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International tax question.....I'm a US citizen. my wife is

International tax question.....I'm a US citizen. my wife is a French citizen. She has no Visa to the USA or has a green card or has ever lived in the USA. WE file married but seperate. I live in the US.The question...My wife is selling an apartment in Paris, that she bought before we were married. IT is solely in her name. SHe will pay French capital gains on the property.is there a USA tax liability on this particular sale? She is going to buy another property solely in her name in France.

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Dr. Fiona Chen

President

Ph.D.

264 satisfied customers
I am planning to start an e-bay business selling books. I

I am planning to start an e-bay business selling books. I have about 2000 books as initial inventory, which I have accumulated over the years. The cost of the books is roughly 20k. Say I would only sell books the first year for $2500. In addition to other business expenses would I also be able to deduct the remaining inventory of books (18k) as a business expense in my first year of operation for IRS purposes?

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Dr. Fiona Chen

President

Ph.D.

264 satisfied customers
How do I reflect or report adjustments made by Palmetto

How do I reflect or report adjustments made by Palmetto (Medicare) on my income on the Tax Returns? I have a Home Health Business. They reported on the 1099 to the IRS a higher amount paid than what they actually deposited in the account.

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Robin D.

Vocational, Technical or Trade School

20,936 satisfied customers
I paid $40,000 in back taxes to the city of Philadelphia.

I paid $40,000 in back taxes to the city of Philadelphia. Can I write this off next year on my Federal and State Tax?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: there is no more to tell. If I had paid the tax as required this would have come out of my federal and state taxes as non taxable income. Retroactively can I do this?JA: Is there anything else important you think the Accountant should know?Customer: no

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56 satisfied customers
Does the IRS keep copies of tax returns indefinitely. If

Does the IRS keep copies of tax returns indefinitely. If not, how far back do they go?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am filing for my social security and my statement says that I have no income for 1984. I know that is inaccurate. How can I get a copy of my tax returns for 1984 or is that too long ago.JA: Is there anything else the Accountant should be aware of?Customer: NO

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
In 1990 my grandmother created a trust. She at that time put

In 1990 my grandmother created a trust. She at that time put her home in the trust.My father and her sister, (no other siblings) were the original partners in the trust.My father died and then my mother. In their wills their interest in the trust were given to me and my brother. My grandmother died recently and because my parents died, my bother and myself inherited from the trust the 50% interest in trust. My aunt who is still alive retained her 50% share of the trust.The house was last month and will close this month.No one has any idea what the house cost to build in 1950 or any cost for updates, etc.Do my brother and I have to worry about paying capital gains tax on what we receive or do we owe anything in taxes?

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Dr. Fiona Chen

President

Ph.D.

264 satisfied customers
Tax Experts One of my client's is planning to use foreign

Tax ExpertsOne of my client's is planning to use foreign web designers for his business. His business is S-Corp.1. Is he required to do tax withholding on US based income paid to foreigners (person or corporation).2. Do they need to have US federal ID?3. What forms need to be filed and how often?4. Is foreign person required to file US tax return?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
What happens to an American if they submitted their income

What happens to an American if they submitted their income tax return to the IRS, but didn't sign? The IRS returned the forms, requesting a signature. What happens if the person never sends it back? There was nothing owing.

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Barbara

Enrolled Agent, Paralegal

4,992 satisfied customers
QUESTION FOR JD, LANE--PLEASE HOLD FOR HIM Some months ago I

QUESTION FOR JD, LANE--PLEASE HOLD FOR HIMSome months ago I had a series of questions about a gentleman in California who had millions in trusts and also had been given un-collectible status. You did a great job on answering my questions.My client now has been assigned a RO (Revenue Officer) . Client reported he was renting and his rental address. RO found in TRW report that he was paying on a mortgage at that location. Client had reported he did not own. RO did a property search and found he is a possible owner for that and another property. The RO asked for documents to support his statement that he was renting and did not own. If such documentation is not received by Sep 10, the RO will summons mortgage companies for information and will being the process of levying his bank account. This is from RO letter that she faxed me a copy of.I have been handling this cycle under the mentorship of a consulting EA who I have been paying to consult and who was a RO herself for many years overseeing large collections like this. My mentor suggest I do a courthouse records check. How do I do one?It is my view that if he really owns these properties personally, the value of these properties is probably forfeit. They are levyable. Do you agree with this summation?My mentor immediately distanced herself from this cycle,"Circular 230 prohibits you from speaking with someone other than your Form 2848 client in regards ***** ***** tax issues.I personally would not/will not Rep someone who has willfully withheld pertinent information from me let alone from the IRS. This appears to be the case. therefore I am respectfully ***** ***** assist with this case moving forward."I do not know of anything in circular 230 that prohibits me from asking assistance of a fellow EA in my employ. I do hold a 2848 POA. My mentor had no resistance to assisting me before. I also have authority to add a representative on 2848, as I put it there when the client signed. That being said-- Is there some real prohibition on me asking a fellow EA for advice or consultation, even if they are not repping the client???? ...,Is it wrong for me to ask an EA more experienced in this areas for advice? Is this really a circular 230 violation?To me, my mentor does not want to have anything to do with this client, and is distancing herself. Do you think it would be wise for me to emulate her and terminate my relationship with client? ....If I am honestly trying to help my client and am honest, am I putting myself at risk by dealing with a possibly sleazy client? I have been scrupulously honest so far.My thought is I should find out from client first if he really owns these properties, or if they are trust assets. Do you agree?If he says he does not own them, he needs to provide proof. I should also do a search of courthouse records. Do you agree?If he DOES own them personally, what would you recommend?I can continue to rep him and insist e comes clean with everything and meet all requirements set forth by RO.OR I can tell him he needs to do that, but I am no longer repping him as he withheld data from me and IRS.What are your thoughts/reocmmendations on this?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
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