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Type: Posts; User: AtlantaTaxExpert

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  1. Answers
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    57

    ebaines added an important detail that I forgot

    ebaines added an important detail that I forgot
  2. Answers
    3
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    57

    Box 2a on a Form 1099-DIV or consolidated Form...

    Box 2a on a Form 1099-DIV or consolidated Form 1099-B is "Total Capital Gains Distributed".

    This is the mutual fund shareholder's portion of the capital gains from the sale of stocks by the...
  3. Answers
    2
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    116

    That is a complex tax question that is really...

    That is a complex tax question that is really beyond the scope of this forum. The use of trusts as a estate management tool requires specialized training and varies depending on the specific tax...
  4. Answers
    5
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    152

    Glad to help!

    Glad to help!
  5. Answers
    5
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    152

    For much smaller amounts, the IRS will not mind...

    For much smaller amounts, the IRS will not mind you keeping the interest.

    For a $1 million, they may ask for it.
  6. Answers
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    99

    Teresa, This website answers tax questions;...

    Teresa,

    This website answers tax questions; it does NOT control your Form 1099-R.

    You need to contact the custodian of your pension or IRA to change your address so they send you the Form...
  7. Teresa, This website answers tax questions; it...

    Teresa,

    This website answers tax questions; it does NOT control your Form 1099-R.

    You need to contact the custodian of your pension or IRA to change your address so they send you the Form...
  8. Answers
    5
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    138

    Noted!

    Noted!
  9. Answers
    5
    Views
    138

    Glad to help!

    Glad to help!
  10. Answers
    5
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    223

    The Substantial Presence Test (SPT) does NOT...

    The Substantial Presence Test (SPT) does NOT apply if the children are U.S. citizens with U.S. Social Security Numbers. They can be claimed as dependents for purposes of the $2,000 Child Tax Credit...
  11. Answers
    5
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    138

    I believe so. The IRS has pretty strict...

    I believe so. The IRS has pretty strict encryption standards that must be met, and TaxAct is a nationally-known tax software company who would pay a pretty stiff fine if they allowed the clients'...
  12. If he IS speaking of VA benefits, they are NOT...

    If he IS speaking of VA benefits, they are NOT taxable.
  13. Can you explain with more detail what are "aid...

    Can you explain with more detail what are "aid and Attendence" monies?
  14. Foreign students only have to pay taxes on income...

    Foreign students only have to pay taxes on income that is sourced FROM the United States.

    Hence, if the property generating the revenue is in his HOME country, no tax is due.

    If
    the...
  15. Logically, you owe ZERO tax. It is possible...

    Logically, you owe ZERO tax.

    It is possible the entire $101,000 is exempt.

    If not, then one-twelfth of the $101K is $8,417. If you are filing as a resident alien, you get a $12,000 standard...
  16. Answers
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    Also, many employers have wesbites with employee...

    Also, many employers have wesbites with employee sections, and they often upload the W-2s to those portions of the websites. Thatb is how the federal government distributes W-2s to their employees. ...
  17. Answers
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    In the context of the question, YOU means you OR...

    In the context of the question, YOU means you OR your wife.

    While the children did not live with you the entire year, they DID live with your wife, so you will be fine.
  18. Answers
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    223

    You are allowed to file a JOINT return with your...

    You are allowed to file a JOINT return with your wife irrespective of her physical location; she could be on Mars for all the IRS cares, just as long as she signs the joint return.

    Assuming you...
  19. Answers
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    198

    I agree with ma0641 that the "old" roof does NOT...

    I agree with ma0641 that the "old" roof does NOT qualify for an insurance claim because it is old. That cost must be born by you.

    I assume you intend to claim the 30% tax credit using Form 5695...
  20. Yes, that IS correct!

    Yes, that IS correct!
  21. Note that it says "Lived with you for more than...

    Note that it says "Lived with you for more than half of the year" and NOT "Lived with you in the United States for mre than half of the year".

    Since you are filing jointly, the child DID live with...
  22. Answers
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    172

    If your father GAVE it to you, you must use 1/3...

    If your father GAVE it to you, you must use 1/3 of what the property was worth when your grandmother died. Assuming you know WHEN she died and the property address, you can contact local real estate...
  23. Answers
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    166

    Unless you actually help PAY for the house,...

    Unless you actually help PAY for the house, adding you to the deed was in effect a gift from your parents to you and your siblings. That implies the requirement for them to file a gift tax return...
  24. Noted

    Noted
  25. Answers
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    185

    Everything ebaines says is accurate; I have...

    Everything ebaines says is accurate; I have nothing to add.
  26. Answers
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    859

    Sorry the news could not have been better.

    Sorry the news could not have been better.
  27. Answers
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    859

    Unfortunately, that is correct. Under the new...

    Unfortunately, that is correct. Under the new tax law, children with ITINs do NOT qualify for the $2,000 Child Tax Credit.

    They DO, however, qualify for the $500 tax credit for "other...
  28. Glad to help

    Glad to help
  29. There is NO law saying you cannot set up a bank...

    There is NO law saying you cannot set up a bank account in another country.

    However, any interest earned STLL have to be reported on your tax return.

    AND if, assuming there are multiple...
  30. Question: Currency

    by AtlantaTaxExpert
    Answers
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    177

    Your question addresses Foreign Exchange...

    Your question addresses Foreign Exchange transactions.

    This forum deals exclusively
    with tax issues, so your question is not appropriate here.
  31. Answers
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    230

    The CRS-Individual-Self-Certification-Form...

    The
    CRS-Individual-Self-Certification-Form seems to be an internal requirement. I have dealt with Citibank with other clients, so I KNOW their accounts do NOT have to be included on the FBAR.
  32. Answers
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    Much of what ma0641 says is valid, but the...

    Much of what ma0641 says is valid, but the depreciation must be claimed on the corporate tax return (either Form 1120 for a C Corporation or Form 1120S for a subchapter S corporation).
  33. Question: Taxman

    by AtlantaTaxExpert
    Answers
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    302

    Ebaines gave all the pertinent information;...

    Ebaines gave all the pertinent information; please do what he says.
  34. If you are owed almost TWO years of disability,...

    If you are owed almost TWO years of disability, you WILL be getting a large lump-sum settlement. It is likely that the IRS WILL make a claim against that payment for your 2013 income taxes due.
  35. Answers
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    Because Citibank is a U.S. bank from which you...

    Because Citibank is a U.S. bank from which you are receiving Firm 1099-INT, you have NO requirement to file an FBAR for your accounts in Citibank India.
  36. Yes, if the 1099 is Form 1099-MISC.

    Yes, if the 1099 is Form 1099-MISC.
  37. Normally, per diem is NOT taxable because it pays...

    Normally, per diem is NOT taxable because it pays for daily expenses on a temporary (less than one year) job.

    It CAN be taxable if your job extends beyond ONE year, because then the job ceases to...
  38. Answers
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    If you filed Form 1040X for the IRS, send that...

    If you filed Form 1040X for the IRS, send that along with the Schedule D.
  39. Answers
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    390

    On your question for Line #43, you enter whatever...

    On your question for Line #43, you enter whatever you paid towards your tax liability when you filed the return, which means:
    - Any payment made when the original return was filed
    - Any penalties...
  40. Answers
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    Getting it from the employer is best, but you can...

    Getting it from the employer is best, but you can also get the information from the IRS and the state where you worked if you request tax transcripts from the IRS and the state for Tax Year 2014.
  41. Question: W4

    by AtlantaTaxExpert
    Answers
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    342

    Let's make this simple: Since you are an...

    Let's make this simple: Since you are an international student, you are limited as to how many allowances you can claim.

    If you are SINGLE, claim SINGLE with only ONE allowance.

    If you are...
  42. Question: Taxes

    by AtlantaTaxExpert
    Answers
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    394

    All what ebaoines has said is true. My two...

    All what ebaoines has said is true.

    My two cents is that the sale of the house MAY have to be reported NOT on your mother's return, but rather on a fiduciary return filed by the estate executor....
  43. Question: Taxes

    by AtlantaTaxExpert
    Answers
    4
    Views
    394

    All what ebaoines has said is true. My two...

    All what ebaoines has said is true.

    My two cents is that the sale of the house MAY have to be reported NOT on your mother's return, but rather on a fiduciary return filed by the estate executor....
  44. Answers
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    290

    I am speaking from a U.S. perspective, but I am...

    I am speaking from a U.S. perspective, but I am sure it applies the same way for Canadian tax law.

    The money earned through affiliate marketing is earned income and this fully taxable. If it was...
  45. Answers
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    368

    Yes, because when the reimbursements become...

    Yes, because when the reimbursements become taxable income, the expenses become tax deductible on Form 3903.
  46. Answers
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    368

    Yes, create the Form 3903 and claim the moving...

    Yes, create the Form 3903 and claim the moving expenses on your 2017 tax return.
  47. Personally, I would amend the Form 1120S returns...

    Personally, I would amend the Form 1120S returns with the correct EIN, to get the records straight if for no other reason.

    You can also go over the 2015 and 2016 returns with a fine-tooth comb...
  48. Smoothy has it right.

    Smoothy has it right.
  49. Okay, I will be here

    Okay, I will be here
  50. Not that I can think of, but to properly answer...

    Not that I can think of, but to properly answer the question, I would have to see your entire tax return.

    I WILL do such an analysis for a $50 fee, but not until After 17 April 2018.

    Email me...
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