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Type: Posts; User: progtick
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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...
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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...
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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...
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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...
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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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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...
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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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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?
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@AtlantaExpert, at what rate?
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Does one have to pay state tax on foreign capital gain and foreign interest that was earned during that year?
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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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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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