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Equity Trust Company, sent a 1099 for Box 1 $61,700 and then

Equity Trust Company, sent a 1099 for Box 1 $61,700 and then a Corrected 1099 - same amount - but Box 2a as $61,700. This was a principal amount my husband put in a self directed IRA and removed quickly. He sent a letter instructing he made a mistake and to close the IRA. That never happened though Equity Trust acknowledges verbally of the letter. There has be no payouts ever. Furthermore, my husband died in 2015. This is for tax year 2016. What do I do with this false "Income" statement? They are being uncooperative and claim they can do nothing more. Please advise.JA: Was this a Form 1099 for interest, dividends, or government payments?Customer: Distributions from ...IRAsJA: Anything else you want the Accountant to know before I connect you?Customer: This is in his name only though the 3rd and 4th party to our investment was with a Mortgage Note in our family trust's name.

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Lev

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Sold a car this year; origianlly bought for $19500; sold for

Sold a car this year; origianlly bought for $19500; sold for $8000. Privately owned. BUT: I used the car for my consulting business every year. typically i claimed 1000 miles business use out of 6000 miles annually. Can i claim a capital loss on the sale? TurboTax said YES! because the car was used for business.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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Lev

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My husband was a student last year, and one semester he

My husband was a student last year, and one semester he ended up dropping one class, which put him one credit under full time. Do I still count that as full time? Also, he did a project for a friend during summer break, for which he got paid under $200. Do we report that as income, since he wasn't actively working (it was a one-time thing)?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: One other question. How do we know if we're supposed to report any of the grant money he received as taxable income? We just received a 1098-T tuition statement.

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Lev

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My Mom-in-law, retiree,permanent resident since 2014, lives

My Mom-in-law, retiree,permanent resident since 2014, lives with us. She has not been claimed as a dependent on our tax returnsHer retirement income through savings/deposits/pension is less than $7K per year.a) Is she required to file taxes in the US?b) We have filed FBAR for her tax years 2014 and 2015. Does she need to file form 8938?Her total foreign fin assets including savings and deposit accounts are $36K. She does own a home in her country of origin but our understanding is that since it is privately owned by her, it will not count towards calculating her foreign fin assets.c) Given this background, is she required to file form 8938?

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Lev

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I converted my personal home to a rental at the beginning of

I converted my personal home to a rental at the beginning of 2008. The cost basis was $190,500. ($38k for land). I made improvements of $8k before 2015. When my tenants left 8/1/15, I took the rental out of service with the the intention to do a major remodel and re-rent it. At the beginning of 2016, I decided to sell rather than rent it. Between 8/15 and 2/16 (when I sold it for 237,500), I invested around $35k in the property. I didn't show this investment on my 2015 taxes, since it was never "put into service." I show a total of $48k in depreciation as of the end on 2015. My federal marginal tax rate is 15%, so I understand that I only owe federal taxes of 25% on the depreciation. But Kentucky will tax all of the capital gains (including depreciation recapture at 6%). How do I calculate the capital gain for Kentucky.

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Lev

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I am wanting to fill out Form 8379. My wife (who is

Hello. I am wanting to fill out Form 8379. My wife (who is separated from me) and I filed jointly this year, but our tax refund was withheld because her student loan has defaulted. I want to request my portion of the tax return through the Injured Spouse form, but she will not tell me how much her loan still owes. How can I find out this information, or can I estimate on the form?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I have attempted to contact FedLoan Servicing, but they cannot locate her account since it has gone to collections.

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Lev

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I have two w2 jobs full time & part time. This year I no

Hi,I have two w2 jobs full time & part time. This year I no longer own a home I'm renting instead. So that means I will no longerhave the interest from the mortgage to deduct. The tax return for this past year 2016 I already owe 5k and I am trying to avoid it from going higher next year.Out of the options below what is best route to go or will right away be the most effective?-Quiet my 2nd job and become self-employed?-Asked my 2nd job to change me to a 1099 so I maybe able to deduct more home expenses?-Invest more on my 401k and increase the tax with holdings? (What's the best way to calculate this?)-Stop renting and buy another home?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Hi are you there?JA: No. I'm the Accountant's Assistant.Customer: So when I can reach the accountant ?

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I received a W-2 from the insurance co. ( 1099 ) reported

I received a W-2 from the insurance co. ( 1099 ) reported under other income. Am I still ok?Does same go for South Carolina?

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Lev

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Last year I received a one time payment for catastrophic

Last year I received a one time payment for catastrophic illness, multiple strokes, how can I reduce my tax liability?JA: PayPal, Debitcard or credit card are all fine.Customer: what does that have to do with my question?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I had multiple strokes and received a one time payment from insurance co.JA: Is there anything else the Accountant should be aware of?Customer: no

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Lev

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