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Recent Married Filing Jointly questions

I am looking to sell my home (first timer here!) and have

HI! yes - i am looking to sell my home (first timer here!) and have been researching capital gainsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I purchased the home in 2007, lived there until late 2012, and started renting it in nov. 2012JA: Is there anything else the Accountant should be aware of?Customer: i don't think so.. but IDK! lol

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
I am a Civil Rights / disability rights Advocate in St. MN

I am a Civil Rights / disability rights Advocate in St. Paul MN and own my own home. Problem/question My Husband has high munitioning Autism (diagnosed) and last year on a whim got an apartment on 1/10/15 then kept it until 12/31/15. He got a rent credit of #1,800.00 but failed to clam it on taxes. He came home, and tells me that line 8 precludes him from that credit. I think the law provides we were technically separated in 2015, and he could have claimed the credit. The house is in my name alone (not his). He says the credit could only apply to my homestead credit, where he was not living, yet to me that makes no sense. He lost the document from Rose Vista Apartments and I am struggling to get a copy. He also squandered our retirement >$77K without my knowledge in 2015...yes hes in the dog house and yes I'm a fool to take him back but I cannot discriminate against him for having AS. Every penny counts right now, so can we still claim that rent credit for $1,800.00 from 2015? or must we refile? Or what? Please advise.Kimberley Bukstein, Civil Rights Advocate *****St. Paul, MN 55108 (###) ###-####***@******.***Kimberley Bukstein is a Civil Rights Advocate from Minnesota that works on cases all over the nation. Ms. Bukstein specializes in ethics issues arising in litigation and government agencies. Finding innovative solutions to complex problems, Ms. Bukstein supports the rights of everyone regardless of position or circumstance and helps legal professionals and public officials identify and repair problems.

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Barbara

Enrolled Agent, Paralegal

5,006 satisfied customers
Retirement question - A married couple filing MFJ, both

Retirement question - A married couple filing MFJ, both spouses work and are active participants in retirement plan (SIMPLE IRA). Are there any restrictions from them making a deductible contribution to a Traditional IRA?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
I would like to confirm that I can recharacterize

Hello, I would like to confirm that I can recharacterize traditional IRA to ROTH IRA. I made traditional IRA contributions since 2013 when I was no longer income-qualified to contribute to a ROTH. However I have recently learned that the IRS has no income limitations on recharacterizing traditional to ROTH contributions. My financial planner is requiring that I seek the advice of a tax professional in order to process the recharacterization. I would like to (1) confirm that I am eligible, (2) understand which years I can still recharacterize, and (3) understand the process I should use moving forward to take advantage of the ROTH conversion. Thank you!

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Mark Taylor

Certified Public Accountant

Masters

928 satisfied customers
Can I purchase my mother's house as part of a 1031 exchange?

Can I purchase my mother's house as part of a 1031 exchange? She will receive approximately $100K from the sale (at fair market value) of her property.Thanks!Kim

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
0, We are a family living in the US, we got our green cards

Hello:0JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We are a family living in the US, we got our green cards last year and are considering selling our property in the UK now our tenants are moving. We have not lived in the UK property since July 2012. we purchased the property in 2001 for 128K sterling BUT remortgaged in about 2006 for 205K the value of the property is 225K. If we proceed and sell the house are we liable for tax in the US, and would it be calculated fron the original purchase price or the recent remortgage price. This is our only home. we have some costs to offset but our risk is we could owe more on tax than we would get from the sale of the property.JA: Is there anything else important you think the Accountant should know?Customer: If there are any other questions or information that might be needed to help establish our situation please let me know, many thanks

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Robin D.

Vocational, Technical or Trade School

20,940 satisfied customers
If I am trying to figure our my tax rate, do I include FICA?

If I am trying to figure our my tax rate, do I include FICA?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am trying to figure out the tax rate on a lump sum amount paid at retirement and I am not sure if I need to include the FICA and Medicare taxes....The amount is at the 39.6% so do I need to include the additional money for medicare which makes the amount 41.35JA: Is there anything else important you think the Accountant should know?Customer: No, I am trying to figure out how your service works, do I pay for this

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
BACKGROUND FACTS: I had waived my community share of member

BACKGROUND FACTS: I had waived my community share of member ownership (25%) in an LLC industrial park, in California, in a legal separation settlement back in 2007, confirmed again with a divorce judgment in 2012. I had included my ex-wife's income draw of $51,000 when I filed "married filing jointly" for tax year 2006 while we were already separated and living apart as of Jan 2006. I had also contributed capital of $175,000 (from community funds) in 2006, after we sold our house in Nov 2005 in Los Angeles. I never received the benefit of any owner draw in 2006 and most of 2007. My ex-brother-in-law (the managing owner) had been directing my draw to my ex-wife before there was a financial settlement in our legal separation. Do I have a case in 2016 for (1) compensation of the difference in income tax paid by me for TY2006 and (2) for compensation of all my capital contribution to pay off the industrial park's mortgage? I do possess the Schedule K-1 and Form 1065, plus all my legal papers and court judgments. I was also hoping to recover my partnership membership in the likelihood of my ex-wife's passing. I had initially invested $117,500 into the industrial park with separately acquired funds from my deceased parents trust fund in 1996, but my ex-wife had me deposit and commingle the funds into a community-held bank account. Can you advise me if I have any legal standing? I can produce all the historic records. I live now in South Carolina.

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PDtax

Owner

Master's Degree

6,866 satisfied customers
If last year I filed separate but married and this year we

If last year I filed separate but married and this year we are no longer together but not legally separated , how do we file because we are no longer together?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,998 satisfied customers
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