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I work with a store that purchases lottery tickets. The

I work with a store that purchases lottery tickets. The store eventually receives 5 cents on the dollar for each ticket sold.In addition, the state (TX) requires advance purchases of lottery tickets when they hit a certain spot on a ticket role (which I believe has 100 tickets).As of May, the store has purchased an additional $27K in tickets that had not been sold yet. If this was year-end, would the company be allowed to take this amount as a deduction? Or would this amount be recorded as lottery inventory?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
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

 
24,192 satisfied customers
Please read this post See this post. If we incorporate as

Hello,Please read this postSee this post. If we incorporate as LLC in Delaware, we will not require to pay any taxes neither from sales to US Customers nor from international customer. Please confirmPakistan is also in tax treaty.http://www.webhostingtalk.com/showthread.php?t=331329Our company operation office is in Pakistan. Our company is also incorporated in Florida as LLC. We are currently using 3rd payment processor who transfer payments to our Pakistani bank on monthly basis. Now we are looking for actual payment gateways for payments.We sell software to international and US customers bothI also have 5 year multiple USA visa.Now here is something which I want1. Our monthly sales average is US$ 20,000 per month.2. I want to open bank account with my company name3. After every 15th days, I will wire transfer from US bank account to Pakistani bank account which is deposited in this 15 days.4. Will there any taxes involved? We are paying taxes in Pakistan and don't want to pay multiple taxes5. How this all work after my visa expire?Thanks

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
If you are a general partner in a partnership are you

If you are a general partner in a partnership are you allowed to be paid any compensation through payroll if you are still going to file a 1065 and receive a K-1? If you are a limited partner can you receive a 1099-misc from the same company if you are also going to receive a k-1?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
If I leave a private, venture backed company and exercise vested

If I leave a private, venture backed company and exercise vested incentive options, are there any tax ramifications with respect to AMT (or anything else) at any point in time prior to selling the shares in the event of a liquidity event? Specifically, does the IRS consider there to be any income or gain based on any spread between exercise price and "fair market value" as determined from time to time?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
Regarding K1s and LLC stocks, I received a K1 showing thousands

Regarding K1s and LLC stocks, I received a K1 showing thousands in income I didn't receive. Evidently, because the corporate structure passes their income to me as ordinary taxable income I have to pay taxes on it....even though I didn't see any of itIs there a way to get around the phantom income tax?Sean (###) ###-####

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I have a home based business. The IRS lets me deduct my expenses

I have a home based business. The IRS lets me deduct my expenses for running the business against the income I make from my day job, EXCEPT for the rent for the home-based office itself. I have a distance learning business which requires narration of lectures, so I have professional recording equipment, lots of office equipment, a substantial research library, etc., the costs of which are ALL deductible. But NOT the rent of the office itself in which all this equipment and all these resources are housed. I can only deduct the cost of office rental against whatever profits my business makes, according to both the IRS and Turbo Tax. That's meaningless because in my first year I don't have any customers yet. This makes no sense. A lawyer friend of mine says that she deducted the expense of her home office for her legal business for years no matter how much or how little profit she made. The IRS rules do not address this question. Turbo Tax says my home office rent is deductible only against my home based business profits. My rent is 8400.00 per year. Can I deduct this expense or not? I need a definitive answer, not merely a legal opinion, which I have already on both sides of the question.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
Q: is there a line to deduct foreign passive income taxes on

Q: is there a line to deduct foreign passive income taxes on a rental for Californiataxes.I use Tax Credit on the Fed. Forms 1116Thank you Trudi

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
Eva,I am attaching my friend's tax return, the PR from

Eva,I am attaching my friend's tax return, the PR from Poland. Could you look it over and let me know if it is correct? I was hoping she could avoid paying the $125 tax, but I cannot make that work. I know that if she were over 65 she would get a credit that would erase the tax she owes.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
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