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Type: Posts; User: progtick

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  1. self-employed - subtract previous year's expenses from this year's profit?

    No profit was made previous year (2010), but a bunch of expenses were done. No taxes were filed for that year. Typical start-up scenario.

    Gains were made in year in 2011, so taxes would need to...
  2. foreign capital gain - but original cost is unkwown as of yet

    Friend made long-term capital gain by selling an inherited property in a foreign country. He is way past-due for filing tax for this gain, because he simply hasn't been able to get an accurate...
  3. I need historical USD to rupee exchnage rate - for 1977.

    I did find some websites that were able to give dollar to rupee conversion for 1977. However, often they did not agree with each other. None of these are .gov websites. If you know a reliable...
  4. Can long term capital loss offset income earned from interest?

    After selling an inherited land, if a person's basis turns out to be greater than the sale price, then his capital gain would be negative. Can this offset income earned from interest during the same...
  5. How do I file federal and state income tax for "unearned" income?

    The income's source is capital gain (or loss, depending on pending paperwork) and interest earned - both of them in foreign country. (His income for the year could in fact be "negative") The person...
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    Social security credits and tax

    The person's only source of income for that year was capital gain and interest earned on that amount. How do social security credits work in this scenario? Also, is social security part of federal...
  7. If a person owes any taxes to IRS and doesn't pay, but has extension...

    If a person owes taxes, but he doesn't pay by the April deadline, does it mean his extension to file until October 17 is invalid and thus be counted as "late filing" or will there be only interest...
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    568

    Getting foreign tax credit - DTAA

    If I am claiming credit for tax paid to the foreign country, how would I convert the currency to USD? What date should I use to look up the forex rate?
  9. @AtlantaExpert, at what rate?

    @AtlantaExpert, at what rate?
  10. State tax for Ohio for foreign capital gain and foreign earned interest on the amount

    Does one have to pay state tax on foreign capital gain and foreign interest that was earned during that year?
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    Capital tax on foreign asset

    My relative filed for income tax extension, because he had not paid/settled the tax issue back in the foreign country by the deadline to file tax here. He wanted to pay the tax in the foreign country...
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    Cost basis for inherited land back in India

    My relative inherited land back in India before 1980. India uses 1 April, 1981 as the cut-off date to figure out fair market value for inheritances that go way back in time. Can he use the same date...
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