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I am a non-resident alien (based in Egypt) and performing

I am a non-resident alien (based in Egypt) and performing software development/consulting services for a US client on a monthly retainer fee basis.My work is being performed entirely from outside the US (thus it's foreign source income).My client will transfer my monthly retainer fee to my bank account in the US.I have already been advised that such payments would not be taxable. Now, how can I convince my client of not withholding any tax at source and to simply transfer to me the whole amount? What paperwork do I need to complete?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
Investment property tax? - depreciation recapture -

Investment property tax ? - depreciation recapture - Purchased home for 220K in 2006. Took depreciation on taxes for 8 of 10 years. Land value 20K. Paid 220K, 4K in closing costs. 10K in capital improvements. Selling at a loss for 185K. How much tax will I pay because of the depreciation recapture?

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Robin D.

Vocational, Technical or Trade School

21,198 satisfied customers
Hoping to talk further by phone with Mr. Lane if he has time

Hoping to talk further by phone with Mr. Lane if he has time to make sure I have this right. But if you have data on the rules for closing down IRS organizations, send me the URL and I will study them. I simply want to divest myself of the letter to avoid filing so many tax returns but keep the money in the bank account and use it for assigned proper tax purposes on our own expenditure responsibility.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No, the group is publicly supported as a 501c3 but contributors are fewer now.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
My father passed away and left a collection of collectible

My father passed away and left a collection of collectible banknotes. His estate was worth less than 200,000 so I assumed that the collectibles would be tax free because the estate is not worth enough for estate tax. I have been selling the banknotes on ebay and giving a portion of the proceeds to each of my brother and 2 sisters. I have grossed more than $20,000 now and Paypal is going to submit a 1099 form to the IRS. Do I have to pay ordinary income taxes on this money? If so do I pay on my portion only and basically report my siblings to the IRS?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
Can I count the cost of sending money from my wife's

Can I count the cost of sending money from my wife's Peruvian business to the US as a fee to lower taxes?

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
If the state and the federal govt have tax liens on my home;

If the state and the federal govt have tax liens on my home; if I should sell my home - which one gets the money first? Does Federal or State have precedence?

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Barbara

Enrolled Agent, Paralegal

5,132 satisfied customers
My wife is the owner of an LLC we created about a year and a

My wife is the owner of an LLC we created about a year and a half ago.It was dormant with no business until two months ago when I decided to really put energy into it.(I was unemployed and believed I had a non-compete,which I didn't).It is an llc taxed as c-corp by default.I am thinking that it would be better if I became owner so that we can make it a single member LLC since I am the only one working.Is this the best for us?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
I am an owner and only worker for a small business LLC.I am

I am an owner and only worker for a small business LLC.I am going to have a subcontractor join me as a 1099.My question is,would it benefit me more to be taxed as a single member LLC,or maybe be taxed as an C-Corp or s-corp LLC?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,202 satisfied customers
I took a distribution from my IRA account in Feb of this

I took a distribution from my IRA account in Feb of this year before 70 1/2. Birthdate is 3/1/1946. I am now over 70 1/2. Will this distribution count as a RMD for 2016 if it exceeded the guidelines? Fed and State taxes were withheld also exceeding guidelinesJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Since this transaction is wholely contained at Schwab, they are also looking at it. I'm looking for a second opinion

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Robin D.

Vocational, Technical or Trade School

21,198 satisfied customers
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