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Recent Indirect Tax Laws questions

IRS refund check was not cashed years and now I found it.

IRS refund check was not cashed for many years and now I found it. What form can I use to have the IRS reissue it?

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Robin D.

Vocational, Technical or Trade School

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US Tax: How do I report my foreign employees provident fund

US Tax: How do I report my foreign employees provident fund (EPF) of India (www.epfindia.com)? What all forms I need to attach with my return and how to calculate any income/interest etc.? I moved from India to the US in 2013. My 2013 US tax status was Non-Resident. This is for tax year 2014. My 2014 US tax status is Resident (married filing joint). Both employee and employer contribution to the EPF stopped in 2013 due to my change of employer (move to US). However, my EPF receives a yearly interest on the cumulative amount. I.e. in 2014 the only activity in my EPF is interest credit.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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My husband and I are getting divorced. Aside from taxable

My husband and I are getting divorced. Aside from taxable alimony, he'd like to give me a "gift" of $30,000. We don't understand who pays taxes if it's a gift if at all. We live in the state of Georgia although I'm moving to South Carolina but I don't think that makes any difference as this is the IRS. What do you think is the best course to pay the lowest taxes and who pays them? Thank you.JA: PayPal, Debitcard or credit card are all fine. The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No.

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Robin D.

Vocational, Technical or Trade School

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20,588 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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52 satisfied customers
I have taken a loan in India to finance my Education and

I have taken a loan in India to finance my Education and paying part of my home in USA. The Loan amount is $ 200,000.00I would like to know what are my legal options of transferring this money from India to USA

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,724 satisfied customers
Please. I am trying to post a loss from a K-1 from a

Please. I am trying to post a loss from a K-1 from a partnership of my C- Corp... but I don't know where to offset the equity loss.JA: The Financial Software Technician will know how to help. Please tell me more, so we can help you best.Customer: The C Corp loaned the Partnership $245,000 so it is an Asset to the C-Corp, right? The partnership had a loss of $247,000 in the first year and that comes to the C Corp in a K-1 showing a net equity of the C Corp as -8834.00JA: Is there anything else important you think the Financial Software Technician should know?Customer: I just don't know how to enter the new equity value be cause I can't show it as a debit to equity and a credit to something else?

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Mark Taylor

Certified Public Accountant

Masters

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324 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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3,724 satisfied customers
We have spoken with a lawyer on your site, and need to

We have spoken with a lawyer on your site, and need to proceed with a senior CPA, for further advice.

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Mark Taylor

Certified Public Accountant

Masters

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324 satisfied customers
My mother was recently placed in a nursing home where she

My mother was recently placed in a nursing home where she has applied for Medicaid. They will be taking her SS and a small pension. She has a small home with a 8,000 HELOC against it. The payment on the loan will be due in a couple of weeks and there's no money to pay it or taxes and insurance. Do I have to sign the house over or can I sell it pay off the loan and put rest in an account for her. I do have power of attorney.

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Dr. Fiona Chen

President

Ph.D.

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52 satisfied customers
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