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Tax Principles Questions

What are Tax Principles?

Tax principles are mainly guidelines on how the government should make sure that the taxes that are distributed fairly and promotes social justice. The taxes should be able to gain an income at the local, state, and federal level. The taxes should be fairly administered all throughout places around the world so it will be able to minimize the individual tax burden.

How much gift tax will a person pay on $2500.00?

The person that receives the gift doesn’t have to pay the taxes on it due to the United States federal income tax principles. There may be a chance that the person that bought the gift will have pay taxes on that gift. If the person that bought the gift decides to use the unified lifetime credit then the person will not have to pay taxes on gift. If the person decides not to use the lifetime credit then the person will have to pay taxes on gift.

If a person plans on getting a deed for a home transferred from that person to a family member. Would it be considered a gift, would there be a federal gift tax?

The home will be a gift that is stated in the tax principles section of the United States Federal documents. There may be a Federal gift tax applied to the house; the family member will have to pay the tax if the person’s doesn’t elect to use the lifetime estate exclusion route.

When a couple is married, then there is an unofficial separation, but a spouse (who has moved out) is still paying the mortgage payments and utilities, can that person still claim this as a legal residence for tax purposes?

If there the couple is not legally separated or divorced, then the couple is legally still married. The person’s marital status doesn’t affect anything so it means that the person still will be allowed to claim the place as a legal residence on income taxes.

If someone from another country gives a person gifts of $250000.00; how much taxes will the receiver of the gift pay?

If a person is the recipient of a gift then the person will not have to worry about the taxes that are on it. The person will have to file a 3520 Form that is for the gift that was received. This is a form that states the gift was received from a person in a foreign company and that the amount is over $100,000. Here is a link to obtain the Form 3520

Tax principles were established to make sure that the taxes are distributed out fairly to tax-payers around the world without having any type of problems at all. Without tax principles items would be charged at unfair prices or it may be undercharged which will create low revenue to companies around the world. What are Tax Principles? What are the Canadian Tax Principles? What is the Principles of Tax Law? These and many more questions and or concerns that involve Tax Principles can be answered by the Experts.

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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
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15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
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MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Tax Principles Questions

  • I am a resident of NC. I am currently separated from my wife,

    I am a resident of NC. I am currently separated from my wife, and the divorce proceedings will begin in February of 2015. Under NC law, you have to be separated (living in separate residences) for a year and a day before you can file.
    Due to the expectant change in our marital status, we were advised for my wife (currently not working) and daughter (a minor child) to get qualified for Medicaid. At the very least this means we will need to file Married Filing Separately, however my understanding is that we both have to file the same way (either we both itemize or we both take standard deductions). Is this true? Is it possible to file Single?
    I have also been paying support to my wife during the separation period. The understanding we have, due to her inability to make payments on time and everything is in my name, is that the mortgage, utility payments and weekly cash payments constitute the entirety of the support she will receive. I just read a publication last night that making these types of payments can not be considered spousal support, but there was some confusing language about pre-existing agreements such as separation agreements. Can you please clarify this matter for me?
  • I am trying to deal with the tax situation with the issue mentioned

    I am trying to deal with the tax situation with the issue mentioned below. Specifically, who is responsible for filing the tax return for the LLC cited below?
    In March 2014, my father-in-law started a company (LLC) in CT upon the advice of my wife. I agreed to help him with marketing and sales for a few months, since it was in the same line of business as mine. Mid-April 2014, he realized he could not work anymore due to health issues. Since the prospect of the new business looked good, we decided that I would take the company and manage it remotely from California for a few months until my family and I returned to CT. In April, he signed a document stating that he was transferring/selling the LLC to me. We agreed that I would pay him $500 per month to manage the legal and administrative work in CT (if needed) until I returned to CT.
    I arrived in CT with my family last month. We are now full time residents in the state. We are originally from CT, but left two years ago to move to CA. Now, we are back.
    The company has an EIN issued with his name. What is the best way to transfer the LLC legally to my name with the State of CT and the IRS? Do I have to make any special disclosures to the State of CT or the IRS?
    The company’s profit is approximately $25,000 so far this year (April to December). I will be issuing a 1099 for the $4000 I paid my father-in-law this year, which is the only income he made from the business. With respect to taxes, is he responsible for anything else when filing the company taxes next year?
    Thank you.
  • My company from which I retired is canceling all retiree health

    My company from which I retired is canceling all retiree health plans as of Dec. 31, 2014. In lieu they offered me a $6000/year subsidy to purchase a health plan through an Exchange which they state is tax free to me as part of an HSA. In lieu I negotiated an Agreement for them to reimbursement $3000 annually by check as of Jan. 1 which I will use to pay whatever medical expenses not covered by my other medical insurance through Medicare and Tricare for Life. Can I consider the medical expenses covered by the $3000 as tax free?
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