Join the 9 million people who found a smarter way to get Expert help

Recent Alternative Minimum Tax questions

How much can I use as a credit for the money I pay for his

How much can I use as a credit for the money I pay for his care at a memory care facility?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.Customer: where do I see page 1?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My husband is in a memory care facility as prescribed by his doctors. Is there a tax creit I can file under itemized deductions?JA: Is there anything else important you think the Accountant should know?Customer: He has parkinsons and lewy body disease and requires observation and care of ADl's

Read more

ABC Accounting Group

Bachelor's Degree

198 satisfied customers
I got an extension and am trying to file thru Taxslayer. I

I got an extension and am trying to file thru Taxslayer. I usually get back around $2,200. This past year I had a significantly larger amount of mortgage interest that I paid, but the refund is only $2,500. I've gone back and added my medical deductions and some charity and property taxes I had overlooked, but the refund amount stays the same. I know I'm above the standard deduction. Does this sound normal?

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,022 satisfied customers
We have a very large term capital gain . Does this push our

hi...we have a very large long term capital gain for 2016. Does this push our regular income tax into a higher bracket?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: we have a long term capital gain of $330,000 for the 2016 tax year. My wife and I have combined income of about $180.000 and file married jointly. Will the regular income of $180,000 be taxed at the high or highest rates of 35% and 39.5% respectively?JA: Is there anything else important you think the Accountant should know?Customer: noJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

Read more

Megan C

Master's Degree

29,966 satisfied customers
What is the difference between prior depreciation and prior

What is the difference between prior depreciation and prior AMT depreciation for a vehicle when claiming business usage deductions and credits?

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,222 satisfied customers
I moved from uk to usa nearly 6 years ago on a work visa as

I moved from uk to usa nearly 6 years ago on a work visa as my job transferred me to usa. I just got my greencard. I purchased a leasehold property in uk 16 years ago and have always rented it out, never lived in it. There has been a substantial capital gain. In uk my tax liability is negligible as a non-resident. How can I avoid usa capital gains taxes? I have heard that 1031 exchanges cannot be included for foreign property unless the new property is foreign, is thus true? I have also heard there may be an exception if there was an exceptional circumstance such as moving job.,please advise on whether I need to pay any usa capital gains tax

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
If I leave a private, venture backed company and exercise vested

If I leave a private, venture backed company and exercise vested incentive options, are there any tax ramifications with respect to AMT (or anything else) at any point in time prior to selling the shares in the event of a liquidity event? Specifically, does the IRS consider there to be any income or gain based on any spread between exercise price and "fair market value" as determined from time to time?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
What are the capital gains tax of a real estate

What are the capital gains tax for sale of a real estate asset in Boston by a non-US citizen (Nonresident alien). Seller is not living in the US and does not have any other business or trade.Please confirm:- what's the specific short-term capital gains tax rate for a non-US citizen- what's the specific long-term capital gains tax rate for a non-US citizen

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Just got an offer of $850000 rental property i bought

just got an offer of $850000 for a rental property i bought 32 yrs ago for 65000 was looking at my tax liabilty of $335600 between irs &mass dor can that be true?

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
It is the first year that I need to fill out Alternative Minimum

It is the first year that I need to fill out Alternative Minimum Tax Form 6251, my question is how to calculate Alternative minimum tax foreign tax credit? Is this different from the foreign tax credit on Form 1040?

Read more

Tax-Scholar

Manager

Bachelor's Degree

124 satisfied customers
View more tax questions
In The News