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Shouldn't be taxable if it's a reimbursement.

Absolutely, was a very interesting, un common situation!

And here it is:

First of all since the taxpayer filed chapter 7 bankruptcy you will want to make sure that the deemed sale and cancellation of debt truly belong to the taxpayer or to the...

Sure thank you. These darn tax laws are often ambiguous!

Here's a reply from a tax attorney. Now the question is your question, to file a BK return or not. I need to ask the taxpayer sone more questions.
First of all since the taxpayer filed chapter 7...

Thanks. Yes I'm on board with no tax on the cancelled debt due to the bk. I guess the real question would I use the cancelled debt as the sales price or the fair market value. Thx for your help.

Yes 110k vs 100k I stated. I am the tax pro but I've asked cpa's and other tax pros and get different answers.

Hello, I have a client that bought a rental home for 325k in 2005. He owed 281k on the rental property. He filed BK. He got a 1099-C that shows that the full 281k was forgiven and also showed he was...

I have rec'd garnishment against my wages but did not know about it until my employer
Deducted $ from my check.

You file taxes? If so, report that under Education Credits.

There is no way. You have to pay taxes. You go exempt, you will owe at the end of the year and a possible underpayment penalty.

Hello, I have a client that bought a rental home for 325k in 2005. He owed 281k on the rental property. He filed BK. He got a 1099-C that shows that the full 281k was forgiven and also showed he was...

Yes

The address doesn't matter. Where did you live all year? What state are your wages reported?

Report GA wages on the GA state return and report the NY wages to the NY return... do resident state return for GA and do non resident return for NY. These are tough to do on turbotax so I would get...

Jay, look at pub 15-B, business fringe benefits

I have a client that has an LLC and he is the managing member. He is a consultant. He incurs 50k a year in education expenses for 2009 and for this year, 2010. He wants to deduct education costs on...

Im in CA and the schedule D on the fed will flow through the CA adjustment form. There is no schedule D on a CA return.

I suggest the Federal joint and separate for the states. I would try it both ways where you do a joint return for all of PA's income for you both and then her state income for OH. Try it both ways...

File part year resident returns for each state and assign the state income to the appropriate states. Just did 3 of these this weekend.

Keep in mind, the return is one thing, and the W-4 is another thing. Withholdings are tricky. You can use the chart and tables or your tax pro can also recommend solid withholdings as It's a moving...

In my post 4 above, I stated my opinion was Married and 3. Your paycheck site married and 6. As I stated above, married and 6 seemed to be aggressive. Not sure where the confusion else. I think I...

I say 3, the form says claim 6. But I don't no your other variables like income, etc. I lean towards the conservative side when it comes to withholdings. I've seen to many clients owe.

In this case, you would claim 1 for yourself, 1 for your spouse, and one for your child. That would suggest Married and 3. I looked at the w-4 assistant.
Eligible child: Number of Eligible Children ...

Report the w-2 income on your federal return and your state tax return. Its like a regular wage W-2.

Basically the state wages are for each state that you worked in and a multi state return should be filed. The federal wages would be the same. Break out the two states with the respective incomes...

Not sure what you mean by eligible child? Yes, you can fill out the w-4 and answer the questions to get you're your withholding amount that you want to instruct the employer to withhold. Without...

I don't see any reason why you would have to pay tax on it since its more of a reimbursement for something you already paid for and most used after tax money or a loan to buy it. That my opinion.

Were you a full year resident in Kentucky, or did you live in Utah for 3 months and then move to Kentucky? If you lived in Utah for 3 months and lived in Kentucky for the 9 months, then you would be...

Should take as long as a normal mailed in return. Probably 2-3 months.

If it is going in the mail on the 26th, then you will probably receive it within 1-2 weeks. They will never post the date that you will get it in the mail unless it's a direct deposit.

I would suggest you see a tax pro and have them do it for you, if you don't know anyone in tax.

I realized I should have start a new thread.. so here goes:

Does anyone know how I get the HOA activated? We have the HOA name reference in CC&R's. Friends are telling me that we need to have docs...

This was very good info. Do you or anyone know how I get the HOA activated? We have the HOA name reference in CC&R's. Friends are telling me that we need to have docs for an unicorporated HOA. So...

State is much quicker this year. In my experience, if the refund is processed on that date, a check will be received 2-3 weeks after the processing date. That's the max. You may get it sooner. I've...

Not sure if I understand your question. If they process and mail it on March 26th, you will get it within 2-3 weeks. Did you put a bank account # or did you request a check?

If your card debt is with the same bank, then they can take it out.

Nice, that makes sense. That was the missing link. The HOA needs to be activated, be incorporated, and needs by laws. We are trying to avoid that route. I know your not an insurance expert, or...

LOL, for the bank. Nice people, good benefits, and I have a job!

Revisions have been made. If you have a final settlement statement, sign and date it, and mail it in with your fed return via mail.

No need to have the seller sign it.

Singles or married, but you have to meet the income requirements or you won't get it.

Yes do your 08 and 09. 09 can only be efiled. 08 will have to be mailed

Because Im a sales person

Yes, it goes in the retain bin in the machine and you have 24 hours to claim it, your bank or not. Otherwise, order a new one.

You can open a bank account as a NRA by having a valid passport and visa and sign a w-8 BEN. Mostly any bank can open an account for a NRA.

Or you can just withdraw all your money like my clients do if they think they will get a levy.

I'd rather pay $5 and get the money then put it in your bank, have it try to clear, and it bounces. Then you will have to pay a reclamation fee of $15 which is 3 times more and not have your money...

Hmm, overdrawn? Did the bank pay the check and charge overdraft fees? You need to pay that money back as soon as you can, otherwise they will charge it off and send you to a collection agency. Make...

If he's not around anymore, you will have trouble locating it. Look for statements, atm cards, checks, etc. Otherwise, hire an investigator, but remember, banking is confidential. If you have a death...

Most banks don't allow you to wire unless you come in to sign. They do however usually offer a wire service by phone option if you fill out the proper forms with the bank, usually called repetitive...