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Recent State Income Tax questions

I'm interested in purchasing a home here in Nevada and

Hello,I'm interested in purchasing a home here in Nevada and trying to figure out the best way to spend money for a $100,000 mortgage downpayment plus $14,000 closing costs($114,000 total) from the following:1) $18,000 Bank checking2) $127,000 IRA3) $56,000 Mutual Fund (this pays about $250/monthly income)My annual income is about $42,000 ($1166/month -social security, $250/month -Mutual fund dividends, $2033/month -life annuity). Also, I will start receiving a $105/month pension in 2017.I would like to keep my income unchanged.Currently in 25% tax bracket, single, no dependents/debt, 64 years old, pay $0 state income tax in Nevada.Thanks

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Mark Taylor

Certified Public Accountant

Masters

914 satisfied customers
Resident but work overseas at Saudi Arabia. I file VA tax

I am VA resident but work overseas at Saudi Arabia. I file VA tax return and maintain a residential address and Va driving lisemce in VA. How I can be sure that my son who is currently with me in Saudi will be considered CA domicilary resident for college.

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Robin D.

Vocational, Technical or Trade School

20,936 satisfied customers
I set up a irrevocable living trust, funded it with tax free

i set up a irrevocable living trust, funded it with tax free munis, question do i have to pick up the interest from the trust, tax free interest, on my personal 1040 .... for AGI purposes for medicare payment amount.... or is this tax free interest just that tax free reflected on a 1041 sch B and thats it

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PDtax

Owner

Master's Degree

6,864 satisfied customers
I have a 35,000 severance package in the state of

I have a 35,000 severance package in the state of California.It is being paid as a lump sum.What is the breakdown of taxes and withholdings my employer is allowed to take.Should it be taxed at the federal amount of 25%Will Cal state taxes be taken and how much?Will there be other withholdings such as medicare, and social security?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
My wife will be taking 97K out of her 401K on a "hardship"

My wife will be taking 97K out of her 401K on a "hardship" in order for us purchase a new retirement home. How much of that money should we either set aside or have automatically taken out for federal & state income taxes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
My wife and I are retiring in Nov, but we want to retire to

Hi, my wife and I are retiring in Nov, but we want to retire to Texas, but we are selling our home here, and we will be renting down there, not here is my question, since we have ownership of this property, wil our railroad pension still be subject to be tax ed, Texas doe not tax it, but Missouri does tax income, and if it does not sell right away, how do I file my taxes next year ?????

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,988 satisfied customers
My brother set up a Trust before he passed away in 2003 with

My brother set up a Trust before he passed away in 2003 with my mother as the beneficiary. The Trust ceased in 2015 upon my mother's death and my sister and I become equal owners after her death. This involves an investment property that my brother purchased in 2000 for $230k but upon his death, the property was worth $750,000. Upon my mother's death in 2015, the property was worth 2.2m.Does the Trust have to pay any capital gains tax after the transfer from the Trust to my sister and I considering they took depreciation for 12 years?Is my tax basis (1/2 of my sister) based on the time the Trust was form in 2003 or when it was transferred in 2015?

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Dr. Fiona Chen

President

Ph.D.

280 satisfied customers
I have a question redgarding NY state individual tax return,

Hi,JA: Hi. What is your issue regarding?Customer: I have a question redgarding NY state individual tax returnJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have a K-1 presenting a federal passive loss (rental loss) of 14629. The NY addition (EA-16) is 14449, which means the NY loss is only 180. The PAL is not deductable this year. I would like to know whether on form IT-182 the NY loss to be presented is 180 or 14629. If the latter - does that mean there is a taxable NY income of 14449 (the addition)? And finally, next year, if PAL could be used on NY return - will I be using a PAL of 14629 or 180, or in other words do NY additions and subtractions of prior years have to be taken into account in the year when using the PAL.JA: Is there anything else important you think the Accountant should know?Customer: I think I gave the full information - hope its clear

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Dr. Fiona Chen

President

Ph.D.

280 satisfied customers
I have a sales tax question. I have a client who is based

Hello, I have a sales tax question. I have a client who is based out of AZ (home office) and has their product (a new kind of pillow) manufactured in CA. The product ships out of CA. All sales are internet sales. I need to advise them on sales tax. My thinking is that they have nexus in AZ and CA and that they would ONLY charge sales tax to any customers who live in those states.As far as income tax goes.......................would they need to file in CA or just in AZ where they are based?Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
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