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Recent Progressive Tax System questions

I have a condo in San Diego that I have owned since October

I have a condo in San Diego that I have owned since October of 2008. I lived in it from that time until October of 2009 when I joined the military. Upon joining the military I was moved around the country from October 2009 to July 2011. During this time I rented out the condo as a long-term rental.In July 2011 I was stationed back in San Diego and I returned to live in the condo from July 2011 until October 2012 when I bought a single family home and moved there. Since October 2012 until the current time, May 2014, I have been renting out the condo as a short term rental. If I were to sell the condo right now would I be subject to capital gains tax?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
regarding the exceptions work sheet, if adjusted income is

regarding the exceptions work sheet, if adjusted income is $116081 what after standard deductions, what formula would you use to figure deduction for exemptions on line 42?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
I will be working in China. What can I expect to pay in taxes

I will be working in China. What can I expect to pay in taxes on the my income in RMB (Chinese currency) as a U.S. citizen. And, what portion of my income earned abroad will be shielded from taxation by the IRS? Is there a risk of 'double taxation'?

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USTaxAdvising

Partner

Bachelor's Degree

1,670 satisfied customers
My husband lives abroad due to a work assignment (less than

My husband lives abroad due to a work assignment (less than 30 days in the US in 2011). I live and work in the US. He pays foreign income tax and I pay U.S. tax. His entire income is under the foreign income exclusion amount, however, if filing jointly, the resulting tax is much higher than what I would have paid filing separately. Can i claim foreign tax credit in addition to foreign income exclusion since we're filing jointly? Or are the two mutually exclusive? If so, can I use his foreign tax to offset my US liability (assuming filing jointly)?

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R. Klein, EA

Tax Advisor

Master's Degree

4,670 satisfied customers
I recently have been working 3 separate jobs, and am confused

I recently have been working 3 separate jobs, and am confused on what i should be claiming on my w-4 form. Since i have 3 jobs i dont want to have to owe so much back at the end of the year in taxes. i normally claim 2 on my checks, should i not claim 2 at all my jobs?

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CGCPA

Owner

Bachelor's Degree

3,360 satisfied customers
When a state has approved the production of marijuana for

When a state has approved the production of marijuana for medical purposes is the income from being employed with this type of company considered taxable income? Or because marijuana is a controlled substance under federal law does the IRS consider income derived from trafficking in controlled substances is not be considered income even if approved under state law?

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Robin D.

Vocational, Technical or Trade School

22,384 satisfied customers
Do I need to file a state return if I earned $1,408 GEORGIA

Do I need to file a state return if I earned $1,408 GEORGIA ADJUSTED GROSS INCOME (AGI). Is there an income threshold under which you do not need to file a return for that state?

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Robin D.

Vocational, Technical or Trade School

22,384 satisfied customers
I am helping a friend of my submitting his corporation tax

Hi,I am helping a friend of my submitting his corporation tax return (Form 1120). His formed/ incorporated his company on 3/30/2016 (during the tax year) and the corporation operates on a calendar basis. When filing out the header of the 1120 Form, should we fill out the beginning date as 3/30/30216 and ending 12/31/2016 or don't fill out these date and leave it blank."For calendar year 2016 or tax year beginning 3/30, 2016 ending 12/31, 2016".Our concern that if we fill out these dates, then the IRS will think that we are on a fiscal year and not a calander year.Is it correct? Also, should we indicate the beginning and ending dates?

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Mark Taylor

Certified Public Accountant

Masters

2,642 satisfied customers
I submitted a 1096 to the IRS for some 1099-misc's. I

I submitted a 1096 to the IRS for some 1099-misc's. I realized I forgot one 1099. Do I just send in a new 1096 with the updated total amount of the 1099's on there? I do not see any where on the 1096 to check corrected. I also could not find any clear answer on the IRS website. Thanks,

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Mark Taylor

Certified Public Accountant

Masters

2,642 satisfied customers
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