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Lane, its from NJ. I have another estate matter ques. As

Hi Lane, its Susan from NJ. I have another estate matter ques. As daughter and executor, I have now completed paying the beneficiaries and am checking if all the tax filings done. I was named in the Will to receive the Residual which in this case is funds only. My question is, for Federal Income Tax Purposes for me, are the Residual Funds treated as regular income. Thanks so much

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,320 satisfied customers
Currently I have a full time job which I earn about 80K a

Currently I have a full time job which I earn about 80K a year. I also work independently with Trading company in the Financial markets by trading Futures contracts daily. I did fill out W-9 for that. My question is how do I report Taxes for the income I make and how much would be the Tax rate for the Federal and state tax rate? I live in Massachusetts.

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TaxRobin

Vocational, Technical or Trade School

 
20,266 satisfied customers
Should I participate in Loss Harvesting with my equities?

Should I participate in Loss Harvesting with my equities?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,320 satisfied customers
I have a variable appreciable life insurance policy from

hi, I have a variable appreciable life insurance policy from Prudential... it has about 75k in death benefit... however it has about 12k in loans and a net cash value of about 2k... Should I decide to terminate this policy and not roll it over to another, I understand that I will need to pay income taxes on some of it... Would that amount be the sum of the loan and net cash value (14k in this case)... also would that income be ordinary income or capital gain which I may possibly apply a previous loss carryover against ??

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I live in California. If I purchase a rental property in NC

I live in California. If I purchase a rental property in NC that my brother will manage for me, what will the state tax implications be? My projected income tax liability will put me in the 9.3% bracket for CA, and NC it will be 5.75%. Thanks.

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TaxRobin

Vocational, Technical or Trade School

 
20,266 satisfied customers
What is the benefit startup to register with a county's

What is the benefit for a startup to register with a county's County Clerk as a DBA instead of registering with the state? Aren't the tax liabilities going to be the same either way?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
With the same hourly rate (eg. $80/hour) which option is

With the same hourly rate (eg. $80/hour) which option is financially better: W2 or 1099 for a single person.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I've been offered a job that pays $41,000 per year. I

I've been offered a job that pays $41,000 per year. I know they will take money out for taxes, etc, but I don't know how to calculate how much that will be. My budget is monthly, so I need to know approximately how much money I will actually get monthly. Assume I elect not to have any money taken out of my paycheck for taxes... Can you help me figure that out?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I drive and want to deduct deadhead miles - if audited, do I

I drive for Uber and want to deduct deadhead miles - if audited, do I need a record of each individual trip (for example, driving around with my Uber app online on the way to a passenger or to find a better location), or is keeping a summary for each day of the number of miles I drove deadhead while working for Uber sufficient in case I get audited? I can easily track the trips, since Uber provides a summary for each one with starting location, ending, etc. I don't mind copying those into a log book - the real question is about deadhead miles.

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Andy4712

Attorney

Doctoral Degree

 
472 satisfied customers
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