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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

17,706 satisfied customers
Are capital gains determined basically by the difference in

Are capital gains determined basically by the difference in the selling and the purchase price of my house? regardless of how much was put down or how much is owed? Do I need to be living in it for the last two yrs before selling? I'm considering leaving the state but I want to be sure I like the new city before buying. So I plan on renting there before making a final decision. I would have my mother staying in my house while I am away.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,214 satisfied customers
I volunteer 4 -6 hours a month as a sponsor to a non profit

I volunteer 4 -6 hours a month as a sponsor to a non profit and the earned revenue goes to a registered 501 3c. I get paid $25 per hour for being a sponsor. Can I claim a contribution deduction on my personal income tax?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no

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Robin D.

Vocational, Technical or Trade School

21,204 satisfied customers
A 94 year old female has medical expenses over 300,000. And

A 94 year old female has medical expenses over 300,000. And an income of around 200,000. An ira distribution of 45,000 and is being advised to send the whole amount to a charitable originization to avoid paying taxes. Is a this right≥. She is on medicare

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
Eva, I meant to rate you at 5 stars, but the stars would not

Eva, I meant to rate you at 5 stars, but the stars would not take it. It may have accidently onlydid 2 stars. please reply & I will re mark the 5 stars.Thank you,Fred

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,214 satisfied customers
The State of Texas has frozen a bank account of mine and

The State of Texas has frozen a bank account of mine and removes some of the money from the account. I was, but not am a citizen of the State of Texas and I never received any notice from the state. Is it legal for the State of Texas to take such action and my that action be reversed?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I have not lived in Texas for over 2 years. I now live in Tennessee. Does Texas still have any jurisdiction? And, I have not conducted business in Texas for years, and own no taxes as far as I know.

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
Wrongful death suit for my dad but didnt settle until after

wrongful death suit for my dad but didnt settle until after his death. it was a personal injury lawsuit . settle d in dec. 2015 but father died in 1012 . do i have to declare it 110,000 and pay taxes . i read if its personal injury it is not taxed. thanksJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
My father in law has an investment account in US. He doesn't

my father in law has an investment account in US. He doesn't live here and he doesn't have a green card. He wants to transfer this money to myself. Should he fill any form? Should I fill any form? Are there any taxes due?

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
My family member just turned 62. Social Security has told

My family member just turned 62. Social Security has told him he is eligible for $N per month at 62 and $Y at full retirement age.Scenario 1) He wants to stop working right now and live off savings/interest income etc (so no salary and hence no further contribution to social security) but does not possibly want to draw his benefits right yet and maybe one year later he may want to start social security benefits.Will he get AT-LEAST $N he is eligible at 62 or Will the $N he can get at 62 be reduced since he did not contribute from age 62 to 63 (for the sake of this ignore the fact that he gains a small percent due to the one year delay start) (he is from a foreign country and has worked in USA only 18 years)Scenario 2) He works till 63 but makes less income in this last year than what he made age 61 to 62 will the $N that he was to get at 62 get reduced as his final year income (age 62 to 63) was less than the income for age 61 to 62 (as i mentioned he is from a foreign country and has worked in USA only 18 years)

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Dr. Fiona Chen

President

Ph.D.

556 satisfied customers
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