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Recent Smuggling questions
home sale exclusion - prison as reason
Hello. IRC Section 21 addresses the exclusion generated from the sale of property. My business partner and I purchased a home for him in 2000 in WV. Unfortunately, he has been incarcerated the entire time, and has been unable to actually reside there. He is in VA. I am in OH. As I read the code, if someone cannot reside at the actual residence, due to circumstances, such as illness or work....s/he can still claim the exclusion when selling the property. Is that correct?
Now, because the property in listed in his name and TIN with the words "& associate" after his name (with no affiliated TIN) what can or cannot be excluded from captial gains.
Curious about his crime? He smuggled marijuana 27 years ago, no weapons, no violence...just the mistake of doing so in corrupt and backward Virginia which denies him parole every year, despite an exemplary prison record.
I was not involved.
Please let me know if this is too complex but I need some
Please let me know if this is too complex but I need some advice asap.I have put my question as succinctly as I can.1. My husband and I have an investment property in Joint names which we have negatively geared for 15 years approximately. We are now separated as of this year.2. He is still working but I am now on the CSS pension with a before tax income of $50,000 and an after tax income of $35,000. The approximate income from the investment property is $14,000 or $7,000 per person. Last year we were still able to negatively gear something although it was getting close to neutral.3. My partner wants to give notice to the tenants and take possession of this property for his place residence but he needs my consent to do so.4. He also told me that after taking possession he will not have to pay capital gains tax until we decide to sell it or he takes sole possession through a property settlement and later decides to sell. Can you verify that this is correct?5. He also said that he may rent the place after a suitable amount of time had elapsed to others so that he could go travelling and not attract capital gains tax. Can you verify that this is correct?6. There is still a $208,000 mortgage on the property which attracts interest fees of about 890.00 per month.7. Without the income from the rental I am not going to be in a position to pay half of this interest payment or the principal easily.My question is – what are the financial pros and cons for me if I agree to giving him permission to move in?
Because my tax documents were stolen and because I didn't
Because my tax documents were stolen and because I didn't think I needed to file, I didn't file my 2007 taxes until 2016. However, the IRS has been deducting $347 a month from my social security check since 2011. I received a 21B saying I overpaid $18,000 and would receive a refind. Will I receive any of that due to the 2 year rule
I had a call today from someone representing themselves as
Hi, I had a call today from someone representing themselves as the IRS. He told me to take down a case number: FA781C53. What is this all about? Usually, tax issues with the IRS are communicated in writing.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I just want to find out what this is all about.
A company I represent as an independent contractor (1099
A company I represent as an independent contractor (1099 status) is asking to see a copy of the last two years of my tax return Schedule C for years 2014 & 2015, because they claim the state labor board is reviewing their business practices. In my opinion, this is my personal tax information. If the labor board wants it, shouldn't they be contacting me directly?
JD, MBA, CFP, CRPS
I'm married and I am self-employed. My wife makes aroundView more tax questions
Hi, I'm married and I am self-employed. My wife makes around $17k per year. No kids. We pay a mortgage of around $525 per month.I'm looking at buying a new car, but I want to make sure it's in my budget, so I'm trying to determine two things...1. My self-employment tax2. My federal income tax rate.I'd like to ballpark how much I need to be paying EACH month roughly to cover both #1 and #2 above.I'd guess I make around $2400 a month after business expenses.Is there a way to determine this?I find it very hard to understand and to figure out how to figure them separately.Thank youDayne