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  1. There is no federal tax for inheritances.

    There is no federal tax for inheritances.
  2. Answers
    5
    Views
    935

    What your mother gave you was not gift. It is...

    What your mother gave you was not gift. It is loan. You are returning the loan.
  3. A U.S. citizen or resident must report worldwide...

    A U.S. citizen or resident must report worldwide income.
    If you paid taxes in the foreign country, you will claim credit for taxes paid in the foreign country by filing Form 1116 or can file form...
  4. 1. All U.S. citizens and residents must report...

    1. All U.S. citizens and residents must report worldwide income.
    2. Another filing requirement is Form TD F 90-22.1 and/or 8938 Specified foreign financial assets (SFFA). Your U.S. Tax Return: U.S....
  5. Answers
    2
    Views
    394

    1. There is no tax on inheritances. 2. If you...

    1. There is no tax on inheritances.
    2. If you parents are not U.S. citizen or resident, their estate is not taxable in U.S.
    3. Yes, after you inherit the property and business, you must report your...
  6. Your mother is not a resident or citizen of the...

    Your mother is not a resident or citizen of the U.S. So she does not pay any U.S. tax.
    In U.S. the receiver of any gift does not pay any tax. So all the gifts that you receive are not taxable. This...
  7. Sale of a land does not qualify under "Exclusion...

    Sale of a land does not qualify under "Exclusion for main home." So
    1. You must report sale on your US tax return.
    2. If you paid taxes in your home country, file Form 1116 to claim credit for the...
  8. shyl123, Your H1-B income is subject to Social...

    shyl123,
    Your H1-B income is subject to Social Security and Medicare taxes. Your employer made a mistake of not withholding these taxes. Now they are claiming it from you.
    Yes, you should pay it...
  9. You can report it as wages on W-2 or report it on...

    You can report it as wages on W-2 or report it on 1099-misc as non-employee compensation.
  10. Read about filing Form 843: Your U.S. Tax Return:...

    Read about filing Form 843: Your U.S. Tax Return: Social Security and Medicare (FICA) Taxes for Non-resident Exempt Individual
  11. You can claim standard deduction only if you are...

    You can claim standard deduction only if you are eligible to file resident tax return.
    On nonresident return you get only itemized deductions.
  12. 1099-misc (nonemployee compensation) income: You...

    1099-misc (nonemployee compensation) income: You are self employed or independent contractor. You will report your income and business related expenses on schedule C or C-EZ (Form 1040). Then you put...
  13. Answers
    2
    Views
    2,744

    If you did not pay Social Secuity and Medicare...

    If you did not pay Social Secuity and Medicare taxes during your OPT period, you are required to file Form 8843.
    Now you can not send form 8843 alone. For this you need to file amended tax return...
  14. Answers
    5
    Views
    604

    For five years on F-1 (including OPT) you are...

    For five years on F-1 (including OPT) you are nonresident. During that period you do not pay self employment tax. You will complete schedule C or C-EZ (Form 1040) but you do not need to fill schedule...
  15. You should get 1099-R from the company when it...

    You should get 1099-R from the company when it actually treats it as a disbursement. In the year of disbursement if you are a resident of Colorado, you will pay Colorado state tax.
  16. The commuting miles from home to work/office and...

    The commuting miles from home to work/office and back are not deductible. If you go to meet clients from office and return back to office, these miles are deductible.
    For 2012, the standard mileage...
  17. Answers
    2
    Views
    389

    File 2012 tax return as residents.

    File 2012 tax return as residents.
  18. For 2012 file resident tax return. You may have...

    For 2012 file resident tax return.
    You may have to file amended tax returns for 2010 and 2011 if IRS questions your returns.
  19. Answers
    2
    Views
    646

    1. You can file from India and give your India...

    1. You can file from India and give your India address.
    2. For 2012 you are resident for federal purpose.
    3. You earned while you were in CA so you are part year resident of CA for 2012. For CA...
  20. Answers
    2
    Views
    540

    The stock bought out last year were sold for...

    The stock bought out last year were sold for $2700. Based on your cost basis, you have loss or profit.
    For the new stock your cost basis is $2700.
  21. On form FBAR you report amount in U.S. dollars.

    On form FBAR you report amount in U.S. dollars.
  22. Answers
    10
    Views
    12,091

    For f1student123 If you are a degree candidate...

    For f1student123
    If you are a degree candidate and if the financial aid (includes scholarship and fellowship) is for tuition fee, other fees, books, supplies and equipment, then it is not taxable....
  23. Answers
    4
    Views
    527

    Only the custodial parent can claim the child. It...

    Only the custodial parent can claim the child. It does not count who paid child support. The custodial parent is the parent with whom the child lived for the longer period based on the nights spent....
  24. Answers
    3
    Views
    758

    If it is alimony, include in your income on Form...

    If it is alimony, include in your income on Form 1040, line 11. Amounts for child support are not income to you.
  25. Answers
    8
    Views
    718

    The owner of taxi (car for hire) is using...

    The owner of taxi (car for hire) is using standard mileage rate. Suppose it has two clients (car sharing). If both clients also use mileage rate, then for 1 mile driven, deduction for 3 miles will be...
  26. Answers
    6
    Views
    850

    On F-1 you are nonresident for 5 years; you do...

    On F-1 you are nonresident for 5 years; you do not pay social security tax and must file nonresident tax return. You will get exemption deduction for your spouse.
  27. From IRS Tax Topic 140: When you borrow money,...

    From IRS Tax Topic 140:
    When you borrow money, you are not required to include the loan proceeds in gross income because you have an obligation to repay the lender later. If that obligation is...
  28. Question: H1B Tax Filing

    by MukatA
    Answers
    2
    Views
    608

    You file joint return as residents. You will...

    You file joint return as residents. You will attach W7 (ITIN applicatin) with your tax return. You must both report your worldwide income.
    You must both declare your worldwide income for 2012. If...
  29. Since 2007 you are resident for tax purpose. For...

    Since 2007 you are resident for tax purpose. For 2011 you will file resident tax return.
    You will pay Social Security taxes, federal income tax and state income tax.
    Why the university did not hold...
  30. Answers
    2
    Views
    526

    Yes, you are required to file tax return if your...

    Yes, you are required to file tax return if your income exceeds the exemption amount for the year.
    If you owe any tax you will pay interest on it and some penalty. If you have a refund, you will...
  31. Question: Cpt tax rate

    by MukatA
    Answers
    3
    Views
    1,019

    If you live and work in California, all your...

    If you live and work in California, all your income is taxable in CA. Any income earned while present in a state must be reported to that state.
    You worked for NJ employer, it is not treated as NJ...
  32. Question: TX Employer

    by MukatA
    Answers
    2
    Views
    311

    For the employee, this is NJ income so it is...

    For the employee, this is NJ income so it is taxable in NJ.
  33. If the dividend income is more than $950 (with no...

    If the dividend income is more than $950 (with no other income), child is required to report this income.
    So if it is less than $950, you need not do anything.
    Your U.S. Tax Return
  34. Answers
    4
    Views
    873

    File nonresident tax return. You can claim...

    File nonresident tax return. You can claim itemized deductions. You do not get standard deduction.
  35. Answers
    2
    Views
    354

    Even if your father does not live with you, you...

    Even if your father does not live with you, you can claim him if
    (a) You must provide more than half of the support, and
    (b) your father did not earn more than $3800 in 2012.
    Social security...
  36. Answers
    5
    Views
    439

    You may need to file Form 3520. There is no...

    You may need to file Form 3520. There is no federal tax on inheritances.
  37. For CA filing requirement read this:...

    For CA filing requirement read this: https://www.ftb.ca.gov/forms/2012_California_Tax_Rates_and_Exemptions.shtml
  38. Answers
    2
    Views
    1,191

    Rental income is considered U.S. source income so...

    Rental income is considered U.S. source income so it is taxable. You will report your rental income and expenses on schedule E (Form 1040).
  39. Distribution from 401k will be treated as your...

    Distribution from 401k will be treated as your income. If the distribution plus 50% of social security benefit exceed the base amount, then part of SS benefits are taxable.

    The base amount is...
  40. Answers
    2
    Views
    347

    No, it is not taxable. You do not need to report...

    No, it is not taxable. You do not need to report this transcation to IRS. Hope you are filing Form TD F 90-22.1 and reporting any interest income on your U.S. tax return.
  41. Answers
    6
    Views
    1,282

    For 2012, you must meet following requirements on...

    For 2012, you must meet following requirements on H1-B, before you can meet other requirements for resident status:
    *Be present in the United States for at least 31 days in a row in 2012, and
    *Be...
  42. You should get W-2 from your employer. Based on...

    You should get W-2 from your employer. Based on the info in W-2, file your nonresident tax return and Form 8843. Also, you may have to file state tax return if income exceeds the filing requirements.
  43. Answers
    7
    Views
    524

    Yes, you must pass SPT for 2012 to file resident...

    Yes, you must pass SPT for 2012 to file resident tax return without waiting. Count 1/6 of days in 2010 Plus 1/3 of days in 2011 plus days in 2012. Your U.S. Tax Return: Substantial Presence Test
  44. You can only file nonresident tax return. You...

    You can only file nonresident tax return. You cannot claim exemption for your spouse. You can claim itemized deductions for travel, meals and lodging expenses during your stay in U.S. Use Form 2106...
  45. Answers
    7
    Views
    524

    You have two choices. Choice 1: You did not...

    You have two choices.
    Choice 1: You did not complete SPT in 2012, you can file non-resident tax return. You can also deduct moving expenses for the family. Use Form 3903.

    Choice 2: You can file...
  46. Most probably you need to file nonresident tax...

    Most probably you need to file nonresident tax return.
    What visa did you have? When did you enter and leave U.S. We need this info to provide exact answer.
  47. Answers
    3
    Views
    423

    Filing Status Single If under 65, must file tax...

    Filing Status Single
    If under 65, must file tax return if gross income is at least $9,750. Your U.S. Tax Return: 2012 Filing Requirements for Most Taxpayers
  48. Answers
    2
    Views
    279

    H1-B is work visa; you must pay taxes like a U.S....

    H1-B is work visa; you must pay taxes like a U.S. citizen or resident that is you do not get treaty deduction.
  49. File your nonresident tax return and claim...

    File your nonresident tax return and claim itemized deductions.
  50. Answers
    5
    Views
    706

    Only the custodial parent can claim the child. It...

    Only the custodial parent can claim the child. It does not count who is paying child support. The custodial parent is the parent with whom the child lived for the longer period based on the nights...
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