I am getting married this summer in July. I live in
I am getting married this summer in July. I live in California and currently file my W4 as Single with 2 allowances; I make $130,000. I contribute 6% of my income to my 401k. My fiance files her W4 as Single with 1 allowance; she makes $90,000. She contributes 6% of her income to her 401k. What should we file as on our W4s and how many allowances should we claim? I am trying to avoid the marriage penalty. We have no kids and we will pay about $13,000 in mortgage interest and $5,000 in real estate taxes which will be used as a deduction. We both are paid bi-weekly.
My wife and i are non US residents and non US citizens but
My wife and i are non US residents and non US citizens but have lived in the US for 4 years from 2004-2007. I have several US bank & investment accounts with Stock, ETFs and Cash. I have A few questions : 1) in the event of my passing do I pay estate tax on ALL possessions in a US bank , also my cash ? 2) US stock or shares that I keep in a European Bank are exempt from Estate Taxes ? 3) are there legal ways to mitigate Estate Taxes ? 4) how much % are the Estate Taxes in my case? A flat percentage or increasing in % ?
, We are selling our townhouse soon and have a capital
Hello,We are selling our townhouse soon and have a capital gains tax questions. We purchased this property with my aunt and uncle, who are non-occupying co-borrowers on the loan. We purchased the property 4 years ago for $260,000 and are planning on selling it for $399,000. We have gone 50%/50% with the down payment, improvements and fixes of the home. Here is the breakdown of what they put into the place: $20,580 total for principal, interest, taxes (paid as a monthly payment), $13,130 downpayment, $29,127 total fixes and improvements, $2,075 extra principle payment, grand total $64,912. Basically, they own 53% of the home. Our question is, what would be the capital gains tax for them since this property is not their primary residence? Please let me know if you need more info. Thank you for your help.
Tax advisor and Enrolled Agent
This question is composed of several sub parts. Assume that 1)
This question is composed of several sub parts.Assume that1) I am a green card holder currently living in USA with German passport2) I have a Korean wife who will not work, but we file a joint tax return3) I have a son, born in 2014.4) I plan on living/working in South Korea for 2 years with my family5) Start date of work in South Korea is March 1st, 20156) Gross foreign salary 120,000,000KRWI was wondering abouta) What is my estimated US tax I need to pay given I am already paying income tax to Koreab) When do I have to enter South Korea in 2015 to qualify for the foreign income exclusion?c) Who or what service do you recommend to file my US tax return for year 2015?greetingsKorean expat
Bachelor's Degree Equivalent
Hi, I am a freelance writer leaving in Poland but I do have
Hi, I am a freelance writer leaving in Poland but I do have a double citizenship - Polish and American. I pay my taxes here in Poland right now as I live here for the time being and all my earnings are here. Most of my earnings are royalties from my copyrighted works such as: songs, theater plays, screenplays. But I also work as a freelance writer. In Poland in my Polish tax return most of my income is classified as royalties. What about in America? Do I enter my royalties income in my American tax return on schedule E or do I need to enter it on schedule C?
JD, MBA, CFP, CRPS
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