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Recent Filing Status questions

I live abroad in the UAE and haven't filed in 4 years now.

Hello there, I live abroad in the UAE and haven't filed for taxes in 4 years now. Do I need to pay tax if I earn less than $30k? Are there any penalties that I should be worried about? I can obtain most of my pay stubs to document my earnings.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,802 satisfied customers
I would like to know how to calculate Part V (Distributions

I would like to know how to calculate Part V (Distributions From and Dispositions of Stock of a Section 1291 Fund) of Form 8621 for my situation. I'm a US permanent resident. My 2013 Tax status was non-resident, and 2014 tax status is resident. This question is for Tax year 2014. I bought foreign stocks through a trading account while I was in India. In the year 2014 I sold all those stocks. Let's take a specific stock ABC. I bought several lots of this stock over a period of time, all prior to 2013 but sold them all on the same day in 2014.

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Dr. Fiona Chen

President

Ph.D.

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84 satisfied customers
Situation: resident. A non-US citizen wants to give me a

Situation: I am US-resident. A non-US citizen wants to give me a cash gift. In order for me to get the cash gift, the non-US-Citizen must first make a transfer to her account located in the US (this is required by the donor's financial institution overseas). then:1. Do I pay taxes on the cash gift, if the amount is greater than US$ 100,000? Do I pay if the amount is lower than 100,000?2. How would the cash gift affect my tax filing for the next year and future years? (if it is less than US$ 100,000 or greater than US$100,000)3. Once the cash gift is my account, and I want to withdraw partially or totally the money (to invest or spend it) do I pay taxes? If yes, how much would be the taxes and does it depend on the size of the amount withdrawn?4. Is there another way, to get the money (cash gift or transfer from the US account) to minimize the amount of taxes? such as society or trust? (for amounts lower and greater than US $100,000)5. Do US banks have to report to the IRS and other countries the size of the transfers? (meaning that I would get a tax report from my bankto file with the IRS or other financial institutions)6. I will apply to become a US-citizen in the future. Do you know the implications of this cash gift for my application as a US-citizen? (This is more of an immigration question, but maybe you had dealt with customers with similar situations)Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,802 satisfied customers
My partner and I have begun the adoption process and I have

Hello, my partner and I have begun the adoption process and I have a tax question. We file married filing sepratly, my partner has been paying for adoptions expenses using his bank account. I send money to him sometimes to contribute. At year end, can I claim all the adoption expenses even though he paid using his bank account? He's not eligible for the adoption credit because he earns too much.

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Robin D.

Vocational, Technical or Trade School

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20,648 satisfied customers
I sold several bottles of vintage wine via web to a wine

I sold several bottles of vintage wine via web to a wine distributor located in Kentucky. I'm in NYC?. Do I have to report this as income for my 2016 taxes? And if so, how much would the associated tax be? The sale is $5,900. Thanks!

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Robin D.

Vocational, Technical or Trade School

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20,648 satisfied customers
I would like to sell a house that is deeded as a life

Hi, I would like to sell a house that is deeded as a life estate. My brother and I are listed as the grantees and my mother, the granter. Mom is still alive and I have lived on the property for the last year. The property was bought for $11,900 in 1953 and should sell for about $350,000. Can I avoid capital gains tax as this is my primary residence?

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Robin D.

Vocational, Technical or Trade School

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20,648 satisfied customers
I am claiming annuity from my mothers life insurance. The

I am claiming annuity from my mothers life insurance. The form is asking how much tax I would like withheld , for both Mass. And federal, I would like them to with hold so I don't have to worry about it. I am getting 1 check payment . How much am I suppose to claim?

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Robin D.

Vocational, Technical or Trade School

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20,648 satisfied customers
Can I deduct cash donations made to my son in 2015 to help m

Can I deduct cash donations made to my son in 2015 to help him with his education, he was 29 yrs. old and married, and my husband also passed away in 2015?

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Barbara

Enrolled Agent, Paralegal

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4,868 satisfied customers
I need to know how much additional funds to withhold if I

I need to know how much additional funds to withhold if I pull money out of my IRA rollover.

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Robin D.

Vocational, Technical or Trade School

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20,648 satisfied customers
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