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Recent Social Security Tax questions

IRS question. In order to avoid being classified by the IRS

IRS question. In order to avoid being classified by the IRS as a real estate 'dealer', and stay in my current classification by the IRS as a real estate 'investor' with a half dozen long term rentals and the occasional 2-3 'flips' per year, how many flip deals should I stay under? I have a rather significant capital loss carryforward from decades of investing unsuccessfully in the stock market, and want to make sure that I can offset and extinquish those stock loses with my real estate gains from both the eventual sale of my rental properties but as well from the 2-3 fix-and-flips that I want to perform every year.

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Stephen G.

Sr Financial & Tax Consultant

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2014 return filed jointly. My wife made the full amount of

2014 return filed jointly. My wife made the full amount of social security tax payments ($7254). I has 2 jobs and paid $9966 in social security. Using TurboTax, I showed a excess credit of $2713. The IRS sent me an audit notice that owe $2713.

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Lane

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Although we have lived, worked (and paid taxes!) in the US

Hi,Although we have lived, worked (and paid taxes!) in the US for many years, I still have some British pensions which are paid into my UK bank account. These pensions and some lump sum pensions are tax free in the UK. We have declared our one-and-only UK bank account in a Report of Foreign Bank and Financial Accounts (FFBAR).My question is;If we transfer any of the money from the UK to the US, even using an ATM, are we liable for US tax? I think I know the answer, which will be yes, but I am seeking absolute confirmation.Many thanks

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Lev

Retired

Bachelor's Degree Equivalent

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I was my elderly mother's care taker of 2015. I was unable

I was my elderly mother's care taker for all of 2015. I was unable to work anywhere else so she paid me 600.00 a month. I just figured another 600.00 for room and board, although it did not come to that much. Do I have to pay taxes on the room and board.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I need a taxes question answer I am in the process of

I need a taxes question answer I am in the process of retired an have a pension when retired can collected, social security which I will have to wait 5 years to collected, 401 K retirement I h aVe several option start collecting and pay balance down or rolled over in to a self directed IRA and invested money or roll over into a Roth IRA and wait five years and get the money out tax freeI research several states where there are no pension taxes and social security taxes. These states where Illinois Penn Florida Alabama and Mississippi I want to find out is this possible Will any of this income be taxes

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Lev

Retired

Bachelor's Degree Equivalent

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If I work first half of a year as a subcontractor (1099) and

If I work for the first half of a year as a subcontractor (1099) and the second half as an employee (W2) ... and if in each half I earn over the max social security wage base of $118,500 (say about $300,000 total) ... I assume the employer for the second half of the year will pay $7,347, and I will have $7,347 deducted from my paycheck. Will that be all? Or will I have to pay additional for the first half of the year?

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

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I have a question regarding a relative who receives SSI and

I have a question regarding a relative who receives SSI and is moving to a new home. Will the money she receives from the sell of her property disqualify her to receive SSI? She plans to give the remainder to give it to her daughter.

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Lev

Retired

Bachelor's Degree Equivalent

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My organization is 501 (3) C and is exempt from Federal

Hello my organization is 501 (3) C and is exempt from Federal income tax. Is that the Federal withholding or the FICA withholding?

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emc011075

Tax advisor and Enrolled Agent

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I've carefully gone over my tax situation with a consultant

I've carefully gone over my tax situation with a consultant and did some calculations some calculations on my own, with the percentages and numbers provided to me by just answer.comNow I feel comfortable about what to expect, filing taxes this year with the IRS. However, I still have a few more follow-up questions if you don't mind helping me:To my last conversation I was basically told that 0.153% is used for self-employment tax and basically .25% is what to spec on the net income...

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Lev

Retired

Bachelor's Degree Equivalent

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