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Recent Tax Liability questions

I have a question about HOA fees for San Francisco real

I have a question about HOA fees for San Francisco real estate and whether they are tax deductible. Could you help me with that?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Ok I will give a hypothetical to give me an answer to my question. Suppose I own a property in SF and I rent it out at 4000 a month and pay 11000 of real estate taxes but I also pay 1000 a month on HOA fees. What would be my tax liability on the income earned from renting the property? HOA fees are quite high so I want to know if they are tax deductible just like another housing maintenance cost.JA: Is there anything else the Accountant should be aware of?Customer: not to get an answer to my question, no

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Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
My husband has passed away last year. He was an US citizen

My husband has passed away last year. He was an US citizen but I am not. We live overseas for decades. As I know, he did not file any tax return nor pay any tax to US IRS since graduation there and going overseas. Now I am thinking to apply immigration to US as a widow. Questions: 1. Will my application be rejected due to his tax liability? 2. Will I be responsible for his entire tax liablitity if my application accepted? Thank you.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No others

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,962 satisfied customers
I have my main residence in the UK and as a green card

I have my main residence in the UK and as a green card holder can I rent my property in London and then sell without having to pay tax on it, and re invest all in to another property that then becomes an depreciating asset.

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Lev

Retired

Bachelor's Degree Equivalent

24,198 satisfied customers
I have 15,000 dollars in a rollover ira thru Fidelity and I

I have 15,000 dollars in a rollover ira thru Fidelity and I need to know how much taxes and penalties I would have to pay if I withdrawed the money outJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Thats it what else do you neeedJA: Is there anything else the Accountant should be aware of?Customer: like what

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Robin D.

Vocational, Technical or Trade School

22,442 satisfied customers
I have a tax question. I owed $5K (3K tax and $2K helathcare

I have a tax question. I owed $5K (3K tax and $2K helathcare tax) in tax for 2015. I efile and mailed a check. In early Dec I received a noticed that I had a balance due of $3K. I noticed that it matched the amount due for the tax portion and that the check I had mailed had not been cashed. I then went on the eftps website and paid the amount due and put a stop payment on the check. I assumed I didn't owe the $2K for some reason. A couple of weeks later I received a noticed for the $2K and proceeded to pay that on the eftps site. Today I received a notice that I overpaid my 2015 tax by $2K and the balance was applied to a previous year (I am on an IA). What should I do?

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Barbara

Enrolled Agent, Paralegal

5,992 satisfied customers
How much tax will I owe on $163,000.00 before my deductions?

How much tax will I owe on $163,000.00 before my deductions?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My husband is 70 and I am 64 both retired and we made 30,000.00 together on social security but took out money from retirement that brings it up to $163,000.00JA: Is there anything else important you think the Accountant should know?Customer: $8000.00 of that was to pay medical and bought a car for $30,000 and helped our son out of debt

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Robin D.

Vocational, Technical or Trade School

22,442 satisfied customers
I am a retired 72 year old with a $178, 000.00 IRA with

I am a retired 72 year old with a $178, 000.00 IRA with current MRD of about $7000.00 a year. I owe $53,000.00 on my children's student loans paying close to $1000.00 a month2015 taxable income (with MRD) $54,890.00, Total Tax $7309.002016 will be about the same as 2015My financial advisor recommended I contact a professional tax advisor and ask this basic question: What would be the Federal tax burden for withdrawing $53,000.00 from the IRA in 2017 instead of the standard MRD? That is, is there an additional penalty over and above the tax for the regular MRD? Knowing that I can determine if the additional tax would be burdensome or whether it would offset sufficiently by the savings of closing the Student loans in one year.Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,804 satisfied customers
Pearl. I'm not sure if you can answer this, since it does

Hello, Pearl. I'm not sure if you can answer this, since it does seem sort of complicated. I want to start an ecommerce business as a single owner, can I register in Nevada even though I live in Pennsylvania? Would I be double taxed?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Thanks for asking! Not that I can think of, aside from the fact that I will probalby recieve orders in other states, but I don't understand what would be considered a nexus for taxable income in those other states. Ecommerce is complicated. The laws were made for a different time.

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Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
I have not been working for a couple of years now, and as a

I have not been working for a couple of years now, and as a result was not obligated to pay any taxes because I did not have any source of income. I have 75K invested with a brokerage in the form of of and IRA/money market account, and it is not generating any significant interest. I want to close this account and transfer the proceeds to my regular bank account, to clean up credit card debt, and use the leftover amount to live on until I find another job. So, I have been wondering if I will be liable for any taxes on the 75K i am about to withdraw, and if there are any taxes, what is the best way to proceed to avoid paying them?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,804 satisfied customers
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