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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.
I'm wondering if you have to pay tax on labor in NY and NJ?
Hi. I'm wondering if you have to pay tax on labor in NY and NJ? Specifically, we used a bus company and they are charging tax for on site coordinators that arranged the buses (not the drivers).JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No, that is it.
I will stop working later this year and my partner will
Hello, I will stop working later this year and my partner will continue working. His salary will pay for our living expenses. Can he claim me as a dependent? If he does, do we have to file taxes jointly? I ask because I'm on the income based repayment plan for student loans, and I need to keep filing separately to lower the monthly payments.
Vocational, Technical or Trade School
Taxpayer changed her job and went to another firm to work.
Taxpayer changed her job and went to another firm to work. She had a 4019(k) from the previous employer. She rolled over her 401(k) from her previous employer to another brokerage firm. But the brokerage firm sent her about 3300.00 contribution to her 401(k) which she contributed with her AFTER TAX money. 3300.00 does not have any interest or dividend.All of this is her after tax contribution. Is this amount taxable by IRS? Brokerage company said that the amount is not taxable.1099-R indicates code 1. Is this amount taxable? If it is not taxable how does the taxpayer report on her tax return?
My Mother claims me as a dependent on her income tax, she is
HiJA: Hello. What seems to be the problem?Customer: My Mother claims me as a dependent on her income tax, she is retired and receives a federal retirement annuity each month, I do not have an income and have medicaid, the medicaid office now wants proof of her income-will I be denied coverage because she claims me? State is Nevada, I am 58yo she is 85yoJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: How does her claiming me as a dependent affect my medicaid eligibility?
We recently formed an LLC (2 members). We are franchising an
Hello,We recently formed an LLC (2 members). We are franchising an independent insurance company. Member 1 will handle all the office work, and member 2 will handle the selling.We wanted limited the direct taxable income at a higher rate by electing to be taxed as an S Corp. Pay ourselves a market salary and then push down the remaining profits as a dividend. Does this seem like a good idea, why or why not?Thanks!
I filled out a form 982 due to receiving a 1099C. I alsoView more tax questions
I filled out a form 982 due to receiving a 1099C. I also sent spreadsheet showing Insolvency and since it did not affect my original AGI I left the 1040x form blank and just signed it. I got a letter back from IRS saying I have to fill out the 1040x but there is nothing to change. What do I do?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: The packet I sent included the signed 1040x, filled out 982, a copy of the 1099c and a spreadsheet to conclude insolvency. The letter from IRS says what items of income, deductions or credits were changed but there weren't any changes.