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Recent Income Tax questions

I always do taxes son and daughter-in-law. She has a trust

I always do taxes for my son and daughter-in-law. She has a trust fund at Comerica and the statement they sent this year does not have labeled boxes as in the past. I do not know what has to be entered on her taxes. I am assuming that they filed the trust 1041.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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About 6 months ago we moved from PA to CO to live with our

About 6 months ago we moved from PA to CO to live with our adult daughter. We are retired and sold our small house which provided a small down payment for the condo we are living in. The condo, which we share, is in our daughter's name. We divided the monthly mortgage payment and the HOA. My questions are - 1)does our daughter have to report this monthly amount we pay her ($800: $600 toward mortgage, $150 toward HOA) as income, and 2) do we have to report this monthly payment as a gift to her? Thank you.

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Robin D.

Vocational, Technical or Trade School

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A friend filed MFJ in 2014. They had a refund which they

A friend filed MFJ in 2014 . They had a refund which they left for the following year. The estranged husband filed MFS 1st and claimed all the refund. Is there a solution or some kind on income based calculation that she can use for her share. Or is it to late? There was no previous agreement. They are not legally separated. Just seems wrong to me. Chris

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Robin D.

Vocational, Technical or Trade School

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My husband is 60 and is retiring in a few months and we plan

My husband is 60 and is retiring in a few months and we plan on moving out of the area. We have found a house and we are contemplating using part of our IRA to purchase the home with cash. We would like to know what percentage of income tax we would get hit with. Yearly income right now for him is about 110,000., 130,000. If including bonuses. So if we cash out a portion of his IRA, it would be about 400,000 for this year's income. Can you tell me approximately what amount of tax we are looking at?

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Mark Taylor

Certified Public Accountant

Masters

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346 satisfied customers
As 501 c member can I buy a building and land which is being

As 501 c member can I buy a building and land which is being auctioned off and later donate to the organization and use it as tax write off? This has to be according to New York State law.

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Robin D.

Vocational, Technical or Trade School

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I owe $80k to the irs taxes. I red an attorney to help me,

I owe $80k to the irs for back taxes. I hired an attorney to help me, and because of my financial situation the irs agreed to and put me in the "currently uncollectible" status!My question is, what are the odds that they would now agree to an offer in compromise? Say I was able to borrow about 13k to totally call it even and close my case? And, if they DID agree to that, would they immediately take off the liens against me?

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Mark Taylor

Certified Public Accountant

Masters

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346 satisfied customers
I have a checking account in Italy where my taxed pension is

I have a checking account in Italy where my taxed pension is deposited monthly. I have dual citizenship and reside in the United States. I have never reported that income when filing income tax because I was told that I did not need to pay taxes on it due to double taxation.On the internet I just learned that I needed to file a FBAR. Then with more reading I learned that I needed to have been declaring that income in the US and paying taxes on it and it should not have been taxed in Italy at all.Is my understanding correct? What should I do now?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,738 satisfied customers
May you explain how affect personal income tax return deal

Hello, may you explain how affect personal income tax return deal like: son makes quick claim deed (claim deed) for property (investment ) to father and father sell this house. about numbers; son purchased for $232K, father sell it for $250K , but net check is $217K. if there is gain for father or not? is it tricky to avoid taxes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,764 satisfied customers
I am on that website. My question is that Will my filing be

I am on that website. My question is that Will my filing be considered part of streamlined filing compliance? I read on the IRS website that as part of streamlined filing compliance I need to certify that my conduct was not willful.

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Robin D.

Vocational, Technical or Trade School

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20,604 satisfied customers
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