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Recent USA Tax questions

I moved from uk to usa nearly 6 years ago on a work visa as

I moved from uk to usa nearly 6 years ago on a work visa as my job transferred me to usa. I just got my greencard. I purchased a leasehold property in uk 16 years ago and have always rented it out, never lived in it. There has been a substantial capital gain. In uk my tax liability is negligible as a non-resident. How can I avoid usa capital gains taxes? I have heard that 1031 exchanges cannot be included for foreign property unless the new property is foreign, is thus true? I have also heard there may be an exception if there was an exceptional circumstance such as moving job.,please advise on whether I need to pay any usa capital gains tax

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Lev

Retired

Bachelor's Degree Equivalent

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Lane, I have more information to the first question and

Hi Lane, I have more information to the first question and a new way of thinning. This is a new question so i will pay for it separately.I am helping a friend who files his USA tax return for the very first time. In 2015 he came to the USA on 1/13/2015, and in December he cashed his back pay from his 2014 work. It is important to note that he was entitled to the back on 1/5/2015 before he came to the USA (on 1/13/2015).Before 1/13/2015 he didn't have any affiliation to the USA.My question is if I can help him file his taxes as a Dual-Status Tax Year and on the accrual basis for the part he was a US tax person? My assumption is that he was entitled to the back pay for the period he wasn't present in the USA.This way, on the accrual basis I can allocate the foreign pay to the portion that he can be classified as a nonresident, in other words, as income that it is not effectively connected with the USA. Based on publication 519, if the income is not affectively connected with the USA during the nonresident time then the taxpayer doesn't have to report it.Could you please advise

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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Re USA tax return: form 8938 This is possibly a silly

Re USA tax return: form 8938This is possibly a silly question but its the first time I'm filling a form 8938 - Statement of Specified Foreign Financial Assets - so I want to get this right. I am filing a joint return with my wife, so am given to believe that we attach one single 8938 for the both of us. We have some shared and some individual accounts. I get that we report the whole amount once for a shared account - and then whatever other individual accounts we have. But there doesn't seem to be a way of attaching either of us (ID wise) to any particular account - we just have to check the box saying whether the account is owned by the spouse as well. So how do they work out who owns what on parts V and VI - or don't they care?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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USA tax question. I have a client that went to her country

USA tax question. I have a client that went to her country for 2 years. Had self employment income over 600 dollars each year. Would she qualified for the EIC if lived abroad? Would I file for her a 1040 or is a different form? Thanks

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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My wife and I are both sole proprietors, our businesses have

My wife and I are both sole proprietors, our businesses have federal tax ids but we are both not incorporated (not LLCs). We have no other earned income. Since I have credit cards that pay 2%+ in cash, I paid some of our federal 2015 estimated taxes via one of the IRS' registered credit cards (USA Tax) that impose separate 1.87% fees (not interest). Credit Card fees are deductible for personal returns only above 2% of AGI while those fees are fully deductible for business returns. We file a joint 1040 (personal return) but all our earned income is from our sole proprietor businesses. Are these fees deductible for us?

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Robin D.

Vocational, Technical or Trade School

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I am doing business in USA I have my own company. I am a

I am doing business in USAI have my own company. I am a sole employee.I am in usa on the visa waiver.I do not have USA social security number or ITIN.I did 2 months work in 2015 and expect more than 6 months in 2016.I am working in louisiana.I need advice on setting up my USA tax requirements.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,750 satisfied customers
My Father a us citizen has past away and I a UK resident non

My Father a us citizen has past away and I a UK resident non tax payer am due a share of his estate, do I have to pay Usa tax on it?

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Robin D.

Vocational, Technical or Trade School

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Usa taxes 2015 - Is there a difference in applying short

usa taxes 2015 - Is there a difference in applying short term capital loss and long term capital loss for future deduction of income after one year?

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Robin D.

Vocational, Technical or Trade School

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20,638 satisfied customers
If you make a profit online with a company register in

If you make a profit online with a company register in Belize and you are a US citizen, how would you claim that income on your income taxes if the company does not provide any usa tax forms?

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
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