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Recent Tax Return 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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May you explain how affect personal income tax return deal

Hello, may you explain how affect personal income tax return deal like: son makes quick claim deed (claim deed) for property (investment ) to father and father sell this house. about numbers; son purchased for $232K, father sell it for $250K , but net check is $217K. if there is gain for father or not? is it tricky to avoid taxes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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Filed 2012 Federal and North Carolina tax returns on time.

Filed 2012 Federal and North Carolina tax returns on time. North Carolina now says they did not receive original return. Am preparing to send copy of NC return as original. Married, changed name in 2014. Do I send 2012 return in maiden name or married name or both with explanation?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,732 satisfied customers
I am not a US-citizen and I have a single-member

I am not a US-citizen and I have a single-member Delaware-based LLC. I am the sole owner. The LLC has a separate bank accounts, and all business expenses and income is kept separate from my personal finances. I keep the LLC finances in QuickBooks.I have two issues, related to getting money out of the LLC.- What is the proper way to get money out of the LLC to my personal bank account?- When do I pay the taxes on the LLC income - every time I make a money transfer from the LLC to myself (on the amount transferred), or once a year (on the total annual revenue of the LLC for that year)?

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Barbara

Enrolled Agent, Paralegal

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4,838 satisfied customers
OK, This is 1116 and. T/P sold real property non business at

OK, This is 1116 and amt.T/P sold real property non business at a lT gain of 946,309 in South Korea. She lives here in the US. She paid a foreign tax on it of 405,319. She does have 9600 in wages. That is it. No other income. standard deduciton. no dependents. I am putting this as passive ordinary income on the 1116. Correct? Do I put this on the line for qualified dividends and capital gains from Country? I feel like I am going in circles. This is also triggering AMT.

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Dr. Fiona Chen

President

Ph.D.

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46 satisfied customers
What is the limitation section 179d deduction placed into

What is the limitation for taking section 179d deduction for year placed into service? The contractors continually talk about a twenty year carryforward. When would you ever carryforward the 179d deduction and why? Is the limitation basis or income or what?

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Robin D.

Vocational, Technical or Trade School

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20,588 satisfied customers
If we are a s-corp than shouldn't we count all of our losses

If we are a s-corp than shouldn't we count all of our losses on our company against my husband's salary? New accountant is now saying it is only counted against capital investments for the year.

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Mark Taylor

Certified Public Accountant

Masters

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324 satisfied customers
My house and family are in NC. I worked and paid taxes in

My house and family are in NC. I worked and paid taxes in Michigan. I paid in over 8K total State taxes between both states and NC says I still owe them 4K. I don't think that is fair.

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Mark Taylor

Certified Public Accountant

Masters

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324 satisfied customers
I live in Texas and would like to sell a few things on eBay.

I live in Texas and would like to sell a few things on eBay. I'm not trying to make it into a business at this time, but I read that since I live in Texas I need to get a state tax id, because I have to charge Texas customers, sales tax. I applied for one, and just put "home- eBay" as my business name. I wasn't sure if that was the right thing to do, please help. Also, I'm not sure what I need/can report when I file taxes. Hope this makes sense. Thanks

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Mark Taylor

Certified Public Accountant

Masters

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324 satisfied customers
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