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Recent Direct Tax Law questions

I am a legal us resident non citizen and will be receiving

I am a legal us resident non citizen and will be receiving a inheritance from Canada no properties involved strictly cash only what will be the tax if any Canada does not have an inheritance tax imposed on citizens or non residents

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,586 satisfied customers
Lindsey Caesar a consultant of United Nations said the would

Lindsey Caesar a consultant of United Nations said the would give me a check for 50,000 dollars.They said I have to pay. I pay 1300 dollars and they still did not give me my check. I send my money to two different people.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The two people I send the money to was Micheal Linton from Houston Texas(IRS man for taxes) and Sherlane Heyliger from the Virgin Island

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Robin D.

Vocational, Technical or Trade School

25,020 satisfied customers
In April, I purchased THE PORTION of the property that my

In April, I purchased THE PORTION of the property that my friend and I co-owned. Her name was NOT on the mortgage or deed so we did not have to do a Real Estate Sale. This is my tax question: come the next tax cycle when she files, what will I have to provide for her, if anything? Again, since this wasn't a Real Estate transaction, and I still own the property, I'm wondering how she, or her tax accountant rather, will handle this transition.

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Robin D.

Vocational, Technical or Trade School

25,020 satisfied customers
I am filing for an EIN number for a newly formed Nonprofit

I am filing for an EIN number for a newly formed Nonprofit Organization in the State of Texas. We a re a community band and I need to indicate on IRS Form SS-4 line 9a what type of Nonprofit we are. Can you help me figure this out?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not to my knowledge

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Robin D.

Vocational, Technical or Trade School

25,020 satisfied customers
ARE Health insurance benefits, whether paid for individually

ARE Health insurance benefits, whether paid for individually or by one's employer, are always income-tax-free?

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Robin D.

Vocational, Technical or Trade School

25,020 satisfied customers
When I am buying a house using 100% of my assets, if I add

When I am buying a house using 100% of my assets, if I add my fiancé to the title as a tenancy in common splitting the house equally, will I be liable for gift tax?

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Robin D.

Vocational, Technical or Trade School

25,020 satisfied customers
A doctor practice is sold for $775,000 in 2016. All assets

A doctor practice is sold for $775,000 in 2016. All assets have been fully depreciated for tax purposes in previous years. is the total sales price considered goodwill when filing Form 8594?

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
Can you please explain how I will be charged for your

Can you please explain how I will be charged for your service?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I operate a short term rental of a residence, automobile, boat and guide / charter service. When I report the annual revenue, deductions and depreciation, may I do so as a business under Schedule C. or am I required to do so under Schedule E?JA: Is there anything else the Accountant should be aware of?Customer: He may have questions, but at this point I do not know what information he may need.

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
What is the better way to fund the trust: making the trust

What is the better way to fund the trust: making the trust the beneficiary of one's bank accounts, etc., or changing the name on the accounts to the name of the trust? And what is the difference in those approaches?

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Chad Caros

Managing Director

Master's Degree

50 satisfied customers
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