Hi, I am separated from my wife, and we have amicably agreed
Hi, I am separated from my wife, and we have amicably agreed a settlement value on our property. Am I able to implement the exchange of property title before it becomes an order of the court, and still waive the stamp duty on the transfer of title?
Vocational, Technical or Trade School
A friend of mine has become a recent US resident through marriage,
A friend of mine has become a recent US resident through marriage, he recently sold a property he owned overseas with the intention of purchasing a property and investing in himself and family in the US. The total sum of money he wishes to transfer is around $200k including his life savings. Do you forsee any issues with regards XXXXX XXXXX this to the US? Does this need to be reported in any way? Is he liable for any taxes on this money (I have suggested surely not, as this property was bought and paid for well before he moved to the US and resident), but of course this is just my view. It is my understanding that he will do a standard bank to bank wire transfer of the cash amount. I believe his property is in Hong Kong.
Hi, I have a capital gain tax query relating to inheritance.
Hi, I have a capital gain tax query relating to inheritance. Parents in law, retired, lived on and off between Australia and their country of origin (Mauritius). My father in law purchased a property in Australia that he put under his name and passed away in Mauritius shortly after. That was 15 years ago. My mother in law, an elderly lady, spend her time after that between Australia and Mauritius, spending time between that property and her children when she was here. She also passed away last December and her children realised then that she had not followed through with transferring the property under her name. Bills relating to the property and (still) addressed to my late father in law were and are paid by the children so we cannot prove she paid it herself but can prove that she spend most of her time in Australia with that property the couple's only residence. As a result, the children are now faced with a huge capital gain tax bill. My question is: 1. Do we have a ground with the ATO to avoid paying this huge CGT/Stamp Duty bill? 2. If so, which documents are necessary and what is the process with the ATO? Any specific procedure, forms to complete? 3. If so, is it best to address the issue with the ATO prior to finalising the estate distribution or after? Thank you very much for your assistance.... Catherine
Senior Tax Attorney
I sold a home in London and my accountant is ...
I sold a home in London and my accountant is telling me that I have to pay capital gains on the entire "gain". I thought I paid capital gains after the mortgage was redeemed. For example, if I paid $500,000 for the home, sold it for $1,000,000 and redeemed a mortgage of $700k, wouldn't I only pay capital gains on the $300k gain?
I had to default an oic---could not make the
I had to default an oic---could not make the payments---should I voluntarily contact irs or wait for them to mail me notices?JA: The expert will know how to help. Please tell me more, so we can help you best.Customer: oic accepted by irs in September 2015, I defaulted due to inability to make required payments in November 2016---which at that time my area was in a disaster relief area (florida) due to hurricane matthew. I should have continued the payments in april 2017, but could not---not enough funds.JA: Is there anything else important you think the expert should know?Customer: no
I received a 1099-misc from my former employer but it is not
I received a 1099-misc from my former employer but it is not listed on my wages and income transcript. Do I need to worry about it when I file my taxes. I have a w-2 from my current employer. I have filed an extension on my taxes.JA: It's hard to know for sure. The Lawyer will figure it out. Because employment law varies from place to place, can you tell me what state this is in?Customer: MichiganJA: Has anything been filed or reported?Customer: noJA: Anything else you want the lawyer to know before I connect you?Customer: no