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Recent Income Tax Liability questions

My elderly mother has a savings account on which I am

My elderly mother has a savings account on which I am co-signer. If she passes away, what would be my income tax liability for the substantial amount of money that is in that account?

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Robin D.

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I am about to buy a condo and I have a copy of a 1099-misc

I am about to buy a condo and I have a copy of a 1099-misc from the current owner. It is from 6/1/15 - 11/30/15. It says box1: $10,621.38. And state ( SC ) of same amount. How will this effect my taxes? I am recently divorced, so I guess I will be head of household now, and I will be paying cash for the condo (settlement from divorce). This will continue to be a rental for my retirement, I live in NC. My current salary is $27,000/yr . Please let me know if you need any other information.

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Lev

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What's the tax burden following conditions? 1. Gross annual

What's the tax burden for the following conditions?1. Gross annual income $130,0002. House sale for $1,600,000 with $285,000 previous purchase price, $200,000 mortgage balance, 6% realtor's commission3. Divorce five years ago, ex-wife has occupied house since then (with possession structured as joint tenancy). Proceeds of house sale to be divided 50-50 between ex-spouses.

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Lev

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My wife and I together draw 34,377.60 in social security. If

My wife and I together draw 34,377.60 in social security. If we just claim the standard deduction and ourselves as dependents how much more money can we make in a year before we have to pay any taxes?

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Lev

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I am recently divorced. I have 3 QDROs that have been filed

Hello, I am recently divorced. I have 3 QDROs that have been filed and approved for my ex husband's 401K and pension. I want to roll over some of that amount and withdrawal the rest. I understand that there will be a 20% tax on this money and it will be considered income. I'd like to pay that 20% upfront. My question is: I was under the assumption that the additional 10% tax would be waived because divorce is considered a hardship. Can you advise what steps I should take to avoid this additional 10% tax? I don't want any surprises come tax time next year.Thank you

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Lev

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Good afternoon. I have a non qualified pension plan from

Good afternoon. I have a non qualified pension plan from derived from income earned while working in Pennsylvania. At the time of my employment, Pennsylvania withheld state taxes from the contributions going into this plan. Accordingly, my distributions from this plan are not taxable in Pennsylvania. If I change my primary residence to S. Carolina, will these distributions become taxable?

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Robin D.

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We are an Indian citizen family of me , my wife and a 13yrs

We are an Indian citizen family of me , my wife and a 13yrs old son living in USA with our US Green Cards . Me and my wife file joint income tax return in US . Please clarify me about the below :(1) If I open a bank account in name of my 13 yrs old son , will there be any tax liability or return filing needed if the interest or dividend earned on this bank acount ?(2) If my 13 yrs old son do earn some amount from his youtube channel or blog or google adsense internet marketing account , will there be any tax liability or return filing needed ?(3) If my 13 yrs old son do any part time job in a store or anywhere and earns monthly or hourly , will there be any tax liability or return filing needed ?(4) Is there any law that below a certain age a child or person can not earn or file return ?(5) Is it better to file child's income tax return separately in child's name or better to club in parents joint return ?(6) If I open a NRE Bank account in name of my son in India whose interest earned is totally tax-exempt in India , will it be not taxable in USA also if not brought to USA ?

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Lev

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I am a US citizen residing in Australia. I am filing

I am a US citizen residing in Australia. I am filing individually but am married. I am filling out my FIN CEN FORM 114 and have a joint account with 160,000$. This is my wife's money from the death of her mother. Will the IRS tax me on this money when I declare it? How does the IRS look at joint income when only one person is a citizen?

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Lev

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I've carefully gone over my tax situation with a consultant

I've carefully gone over my tax situation with a consultant and did some calculations some calculations on my own, with the percentages and numbers provided to me by just answer.comNow I feel comfortable about what to expect, filing taxes this year with the IRS. However, I still have a few more follow-up questions if you don't mind helping me:To my last conversation I was basically told that 0.153% is used for self-employment tax and basically .25% is what to spec on the net income...

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Lev

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