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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

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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

JD, MBA, CFP, CRPS

Doctoral Degree

21,062 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

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Second opinion] I was a full year resident of California in

Second opinion] I was a full year resident of California in 2016. I did work for Puerto Rican employers via the Internet. Do I owe California income tax on income received from Puerto Rico?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: 2nd question; Do I owe Puerto Rico income tax?JA: Is there anything else the Accountant should be aware of?Customer: I clearly owe federal income tax on income received from Puerto Rico, correct?

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Lev

Retired

Bachelor's Degree Equivalent

24,808 satisfied customers
In 2016 I bought a piece of property using a commerical

In 2016 I bought a piece of property using a commerical loan. Shortly after purchasing it I decided I wanted this to be my personal residence. I paid over 18,000 of interest on the commerical loan in 2016. In early 2017 I converted from a commerical loan to a home mortgage loan. Where and how do I deduct this interest? Would it be considered mortgage interest or investment interest when I file my taxes? This house was property was pretty much my personal residence from day 1.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,062 satisfied customers
Where do I record the Canadian Social Security Income in the

Where do I record the Canadian Social Security Income in the US 1040 tax return? Is it in the same section as US Social security? It's not taxed as ordinary income.?I'm a US Citizen living in the US. Or do I record it as foreign income?

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Dr. Fiona Chen

President

Ph.D.

902 satisfied customers
My son has two kinds of agents. The first is easy. The 10%

My son has two kinds of agents. The first is easy. The 10% the agent gets is a business expense that decreases his income as a self employed playwright. The second is hard. He pays 20% as an ongoing commission for his job as a tv writer. I can't figure out how and where to deduct that costJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: nope

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,330 satisfied customers
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