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Recent Taxing System questions

Tax question: I recently sold a 22 year old Rolex watch to

Tax question: I recently sold a 22 year old Rolex watch to my brother. The watch cost about $1,200 in 1994. My brother paid me $1,800 for it (which is a little less than the current value, but I was okay with it). Truth is, I have had to sink almost another $600 getting the watch repaired and serviced over the years so I probably have $1,800 into it, but I didn't keep the receipts. Question: Would I potentially owe any capital gain on this transaction? Couldn't my brother and I give each other gifts way under the gift allowance without any impact on my taxes? Thanks for your help.

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Mark Taylor

Certified Public Accountant

Masters

2,584 satisfied customers
Income of a US citizen taxed in India, will be taxed again

income of a US citizen taxed in India, will be taxed again in US? Is there a dual tax system?The expenses were done (i.e. Air ticket, house rent, food expenses paid in India) to visit India to control themoney and for Indian taxation purpose will be allowed by US tax department to claim in my US tax returns?.US citizens residing in India for a long time and gaining income there from investments, will need to come back to the US to file IRS returns every year?Or, can it be done from India?Or, CPA in the US would be able to file my taxes thru mail correspondence from India?Thank you

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Robin D.

Vocational, Technical or Trade School

22,322 satisfied customers
I was divorced in march. I just remarried. My spouse is a

I was divorced in march. I just remarried. My spouse is a non resident alien with a daughter who is 9 and is a us citizen.I have to fill out my work tax forms- it says if you are married to a non resident alien to claim single.I claim 2/3 of my kids for my taxes.I am a home owner. How do I claim head of house hold if possible---But file married filing separately? I read that if I do this he has to report world wide earnings (none but bank interest) and I don't think he has much earned income this year here. He is working on getting green card reissued. He also has a ssn.Help! I want to make sure it's fine correctly the first time.Also- is he eligible to get benefits through my job? Hr says as long as he has ssn then yes.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,658 satisfied customers
If a US citizen by naturalisation is getting pension from

If a US citizen by naturalisation is getting pension from previous job in former home country but is wilfully not reporting in his income tax return for more than ten years in US,can he be fined by tax authorities or can he be criminally prosecuted for withholding this information?

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Robin D.

Vocational, Technical or Trade School

22,322 satisfied customers
I'm being bought out of my apartment lease...what if the

I'm being bought out of my apartment lease...what if the landlord doesn't issue me a 1099.how would the IRS discover this transaction took place.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I'm being bought out of my apartment lease...what if the landlord doesn't issue me a 1099.how would the IRS discover this transaction took place.JA: Is there anything else important you think the Accountant should know?Customer: The landlord said he would not issue a 1099 or request my social security number

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Robin D.

Vocational, Technical or Trade School

22,322 satisfied customers
First, we have used Turbo Tax to do our income tax returns

First, we have used Turbo Tax to do our income tax returns for last two years. For tax year 2015, we owed $6000 in taxes, which we paid when we filed our return electronically. But Turbo Tax said our estimated taxes due would be $1850 per quarter, instead of $1500.(which is $6000 divided by 4). I thought the estimated taxes were calculated on the amount due at the time of filing the return, which was $6000. Is this true?I am paying the $1500 amount, instead of the $1850, but not on the schedule exactly laid out by Turbo Tax, but by Jan 2016, the total amount (which will be $6000) of the estimated tax will be paid. Anyway, if I have not paid the estimated taxes exactly on time, will we get penalized when we file our 2016 tax return? If so, how much?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,910 satisfied customers
My parents built a house a few years ago. Their cost basis

My parents built a house a few years ago. Their cost basis was about $2 million. I suspect the house is now worth about $3 to $3.5 million. If they were to pass away, we (the kids) would get the house and under current law, not owe any estate tax since it is under the $5 million threshold (is that the right current threshold?). What happens to the tax basis at the time the property transfers to the kids? Does it get marked up to the current market value at the time we receive it or does it retain it's original value until we sell it?Should we do anything before they pass away to make the transfer of the property tax free? I.e. put it in a trust or put the kids' names on the deed sooner rather than later?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,658 satisfied customers
I have an Etsy shop and my own website. I got 1099's for

I have an Etsy shop and my own website. I got 1099's for both which didn't include paypal. I didn't make enough through paypal for them to 1099 me. I still have to add up those sales and include them in my income, correct? How would the IRS know if you didn't declare that income without a 1099?

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Dr. Fiona Chen

President

Ph.D.

782 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.

782 satisfied customers
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