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I asked if the payment received for hosting a foreign student is a taxable income. I got a reply that it is a tax-free transaction since the payment is a reimbursement of costs. If the payment is...

I plan to host a foreign student at home. It is through a private route, not through school. The parent of the student will pay me directly for room & board.

1) Is the income taxable?
2) Do I...

My child files his own tax return for 2009 since he had income over the threshold. I am not going to claim him as my dependent so he can have a higher standard deduction amount on his return. In...

I have over $3000 of capital loss carryover from 2008. It was a loss from stock sales. I have no taxable income for 2009 (had income but less than total deductions). I understand that I am allowed...

I rented out my primary residence for a while and has a passive loss carryover. I heard that I cannot use it until I sell the house.

1) Can I offset it with other passive income such as...

Scenarios:

I lived overseas for a while so I rented my primary residence during my absence.

I have a passive loss carryover in year 1. I had additional passive loss carryover in year 2. The...

My minor child incurred income taxes on the sale of stocks that I gifted him.
If I pay his income tax with my own money in 2010, does it become a gift for the year 2010? (meaning that I need to...

I am using Turbo Tax for tax planning.
I wanted to see how the foreign income is treated, so I put the following scenario:

Ordinary US income of $10,000 and foreign income of $4,000

I see that...

I heard that if one transfers a fund over $10,000 to a foreign country, a bank has to report it to the government. Is it $10,000 per transaction or $10,000 per year?

Form FBAR says that if one holds more than $10000 in a foreign bank account at any time during the year, one has to file the form.
If I am sending $12000 to "my" foreign bank account and then give...

Dear MutKatA,
Thank you for your reply. You mentioned that I don't have to file Form FBAR. The Form says that if I have more than $10000 "any" time during the year, I have to file the form. I...

Scenarios: You send $10,000 to a foreign country's savings account. You earn $100 in interest and report it in your individual income tax return. Later, you send $10,000 back to the US and gain $50...

I am planning to send money from my US Account to "my" account in a foreign country (I understand that I have to file Form FBAR).
Then, I am going to gift money to my mom who is living in a foreign...