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Recent Customs and Border Protection questions

My fiancee has been in Ghana West Africa lately where she

My fiancee has been in Ghana West Africa lately where she procured 37.5 kilos of gold bullion. What are the taxes when shipped to the United States?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,236 satisfied customers
I am a U.S. citizen but have been living in the Bahamas for

I am a U.S. citizen but have been living in the Bahamas for about 9 years. I have not filed taxes since I've been gone. I was making between $30,000 and $50,000 a year. I'm married now and I'm wanting to move back to Florida. Wondering if I will have any problems Bringing back to the U.S. around $30,000 to start up a business. Will I have problems from not filing all these years and will I have to pay any back taxes or taxes on the money I will be bringing into the country? I am also a dual citizen of the Bahamas. I'm American and Bahamian. Also does it be a problem bringing all that money at once into the U.S. because I know they say your not suppose to bring in more than $10,000

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Robin D.

Vocational, Technical or Trade School

21,234 satisfied customers
Hello. I am a US citizen and have been living abroad for a few years. My wife is not a US

Hello. I am a US citizen and have been living abroad for a few years. My wife is not a US citizen. My father who is not a US citizen and never lived in the US recently passed away in the country abroad where I have been living. He left me an inheritance in cash (300K) USD. Now we are planning to move back to the US. What is the best way to bring this money to the US?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Will a person receiving a silver wedding gift sent from Austria

Will a person receiving a silver wedding gift sent from Austria to France have to pay a duty or tax? Will the person sending the gift have to pay a tax or only shipping charges?

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5,014 satisfied customers
I asked what the laws were for my fiance from bringing

I asked what the laws were for my fiance from ghana bringing in gold bullion from ghana and the answer was vague and bad.I want to know since it is a gift from her mother is it legal for her to bring as our wedding gift ,question 1 and 2 how much tax is on it if any.Your reply was 1st $100,000 not taxed ,but what is the tax on the rest since she is bringing $600,000.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I am doing tax prep for 2015. I have a question regarding

I am doing tax prep for 2015. I have a question regarding two home offices on our property

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,786 satisfied customers
I am looking for someone who is experienced with Michigan

I am looking for someone who is experienced with Michigan and Federal employment law/Tax with respect to COBRA benefit extension. I left a Michigan employer on July 13 to take a job with a new employer also in Michigan. To bridge the benefit gap, I applied for COBRA to continue my health insurance coverage. I just received the bill for the COBRA extension from OPTUM health a week ago. My benefits for my new job are effective today (October 1). I spoke with a rep at OPTUM and she told me that if I haven't seen a doctor or incurred any claimable expense since July 13, that I could just cancel the COBRA coverage effect July 15, 2016 (when it started) and not be required to pay the bill. She also said that I would be out of coverage for that period of time (July 15-Sept 30, 2016). Are there any tax or legal implications to this?Thanks!Tony

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,236 satisfied customers
I have the following questions please answer underneath each

Hi,I have the following questions please answer underneath each one.I currently live in a house with $700 K loan amount. I'm planning to rent it out and build a new house.Q. Will the interest on the $700K be still tax deductible?Q. Will I only have $300k left as tax deductible? Or the $1 m cap will be still applicable since the first one will be an investment property?As for the new houseI'm going to buy 11 acres lot, I'm planning to build a house, horse farm, and horse boarding facility(for commercial use). My mom will pay half the price in cash and I'll pay the other half by borrowing on margin with 2.5 % interest rate.Q. Will this interest be tax deductible?As for the development,I have two options to finance the development .Borrow on margin from the brokerage account with a competitive rate of 2.5% for nearly half the cost and finance the rest with a construction loan at 4%Or get a construction loan for the whole amount.Q. Will the 2.5 % interest be tax deductible?Q. Will the interest on the construction loan be tax deductible?Also, should I set up an LLC for the horse business to protect my self?

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PDtax

Owner

Master's Degree

7,000 satisfied customers
I was wondering about my self employment. I own a face

Hello, I was wondering about my self employment. I own a face painting business. The business is under a DBA and trade name, but not any structure like LLC. When I do a job I use my SSN as my business number. My question deals with square and payments through this.Square states,"All credit card processing companies, including Square, are required by the IRS to report the earnings of those merchants who process over $20,000 and over 200 credit card payments (cash excluded) per calendar year before January 31."-referencehttps://squareup.com/help/us/en/article/5048-square-tax-reporting-and-form-1099-kMy square transactions are credit cards and I made $4500 this year on square on it.I know technically you are to report everything, but I was just wondering since square makes it sound like it stays out of the IRS way.

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PDtax

Owner

Master's Degree

7,000 satisfied customers
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