Unanswered Tax Questions
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Property puchase
Hi, I am thinking of buying a property in Nashville, TN. - I am a UK citizen, living in the UK. Would it be more economical for me to make a purchase through a company registered in Nashville, or in my own personal name? My long term plan is to move to the US. How could I utilise this address to establish a credit history for myself? (The answer to my earlier question in terms of registering a company, or paying personal taxes may impact this, or vice versa). Also, if I was to purchase a car, which would be kept in the allocated parking space of the property, would I need to maintain tax and insurance on the vehicle in between my visits, when the car would not be in use, and would simply be left in the parking space at the property? (In the UK we can declare a vehicle as SORN when it is off the road - as it would be in this situation.
Asked Saturday, March 18, 2023 by Joshua C.Sign in to Answer
Filing requirements in California
Hi simple tax question. Must I file a California state income and/or federal tax return if my only earnings were less than $200 on a web-based third party platform has a an independent contractor or self-employed person? Thanks Travis
Asked Saturday, March 18, 2023 by Travis S.Sign in to Answer
Does an LLC company with no business activities or EIN need to apply for a tax declaration to ISA?
Hi, I'm a foreigner and I have an LLC company in WY, my company has not had any business activities in America so far, and has not applied for EIN. In this case, do I need to apply for a tax declaration to ISA?
Asked Saturday, March 18, 2023 by Russell S.Sign in to Answer
If I filed a for a tax extension
If I filed for. A tax extension but found my paperwork can I still file my return motions in April
Asked Friday, March 17, 2023 by Kathryn B.Sign in to Answer
NY gambling deduction for NJ earnings/NJ resident
Hi, I'm a NJ resident, filing in NJ, but have some W-2 wage income in New York, so I need to file both states. I also have gambling earnings in New Jersey, but fully offset by losses (as per the federal level). For color, because of reporting and not actual earnings, I earned w2g's to the tune of $7mm....not true income as it's actually just activity and offset to zero when netting true losses. Now when I do my NY state tax, the standard way looks to take a factor of my NY state income by my federal AGI (pre-gambling deductions). But because of the federal AGI pre-deduction, it is putting me in the second highest bracket for NYS despite my actual NY income being nowhere near that. Shouldn't deductions come into play here? I know you can add deductions in the IT-196, row 29, but can that only be done for losses in NY or federal/NJ losses? Just seems weird that i would be put in the highest bracket for earnings not actually made. Thank you all in advance for your help, Johnny
Asked Friday, March 17, 2023 by Johnny D.Sign in to Answer
SEP Contribution by a LLC that is Owed by a Family S-Corp
Can a LLC which is owned by, and the incomes & expenses flows into, a family S-Corp have earned income? The reason for the question is that the LLC would like to make a SEP contribution on the LLC income for the 4 shareholding that own the S-Corp.
Asked Friday, March 17, 2023 by John P.Sign in to Answer
what 1040 form to list sale of stock?
A Senior relative sold small shares of stock this year. He is filing on 1040SR. should he list the amount earned from the sale of the stock on a Schedule "d" form? this stock has been in his possession for over 40 years. So the sale of the stock would be 100% profit. Is there anything else he would need to do? thank you, Rosanne Maschek
Asked Friday, March 17, 2023 by Rosanne M.Sign in to Answer
do you need to have paid 80% of your taxes prior to the end of the year to avoid a penalty
Must you have paid at least 80% of your taxes prior to the end of the year to avoid a penalty
Asked Friday, March 17, 2023 by Marjorie W.Sign in to Answer
Can I file on time
I recently filed for a tax extension because I didn’t have all my papers, but now I have everything I need. Can I still file my return on time even though I was granted an extension
Asked Friday, March 17, 2023 by Kathryn B.Sign in to Answer
Does this purchase qualify for a FIRPTA exclusion?
I am in the middle of buying a condo, in which I plan to personally reside for the foreseeable future. I am a US citizen, the seller is not. The condo is about $230,000. Do I need to withhold 15% for FIRPTA, or not?
Asked Friday, March 17, 2023 by Sarah M.Sign in to Answer