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Recent Tax Rules questions

Can I count the cost of sending money from my wife's

Can I count the cost of sending money from my wife's Peruvian business to the US as a fee to lower taxes?

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Dr. Fiona Chen

President

Ph.D.

556 satisfied customers
I just want to make sure non-resident aliens DO NOT have to

I just want to make sure non-resident aliens DO NOT have to pay US GIFT TAX when they transfer the following US situs properties to another NRA or foreign corporation?1. Shares of stock in listed US companies, ETFs, mutual funds.2. Shares of stock in privately-held US business entity (partnership, LLC, C-corporation)3. Cash accounts with US banks4. Cash accounts with US brokerage firms5. Bonds issued by US government or US companies.My understanding is that assets in above list are subject to US ESTATE TAX, but NO GIFT TAX, no matter if they are gifted to US citizens or other NRAs. Am I correct? Thanks in advance for your answers.

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Robin D.

Vocational, Technical or Trade School

21,204 satisfied customers
I am a US citizen who lived in Japan for 15 years through

I am a US citizen who lived in Japan for 15 years through August 2014. I moved with the same company back to the United States in August 2014. My retirement plan that I accumulated during my time in Japan was consolidated into an account managed and housed by Fidelity in the UK. I have not been making contributions since that time, neither has my company - the amount simply rises and falls in step with my portfolio. I am nowthinking of taking some of the money out of that retirement account (again, it is overseas in the UK) and bringing it to the US to put towards a down payment on a house. I was wondering how much that money would be taxed in that instance.

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32 satisfied customers
I am in the process of submitting a DOD bid and the office

Hi,I am in the process of submitting a DOD bid and the office informed me that I need to follow the " TBD regulation, and / or bid project as a small business".Are these rules related to tax? do you know where I can find information about it?

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Dr. Fiona Chen

President

Ph.D.

556 satisfied customers
I have a PFIC related question. I elected market-to market

I have a PFIC related question. I elected market-to market status in regards ***** ***** with the IRS. Can I carry losses forward ? For example2015Bought 400 shares avg $40, sold them for$202016Bought 400 shares of same stock at $10 and it is trading $25 now.I think short term capital losses in 2015 are $800. If I sell everything at $25, can I then carry the 2015 losses forward to compensate my PFIC gains in 2016? So can tax losses be carried forward for capital gains and PFIC income?

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Dr. Fiona Chen

President

Ph.D.

556 satisfied customers
We are getting a lump sum legal settlement against a

We are getting a lump sum legal settlement against a landfill that is strictly for odor nuisance. Myself, my wife, and our 20-year-old college son are all plaintiffs.My income is roughly $100,000, my wife's is $20,000, and son's is $2,000. We did not itemize last year.Payout for the lump sum can be allocated anyway we want between the 3 people. Our lawyer willhave the money in an escrow account and he will write checks to each of us. There will be 1099s generated. My gut feeling is to allocate the bulk of it to our son because I think we would pay less taxes, but would this cause any other negative results for him or us? I think I could still claim him on taxes because we pay well over half of his support.What's the best way to allocate the lump sum among the 3 of us as far as taxes?

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Robin D.

Vocational, Technical or Trade School

21,204 satisfied customers
Re your recent answer I would like a few details. My

Re your recent answer I would like a few details. My question was about gift tax and your reply was that a person could receive $100,000.00 from a foreign person with no tax implications. I am Canadian sending monetary gifts to my daughter and son in law.. What are the implications for my daughter who is Canadian with a green card and also the rules for gifts from a parent, or parent in law re my son in law (who is a U.S. citizen by birth)?

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
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

President

Ph.D.

556 satisfied customers
Tax question. If I collect money from several different

Tax question. If I collect money from several different people (say $3000 each) with their signature that they are giving this money to me strictly as a gift with no expectations. How do I report this money to the IRS to ensure I am doing what they require as far as these gifts are concerned? The law states only gifts that excede the "exeption per person" amount are taxed. But if I collect $20,000 in a year and none of them excede the exception per person amount it seems I should still report this somehow. How does crowd funding compare to this scenario? If I collect $20,000 from a crowd funding campaign, what do I have to do with that money?

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
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