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My father, who lives in Mexico and is a foreign national

Hello. My father, who lives in Mexico and is a foreign national (not a US Citizen, nor a US Resident), is planning to give me as a gift, shares of his business which is a corporation of Mexico. The legal entity is similar to a C-Corp in the US. Note that it is a small business, and he is planning to give me as a gift 99% of the shares of the business. I am a US Citizen living in California. Do I have to notify the IRS? If I do have to notify the IRS, what forms do I use to notify them and when should I do so? I understand that I would only pay taxes until I have income from the corporation, aka dividends?

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Mark Taylor

Certified Public Accountant

Masters

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We received the Bank of America mortgages settlement

We received the Bank of America mortgages settlement amounting to $72000.00. We reported it as income on our tax return for 2015. As a result, our tax liability has gone up by $18000.00. We thought that Bank of America had set funds aside to help with the tax liability. We need your advice on this issue.

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
My name in noah I had a question about how the taxes work

my name in noah I had a question about how the taxes work and I was wanting to reduce my AGI. I though it had to do with your standard deduction, which is for this year is 6,300. So in order for it to work we have to reduce what they take out right? There is no such thing as you or I reducing it up to 2000%. Right? I made $26,000 last year. So I can reduce my AGI up to like a 120 or 130 percent where I still receive a benefit but it wont go any higher. Noah

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Robin D.

Vocational, Technical or Trade School

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Am I considered 'self-employed' if I have done a single

Am I considered 'self-employed' if I have done a single project for someone else, for less than 100 hours, and don't own a business?

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
Mortgage rental property foreclosed on. FMV on 1099 greater

Mortgage rental property foreclosed on. FMV on 1099 greater than principle payout. Therefore, gain from sell computed. Nocod income. Taxpayer, is still insolvent after gain from from sell of foreclosed property. Short of declaring bankruptcy, is there a provision in the Code to exempt the gain from foreclosure?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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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.

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
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.

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Robin D.

Vocational, Technical or Trade School

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20,638 satisfied customers
There is ~$110,000 sitting in mutual funds under my name,

There is ~$110,000 sitting in mutual funds under my name, although my parents are the custodians of that account. This money is not allowed to be touched by me, unless it is for a purpose which my parents designate. As a result, my net worth is much higher than it really is, for I actually work as a cashier and earn about $1,200 a month. Is there a way that I can transfer this money back to my parents without incurring some hideous fees?I know that I can transfer 14,000 dollars / year to each parent in the form of a gift to avoid being taxed, but is there a better way ( a quicker way) to do this?-Robert

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Robin D.

Vocational, Technical or Trade School

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20,638 satisfied customers
If a person works in Illinois, but lives in Indiann, which

If a person works in Illinois, but lives in Indiann, which state gets his state income tax? This is for years 2013-15.

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
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