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Recent Tax Rate questions

I have a checking account in Italy where my taxed pension is

I have a checking account in Italy where my taxed pension is deposited monthly. I have dual citizenship and reside in the United States. I have never reported that income when filing income tax because I was told that I did not need to pay taxes on it due to double taxation.On the internet I just learned that I needed to file a FBAR. Then with more reading I learned that I needed to have been declaring that income in the US and paying taxes on it and it should not have been taxed in Italy at all.Is my understanding correct? What should I do now?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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How are life estates handled in exit tax forms if you

How are life estates handled in exit tax forms if you renounce us citizenship prior to the life estate expiring

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Robin D.

Vocational, Technical or Trade School

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I am florist and also started a wedding planner business in

I am florist and also started a wedding planner business in PA. Do I charge the clients tax on top of the package? If I do, how do I charge it ?

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Robin D.

Vocational, Technical or Trade School

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More than 10 years ago I established an irrevocable trust

More than 10 years ago I established an irrevocable trust for the purpose of providing incidental support to my handicapped sister. The trust was not required to distribute income and paid tax on the income every year. My sister recently passed away. The terms of the trust call for the balance in the trust to be evenly paid to my siblings and me. Is this money considered taxable income to the recipients?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,732 satisfied customers
I sold several bottles of vintage wine via web to a wine

I sold several bottles of vintage wine via web to a wine distributor located in Kentucky. I'm in NYC?. Do I have to report this as income for my 2016 taxes? And if so, how much would the associated tax be? The sale is $5,900. Thanks!

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Robin D.

Vocational, Technical or Trade School

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20,588 satisfied customers
I just amended a clients returns, 14 and 15. I would like to

I just amended a clients returns for 2013, 14 and 15. I would like to work out the interest they owe for each year so they can make an accurate payment. I find it confusing, as IRS wiill give a percentage to add to another rate. I do not find a table anywhere. For that matter, I would accept a workable rule of thumb that would get me close to the correct answer, if that was available. I run into variants of this problem routinely in trying to work out penalties. My computer- Intuit Pro Series--calculates pretty much everything else. What is the solution?

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Dr. Fiona Chen

President

Ph.D.

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52 satisfied customers
Three siblings received the same disbursement amount into

three siblings received the same disbursement amount into their safe trust accounts from a business that the trusts own equally. The tax profession paid the taxs based on the trust account rate, in other words the funds where not disbursed to their personal accounts but held at year end in the trust. one sibling lives in nj, another in nyc, the last in nys,suffolk county. Are there 3 different tax rates base on where they live or it based on where the trust is domiciled?

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Mark Taylor

Certified Public Accountant

Masters

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324 satisfied customers
Lane - You were very helpful with some tax advice last

Hi Lane - You were very helpful with some tax advice last January, and I have another question for you now. I'm inheriting an IRA from my grandma of about $11,000. It's a traditional IRA set up more than five years ago, and I'd like to know the best way to transfer it or liquidate it to avoid tax consequences. A guy from ***** ***** (who is managing her estate) called and explained it needs to be transferred out of the estate to a "beneficiary IRA" first, then I can have it transferred to TD Ameritrade. He mentioned something about possibly having to take "RMDs" over a period of time. Ideally, I would prefer to just liquidate it tax free :). But if that's not possible, we are putting about $45,000 in our retirement accounts this year so if I can just replace $11,000 of those contributions with this, I'd be good with that, too. Our personal IRA's are already maxed out for this year. Is there a way to transfer this inherited IRA to my (or my husband's) 401K and just leave it there without tax consequences?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,732 satisfied customers
I would like to sell a house that is deeded as a life

Hi, I would like to sell a house that is deeded as a life estate. My brother and I are listed as the grantees and my mother, the granter. Mom is still alive and I have lived on the property for the last year. The property was bought for $11,900 in 1953 and should sell for about $350,000. Can I avoid capital gains tax as this is my primary residence?

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Robin D.

Vocational, Technical or Trade School

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20,588 satisfied customers
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