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Recent Tax Rules questions

If I do some work for a foreign country (Sweden) and get an

Hi thereJA: Hello. What seems to be the problem?Customer: If I do some work for a foreign country (Sweden) and get an income from them, how do I declare it to the IRS?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I do not have my own business, or anything like that.JA: Is there anything else important you think the Accountant should know?Customer: not that i can think of

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Dr. Fiona Chen

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Ph.D.

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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 inherited a rental property in 2012. I have not been

I inherited a rental property in 2012. I have not been depreciating this property with the appraised value upon my mother's death. Can I start depreciating now? Thank you, TerriJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: The rental property was in my name along with my parents. Upon their death the property was legally deeded to me and an appraisal was done at the time of my mother's death. Can I begin to depreciate this property at the appraised value for my 2016 income tax or do I have to file depreciation for the last 3 years?JA: Is there anything else important you think the Accountant should know?Customer: No, I think this will suffice. Thank you, Terri

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We would like to know the answer to the following tax

We would like to know the answer to the following tax question. We owe taxes to the IRS and this year we plan to make a payment and work out a payment plan with the IRS. We would like to know if we install solar panel this year and get a tax credit will the IRS accept these tax credits next year or is there some tax rule that says that if you owe taxes you do not get a tax credit?

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
Both my granddaughters have students loans which a

Both my granddaughters have students loans which a financially burdensome to them. I would like to pay them off. Is there a limit to what I can pay? I read that if the gift is for education they don't have to pay a gift tax. is this correct for paying off student loans?

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Mark Taylor

Certified Public Accountant

Masters

904 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

904 satisfied customers
I live in Kansas an am opening an internet sales company. I

I live in Kansas an am opening an internet sales company. I see that Texas has no corporate income taxes. Furthermore, the sales tax in some counties is lower than anything in Kansas. I have confirmed that Texas is a state that will allow you to use a PO box as a company's address.UPS stores allow you to open a PO box that has an address that looks just like a physical address.Can you think of any adverse taxation that may result if I base my LLC out of an address in Texas while living in Kansas?Thank you.

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
I have a registered LLC in Delaware. In 2016 I have so far

I have a registered LLC in Delaware.In 2016 I have so far lived in NYC, HI, and now looking at moving to either CA, or FL.What state would my tax return be done in?I'm looking at moving to FL in October for the remainder of the year, hoping that would give me the tax benefits from that state.I have a NY drivers licence, and a HI state ID card just for some extra info...Last years tax i filed in HI, even though I didn't move here until February 2016.Really unsure of what I should be doing as I move around so much.Thanks

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Dr. Fiona Chen

President

Ph.D.

264 satisfied customers
My question is pertaining to the sale of my business. I

My question is pertaining to the sale of my business. I operate a retail store structured as a single member LLC in Pennsylvania. For federal tax purposes it is a sole proprietorship, but in PA it is considered a corporation. We are about to execute a purchase agreement with the buyer, and need advice as to the most beneficial way to allocate the exchange of assets. Aside from the physical inventory, the purchase price constitutes store fixtures, display cases and computer equipment, as well as the business name, or good-will.All fixtures and other physical assets have been fully depreciated. The good-will does not appear on the books at all, so I assume the basis there would be zero.Does it make any difference how the proceeds of the sale are allocated (fixtures versus good-will) in terms of how it will be taxed? If so, how should the allocation go?There will be a non-compete clause, which if I am correct, is a key factor.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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