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Recent tax questions

Does a Canadian have to pay US income taxes on rental homes

Does a Canadian have to pay US income taxes on rental homes they own in the US?

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5,014 satisfied customers
I have lived and worked overseas for the past 16 years. I have been offered a job back in

I have lived and worked overseas for the past 16 years. I have been offered a job back in the US and am contemplating a move back. Was wondering from a tax perspective whether I should move back on Dec 31 or Jan 1 or mid-year for the best tax advantage. The company I am leaving has offered me a severance bonus (sizable) for my years of service. I have been paying taxes in both US and my current host country (and claiming foreign tax credit). . . thoughts?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I am a property manager, and have been hired to manage a residential

I am a property manager, and have been hired to manage a residential property in California. The property owner resides in Hong Kong. He has given power of attorney to his sister to act on his behalf. I will be collecting the rent, and disbursing the funds to the sister.For individuals who own property in California, but reside outside of the state, I am required to withhold 7% of the gross rents. Then on a quarterly basis pay the funds to the CA Franchise Tax Board (Non-Resident Withholding). In addition to the Non-Resident Withholding tax for California, what other tax forms does the owner need to complete. Should he complete Form W-8ECI?

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Robin D.

Vocational, Technical or Trade School

 
20,318 satisfied customers
I regularly pay estimated taxes for my wifes business. In

I regularly pay estimated taxes for my wife's business. In addition, I recently sold some long term stock incurring a sizable long term capital gain. Am I required to pay the 15% on the entire gain in the quarter that I sold the stock (to avoid penalties), or can I spread the amount owed among the remainder of the quarterly payments (2)?The question applies both to Federal and to NJ state tax.Thanks.

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Megan C

Master's Degree

 
29,942 satisfied customers
I just received a letter from the IRS about missing taxes from

I just received a letter from the IRS about missing taxes from 2006 and 2011, these were not filed. Whats the best thing to do.

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37,576 satisfied customers
Team, My estimated tax return is appox 4500 for 2012. Two

Team,My estimated tax return is appox 4500 for 2012.Two Questions:I have appox $26,000 in repairs for 2012. As I complete my taxes on turbo tax, when I reach the $4500.00 refund amount I still have appox $15,000 in additional repairs but the additional repairs do not increase my refund amount. Will the additional repairs "$15,000" from 2012 be credited to my 2013 return?Question 2:! June 2012 I signed a document to authorize a property manager to manage my property and had appox $7000.00 worth of work completed. However, my real estate agent did not advertise the property for rent until Aug 2012 and the 95% of the work was completed after July. My question is will I be able to write off the 95% of the repairs as an expense since I authorized the property manager to manage the property.Elvin

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,896 satisfied customers
What is the bottom number of income which started with tax

What is the bottom number of income which started with tax Requested as a residence in FL

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5,014 satisfied customers
Do I apply prepaid income tax to the corporate tax return as

Do I apply prepaid income tax to the corporate tax return as estimated taxes? This would create a large refund.

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CGCPA

Owner

Bachelor's Degree

 
3,352 satisfied customers
Owned property and have sold in the state of Delaware the settlement

Owned property and have sold in the state of Delaware the settlement date was 6/30/10. Need to pay capital gains to the State of Delaware. Would like to know when we need to file and what form and what percent. I'm a resident of Pennsylvania and the property in Delware a was a second home.

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Merlo

Tax Consultant

 
558 satisfied customers
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