My question is if I raise my withholding at state and fed ...
Per Diem	8/22/2008
Q: What is the allowable minimal amount of time for a per diem break that is acceptable to the IRS? ... A: Luis, Thank you for your follow up question. It sounds like they maybe paying you in excess of ...
Per Diem	8/22/2008
Q: What is the allowable minimal amount of time for a per diem break that is acceptable to the IRS? A: Luis, Thank you for your question. 1)What is the allowable minimal amount of time for a per diem ...
1099 consultant tax questions	8/22/2008
Q: As a 1099 consultant working for a state agency what is the maximum that I can write off for the ... A: Sonya, Thank you for your question. 1)What is the maximum that I can write off The answer is ...
precentage of taxes per job	8/21/2008
Q: We live in Florida and own a incorporated business - I would like to know what percent per job ... A: Stephanie, Thank you for your question. 1)I would like to know what percent per job should I ...
Early withdrawal from my 401(k)	8/21/2008
Q: I just asked if 20% is the correct early withdrawal fee, but now know that it is 10%. Never mind! I ... A: Loretta, Thank you for your question. 1)My next question is if the 20 percentt axes are taken ...
401(k) early withdrawal	8/21/2008
Q: I am in the process of early withdrawal from my 401(k) plan. In the past, I was told that there ... A: Loretta, Thank you for your question. 1)Can they do that? Yes, they are just following the law. ...
owed back income tax	8/20/2008
Q: I was just informed that I owe personal back taxes from 2005. {that is something my tax accountant ... A: Robert, Thank you for your question. 1)I have a s corp business can they attach my business ...
1099 Tax form and liability	8/20/2008
Q: Good afternoon Glen, I am working as an independent contractor in Chicago, Illinois for the past 4 ... A: Jamie, Thank you for your question. 1)Will you please tell me how I can figure out what percentage ...
Loan	8/20/2008
Q: I took a 25,000 loan out on my credit card. Since this was my limit on my card the bank was able to ... A: Jay, Thank you for your question. 1)I am now worried how this is going to affect my tax return and ...
Proving Insolvency for Short Sale	8/20/2008
Q: Trying to figure out what my Networth is - Do I have to include my 401K Plan retirement money in the ... A: Liza, Thank you for your question. If you are preparing a net worth statement, you list all your ...
Changing from sole proprietor to llc	8/20/2008
Q: My other half is considering forming an LLC--he is a general contractor and is currently a sole ... A: Karen, Thank you for your follow up question. Since a single member LLC operates like a sole ...
Sub-contract employee	8/19/2008
Q: I have been recently hired at a small business. My employer has made it clear that he cannot afford ... A: Jessica, Thank you for your question. If you were on a W-2 they would withhold Fica, Fed, ...
Changing from sole proprietor to llc	8/19/2008
Q: My other half is considering forming an LLC--he is a general contractor and is currently a sole ... A: Karen, Thank you for your question. In an LLC how does he pay himself? If he becomes a single ...
Income tax question	8/19/2008
Q: n 2006 my wife and I took an early distribution from an anuity to avoid foreclosure n our home. I ... A: Kevin, Thank you for your question. 1)I heard somewhere that if the early distribution was to ...
capital gains on spec home	8/19/2008
Q: My wife and I bought 40 acres of land in 1999, in 2004 we put up a log building and are just now ... A: Joe, Thank you for your question. 1)What is our best options to avoid unnecessary capital gains ...
Tax Filing for Year 2007	8/19/2008
Q: I came to USA first time in year 2007 on L1-B VISA and stayed for 4 months (from June 2007 to ... A: Subbarao, Thank you for your follow-up question. 1)How can i calculate the tax returns with 1040NR ...
Head of household	8/18/2008
Q: "I moved out of my house in November of 2005. My wife was going to college and working part time. ... A: Kevin, Thank you for your question. 1) If we had all of our money going into a joint account for ...
Stipend and taxes	8/18/2008
Q: My daughter started a fellowship at the end of July for which she is payed a weekly stipend of $150. ... A: Franny, Thank you for your question. 1)Does she have to file quarterly returns and pay her share ...
Taxing intern stipends	8/18/2008
Q: s income tax the same for stipends as it is for salaried positions? In other word, does an intern ... A: Maya, Thank you for your question. 1)In other word, does an intern earning a stipend get the same ...
Capital Gains	8/17/2008
Q: I am a Realtor. I have a seller who is trying to sell her home. IN January it will be five years ... A: Kristi, Thank you for your question. 1) Is there a time limit when the $500,000 tax free capital ...
capital gains for elderly	8/16/2008
Q: My mother is 72, father 73. They want to sell a condo they have had and rented up until 1 and 1/2 ... A: Sheila, Thank you for the question. 1)Will they have to pay capital gains ?: Since this is ...
taxes	8/15/2008
Q: I will be making less thatn 3,400 this year and I am a fulltime college student. My parents still ... A: Jenna, Thank you for your question. 1)Am I just being unrealistic, or is there some tax legality ...
SEP IRA	8/14/2008
Q: I have a SEP IRA from the company I work for. However, they now offer a 401K plan that I ... A: Karen, Thank you for your question. 1)What should I do with the SEP IRA? I would say leave it ...
Property Tax	8/14/2008
Q: I am selling a primary residence with 105 acres. This is a family farm that has not had any farm ... A: Larry, Thank you for your question. 1)Will the sale of the house and acreage all be tax exempt ...
Rent and taxes.	8/14/2008
Q: Hoping you can settle a debate. My folks own a house that they've been renting to me and a friend ... A: Mike, Thank you for your question. 1) My folks would like to charge me less rent for the place, ...
Investment Property Sale - Capital