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Recent Use Tax questions

If I receive settlement money from a law suit where my

If I receive settlement money from a law suit where my attorney receives 40% of it, what kind of taxes will be assessed on this money?

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Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
I am a dual citizen of Canada and US - living in Canada

I am a dual citizen of Canada and US - living in Canada since birth - hold a US passport, but have never filed taxes. I have never made much money as a self employed musician, rarely paying tax (I file - up to 2012 so far) in Canada.JA: Because laws vary from state to state, could you tell me what state is this in?Customer: I would like to clear things up regarding US status.JA: Have you talked to a lawyer yet?Customer: noJA: Anything else you think the lawyer should know?Customer: I may move to US for work. I am expecting an inheritance.JA: Because employment law varies from place to place, can you tell me what state this is in?Customer: Alaska

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My wife and I are Croatian citizens on L2 and L1 visa

Hello, My wife and I are Croatian citizens on L2 and L1 visa respectivly and have been living in the USA for 3.5 years. We pay tax here (1040 form - filling jointly). We still have an apartment in Croatia and would like to sell it. I originally purchased the apartment for 200,000$. I gave it as a gift to my wife couple of years ago (before moving to the USA), so it belongs to her now. Croatian tax law does not tax transfers between husband and wife. Because of that, amount put on the gift certificate did not play any role and was put 20,000$ which is significantly lower than original purchase price. Our questions are:1.if she sells this apartment for 170,000$, how would be that treated under the US tax low and how would it be taxed?2.If it's taxed under the US tax law, would it be taxed as 150,000$ profit (based on the amount noted in the gift certificate) or -30,000$ loss (based on the original purchase price)?

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Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
IS THERE A STATUTE OF LIMITATIONS ON STATE OF FLORIDA SALES

IS THERE A STATUTE OF LIMITATIONS ON STATE OF FLORIDA SALES AND USE TAXES? IF SO, HOW LONG ONCE THE DEBT AND ASSESSMENT IS GIVEN.

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Robin D.

Vocational, Technical or Trade School

20,924 satisfied customers
Our business is renting out camera equipment in New York

Our business is renting out camera equipment in New York City, do we charge sales tax? We do not sell the equipment and paid sales tax when we purchased the equipment. Thanks

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
I am an EA. I have a Greek professional who has contacted me

I am an EA. I have a Greek professional who has contacted me about help on US taxes. See his quote below"We are all here in Greece but our Business are in US we sell on ebay.com, amazon.com and we have also some Commisions from INFINii.com which are in US also..." Does the fact that he sells to the US on Ebay and Amazon make him a non resident alient who is subject to income tax on his US based income? if so, does he file a 1040 NR based on his US based sales income? Any special wrinkles? Is the pricing and delivery of this service pretty similar to that of a 1040 here for a SE individual?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
0, We are a family living in the US, we got our green cards

Hello:0JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We are a family living in the US, we got our green cards last year and are considering selling our property in the UK now our tenants are moving. We have not lived in the UK property since July 2012. we purchased the property in 2001 for 128K sterling BUT remortgaged in about 2006 for 205K the value of the property is 225K. If we proceed and sell the house are we liable for tax in the US, and would it be calculated fron the original purchase price or the recent remortgage price. This is our only home. we have some costs to offset but our risk is we could owe more on tax than we would get from the sale of the property.JA: Is there anything else important you think the Accountant should know?Customer: If there are any other questions or information that might be needed to help establish our situation please let me know, many thanks

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Robin D.

Vocational, Technical or Trade School

20,924 satisfied customers
I am a card holder currently living in the US. I have

I am a green card holder currently living in the US. I have received an inheritance in the UK that falls below the inheritance tax level. If I transfer this money to the US will I have to pay any US taxes?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no

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Robin D.

Vocational, Technical or Trade School

20,924 satisfied customers
Both my wife and I are Croatian citizens living in the USA

Both my wife and I are Croatian citizens living in the USA (Louisiana) on L2 and L1 visa respectively. We do not have green cards but we pay tax here in the USA. My wife owns an apartment in Croatia we bought long before moving to the USA. She would like to give that apartment to her father as a gift. He's a Croatian citizen. Approx value of the apartment is 160,000$. From the US tax prospective, would that transaction be taxable and if yes, what would need to be paid?

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Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
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