Latest threads in Taxes General Forumshow only best voted threads
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Foreign Sourced Income And Foreign Tax Credit
This is probably going to go down as a stupid question, but please keep in mind that I'm not a tax professional... Suppose that I have some sort of foreign sourced income that is taxed by both the...
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7 years ago
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FBAR and 8938
An American citizen, foreign resident, holds stock of an American company through a foreign brokerage house in his country of residence. Does he have to include the value of this stock in his FBAR and...
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7 years ago
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Primary residence, turned into rental, now sold
This is a 2015 tax question, just now working on it (filed extension). I bought my first home in 1994, paid 80k and spent 30k in improvements over the years. In August, 2012 I bought a new home for...
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7 years ago
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Offshore Real Estate Gift
Somebody who has been living in the USA for the past four years (has a Green Card) is going to get a house located in Switzerland as a gift soon. Are there any tax consequences from the U.S. (i.e....
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7 years ago
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Negative Interest Rate...
Please note that I am not a tax professional. I have an offshore bank account on which the depository bank will soon start charging me a so-called negative interest rate, i.e. I will have to pay...
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7 years ago
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Capital Gains Query
I am doing a Reverse 1031 exchange. There is a possibility that the Net Proceeds of sale may be more than the purchase price of the new property. So I am trying to minimize any Capital Gains taxes I...
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7 years ago
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Must you provided a SIGNED COPY of the Federal tax return with the state return?
Must you provided a SIGNED COPY of the Federal tax return with the state return? Or can the Federal copy simply be a printed copy (unsigned). I just got around to doing my taxes and sent them off but...
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7 years ago
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Maximum Pension Plan Contributions (Cash Balance Plan & SEP-IRA)
We are dealing with a QPSC (qualified professional service corporation) aka in the code as a PSC (personal service corporation). It is a one person (age 65) C Corporation with an individual marginal...
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7 years ago
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Holding Mtg
I want to buy a $98000 home for cash. Then sell it to my son and daughter in law with 0% mtg interest over 30 yrs. Tthey will never have the money to buy a home because of income requirements and are...
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7 years ago
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Airbnb rental income taxation
Back in the pre Airbnb era around 10 years ago, I moved in with a roommate who had already secured a lease with the property owner and was already living there. we split the rent of $600 but I never...
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7 years ago
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Capital Gains tax questions
Questions on Capital gains tax 1. I bought a rental home many years ago. I am planning a 1031 exchange. To avoid Capital gains tax, do I have to invest only the capital gains or the entire net...
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7 years ago
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What can I pay of my son's?
My son will be 23 in December. He will have some earned income, but not much. He graduated college in May and will be a graduate student from 6/16 to 8/17. I know I can pay his tuition, but can I also...
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7 years ago
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Gifting stock that has a loss on original basis?
Lets say I gift 1,000 share of a stock currently selling at $14. That requires no paperwork or tax; right? Lets further say I bought the stock at $16, so the stock has a $2 loss per share. If the...
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7 years ago
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Taxes on US Social Secuity income for a Swiss Citizen
I am a Swiss citizen who worked in the US for 17 years with a Green Card. On my retirement and permanent return to Switzerland I abandoned my permanent residence status in the US by surrendering my...
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7 years ago
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allocate the total improvement cost into land & building?
A residence is converted to rental use. Before that, there was and improvement/renovation to the building. Is there a tax law requiring to allocate the total improvement cost into land & building...
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7 years ago
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