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I have lived all my life in the uk but a few years ago I

I have lived all my life in the uk but a few years ago I applied for a Greencard as I liked the idea of moving to America.However in my ignorance I did not realise that getting a green card meant that I would now lose the full capital gain I have as a uk citizen on my principle home.I feel that this is grossly unfair as how can one make plans and sell the principle home not knowing when i might get a green card.Surely I have a period where I am exempt, and why would I or anyone want to just hand a huge present to the taxman for nothing.This has currently left me in a very bitter position were I now feel that having just got a green card I should throw it away and give up on my dream move which has turned unfairly into disaster.Surely I have a sale period as it is still my main home and whilst now in the US I am only renting and the rest of my family are still living permanently in the home.

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taxmanrog

Master's Degree

1,020 satisfied customers
Filing jointly or separate with my wife; 1. Do we have a

Filing jointly or separate with my wife;1. Do we have a choice?2. If so, what are the pros and cons of filing separate vs. jointly?3. If filing separately, can we file at different times?4. Can a separate filing for my wife now, be later changed to a joint filing?The reasons why I ask have to to with lack of clarity whether I should file in Canada or USA. Further elaboration of this reason can be provided if needed.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,754 satisfied customers
How do you end up getting taxed for exercising stock options

Hi,JA: Hello. What is your issue regarding?Customer: how do you end up getting taxed for exercising stock options for a company that doesn't have an up to date fair market valuationJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: 1. in 2014 I was living and working in Israel (not US citizen / green card holder / anything). I was granted stock options which I didn't exercise until now. 2. I want to exercise the stock options now 3. the company still doesn't have a current valuationJA: Is there anything else important you think the Accountant should know?Customer: I think that's it. I want to legally exercise stock options, granted in Israel prior to living in the US, and want to understand the tax implication - given that the company does not yet have a fair market valuation

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Mark D

Master's Degree

988 satisfied customers
I owe the state tax a lots of money, how can I solve this

I owe the state tax a lots of money, how can I solve this problem?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I owe the state of Hawaii tax dept. for GTE tax.JA: Is there anything else important you think the Accountant should know?Customer: the dollor amount is $95,000.00

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Dr. Fiona Chen

President

Ph.D.

812 satisfied customers
My mother owns 47 acres in Navarro County. The state of

My mother owns 47 acres in Navarro County. The state of Texas wants to put a bullet train through her land from Dallas to Houston. To provide incentive, they are offering 10% of the total amount to be kept whether the train deal goes through or not. My sister who is the executor and has power of attorney took this deal.My mother, 91, didn't want to do this, but we felt it is like free money even if it doesn't go through. Because she wants nothing to do with it, my sister put the money in her account and will write my brother and I checks. (split 3 ways). The amounts should be approximately 9,000 each. My sister was told we would have to pay several thousand in taxes.I thought federal law said under $14,000 there would be no tax. Maybe I am thinking if it were a gift. The land doesn't belong to us yet until my mother passes. Perhaps it is too late since my sister has put the check in her account.How can we avoid being taxed? I felt the money should have been put in my mother's account and 3 checks should have been cut from that account as gifts even if my sister had to sign them. Is it too late for that?Thank you, ***** ***** [email protected] com

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,754 satisfied customers
Can Connecticut State put a hold on drivers license if you

Hello, Can Connecticut State put a hold on drivers license if you owe past due state income tax?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We owe some OLD state income tax to CT from 2007 and 2008. We just moved back to CT after living in RI for 8 years. Received a notice today from state income tax saying they will take our IRS refunds until the amount is paid off. I want to know if they report it to the DMV and put restrictions on renewing driver's license and registration.JA: Is there anything else important you think the Accountant should know?Customer: My husband id totally disabled with MS and collects SSDI and I am retired.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,754 satisfied customers
I have a client that had to pay for an environmental study

I have a client that had to pay for an environmental study done on an old gas station they purchased. They had to pay to have the ground cleared and fix and environmental spill that was found. Lastly they had to remove tanks and had to pay a civil engineer to redesign the land for proper future use.Is the client eligible for any sort of special credit deduction/depreciation for any of the above mentioned.

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Robin D.

Vocational, Technical or Trade School

22,424 satisfied customers
Shareholder Question I am a minority common stock

Shareholder QuestionI am a minority common stock shareholder in a privately owned C-Corporation.The corporation has given us (shareholders) notice that they are planning to convert to an S-Corp and has said the phrase: 5 years matching reduced build-in gain limit.After some research on this it is our basic understanding that if they have an asset that appreciated in value during the time it was a C Corp, there is double taxation when they sell this asset within the 5 years after they become S Corp.Question 1:It would seem that this "build-in gain" reasoning would make it such that there would be no incentive to sell the company within the next 5 years due to the risk of double taxation ... is this a correct assumption?Question 2:I would like to validate that in a S-Corp that we cannot write off more than our investment (basis) in the event that the corp were to incur significant losses.We will still be liable for tracking this basis in the K-1 filing in our personal taxes, but will not see any benefit (just more paper work).Is this a correct assumption?Question 3:Given our standing as common and minority shareholders and that our combined shares has never given us any power affect a vote....Are we able to refuse the conversion to the S-Corp? It is my understanding through IRS documents that the Owners will need the consent off all shareholders and their spouses.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,422 satisfied customers
My old company was recently purchased by a new company and

My old company was recently purchased by a new company and the new company is offering a severance payout based on years of service with my old company up to a maximum of 52 weeks. I qualify for 52 weeks.My question is - will I be required to share part of this severance with an ex-spouse based on the number of years we were married while I worked for the old company (this portion being considered marital property)?Regardless of the answer to the above question, I will have to pay taxes on the entire severance payment.If I am required to pay part of the severance as some kind of ‘marital property', will I be able to deduct the portion I pay my ex-spouse from my income taxes?For the record, my divorce degree provides no guidance on these questions.

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PDtax

Owner

Master's Degree

7,370 satisfied customers
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