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I need to file an objection to the tax court, IRS is trying

hi I need to file an objection to the tax courtJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: IRS is trying to get my case dismissed for lack of jurisdictionJA: Is there anything else important you think the Accountant should know?Customer: no it's straight forward objection to their response to dismiss

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I am 67 years old. I contributed to my IRA, $6,500 for year

I am 67 years old. I contributed to my IRA, $6,500 for year 2016n (Jan.5, 2016) and purchased Service Credits from Washington State Retirement by rolling over the IRA. Jan. 28,2016. I realized now (6 months later) that I was not allowed to contribute to the IRA because I was retiring and did not have earned income in Jan. 2016. How do I remove the excess so that I do not have a 6% penalty "until the mistake is corrected"?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: The IRA was "rolled over" from the Ameritrade Account and that account is now closed. I have talked to both AMeritrade and the Washington State Department of Retirement. The Ameritrade IRA account was closed in February by my request and cannot be reopened. Ameritrade says that there is a form that the State should process called an "excess removal". I have the cash in my Savings account to fixed this myself if I am allowed to do this by IRS rules. Just could not find this on IRS site. Also, would like to avoid taking it from the Washington State Retirement account as it will effect my retirement significantly.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,732 satisfied customers
My friend's son has a residence purchased for $950,000 5

My friend's son has a residence purchased for $950,000 5 years ago. The property is worth $2,000,000 today. Rather then sell it and pay capital gains tax, Federal, NYS and NYCJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: his father has offered tp become a 50% owner. Can the father pay $1 for the 50% share? They would then rent the residence. Will the father or son be liable for capital gains tax, at this time, as the 50% was transferred for $1?JA: Is there anything else important you think the Accountant should know?Customer: No.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,732 satisfied customers
My father in law has an investment account in US. He doesn't

my father in law has an investment account in US. He doesn't live here and he doesn't have a green card. He wants to transfer this money to myself. Should he fill any form? Should I fill any form? Are there any taxes due?

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
I putting up a condo as collateral and paying a mortgage tax

I putting up a condo as collateral and paying a mortgage tax on it, When I transfer the collateral to a new lender at some point will I have to pay that tax again, when the amount of the collateral is the same, I have in the mortgage that it is assignable but it s does not say a Cema, is the assignment (not a CEMA) enough to transfer the collateral to a new lender without paying the tax again

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,732 satisfied customers
Like to get my inheritance money from india to us (around

like to get my inheritance money from india to us (around $300,000), is it taxable?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: property will be sold this yearJA: Is there anything else important you think the Accountant should know?Customer: i am us citizen

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,732 satisfied customers
I would like to know if I there will be any tax consequences

I would like to know if I there will be any tax consequences as a result of my credit card settlement

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Robin D.

Vocational, Technical or Trade School

21,204 satisfied customers
I am a non-resident alien (based in Egypt) and performing

I am a non-resident alien (based in Egypt) and performing software development/consulting services for a US client on a monthly retainer fee basis.My work is being performed entirely from outside the US (thus it's foreign source income).My client will transfer my monthly retainer fee to my bank account in the US.I have already been advised that such payments would not be taxable. Now, how can I convince my client of not withholding any tax at source and to simply transfer to me the whole amount? What paperwork do I need to complete?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,732 satisfied customers
My husband's estate received $18,000 from the State of South

My husband's estate received $18,000 from the State of South Carolina's unclaimed funds. After the money was deposited into the estate account, as my husband's only heir, I transferred the money into my personal account. Do I have to pay income tax on the money or does my husband's estate pay the taxes?JA: Since estate law varies from place to place, can you tell me what state this is in?Customer: South CarolinaJA: Has anything been filed or reported?Customer: No. I got an extension on my 2015 taxes, but have to file by October 2015. So not sure if need to report it on my income tax or the estate tax filing.JA: Anything else you want the lawyer to know before I connect you?Customer: My husband's estate has not been closed yet. Has to be closed by Jan. 2017.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,018 satisfied customers
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