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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

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Doctoral Degree

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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

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Doctoral Degree

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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

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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

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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

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I am an EA. I used to be able to go to local IRS office and

I am an EA. I used to be able to go to local IRS office and get data on 3 clients at once by waiting in line. Now, they will only see me by appointment and will only give me data on one client I sometimes need to consult with someone to sort out something, or get transcripts or earlier year tax return copies. Is there an easier way to do this? I have waited a long time to get them on the phone, and have never used on line services. Do you have anything you can recommend.

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Mark Taylor

Certified Public Accountant

Masters

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We are a wife and husband owned company with only ourselves

Hello, We are a wife and husband owned company with only ourselves as employees. We live and do business in the state of Florida. The FL state audited our S-Corp and reclassified a good portion of our distributions ($46,631.80) as salary. Please view questions:1. I am about to send in the 941x and 940x to the IRS. I saw mention of a 941-B does that apply to us?2. I believe I also have to revise W-2s? Do I need to revise W-3?3. Do I need to or should I amend the 1120s and 1040?? If I amend these will we pay less on those to counter balance the additional amount that we will now owe?4. Since we were audited by State and not Federal does this help us any in requesting any late fees/penalties to be waived??5. At this time when I submit the forms we can not pay all that we will owe. If I make a partial payment will the IRS then bill us?6. Finally someone mentioned that just because State reclassified and we owed them zero that we do not have to revise Federal until they would audit.. that seems incorrect? Am I correct?We are in-between accountants right now.. however I do know how to amend all forms and file all taxes.Thank you for your assistance!! Michelle

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Mark Taylor

Certified Public Accountant

Masters

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My mother has a policy with Met Life which is going to be

My mother has a policy with Met Life which is going to be usedJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: for her funeral expenses. The funeral home is not familiar with 1035 formJA: Is there anything else important you think the Accountant should know?Customer: in order that her life insurance policy can be transferred to another type of life insurance allowing the State of Illinois funding.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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Ford motor Company ignored Me about my stock in 2006, Then

Ford motor Company ignored Me about my stock in 2006 , Then they sent me a letter saying I had paid in 35,000 in taxes in 2006 , I called and they said they had sent 83,000 Dollars to me at a Post office box in Texas and had deducted 35,000 dollars for Taxes , I knew I had Requested the 20 Dollars a share and nothing had happened till now ! at that time they said i had no Shares when it was over 4100 shares ,, I asked my wife about our 2006 return and She said She destroyed it after 7 Years , I went to Jo ***** ***** in Delphos Ohio and they said they did not have a Copy of my 2006 return is it possible that there is one some where ? My address : Edward Shick ,*****. Elida Ohio 45807 , ph,(###) ###-#### , last 4 of SS# *****

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Anne

Master Tax Preparer

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