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?
JD, MBA, CFP, CRPS
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'?
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)?
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?
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?
Vocational, Technical or Trade School
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?
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,