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I Have An Online Business In Hong Kong And All The Operation Is There. All Payment Is In USD. I Use USA Paypal To Receive Customers...
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

Are you a US Citizen or US Resident Alien (green card holder)? If so you need to report your world wide income to the IRS and pay tax on that world wide income.   Read More
Debit Cancel On Mortgage On Rent Property Will Affect The Depreciation - Basis? How?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

You are required to reduce attributes in capital accounts in rank order by the amount of canceled debt via IRS Form 982. I've blogged more about it nere -> http://www.johnrdundon.com/irs-form-982-reducing-tax-...   Read More
0 0 1099c
Needing Help With Filling Out A 1041 Tax Form For A Simple Trust/decedents Estate
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

I am happy to respond to specific questions in this forum or feel welcome to hit me back off line as you see fit.   Read More
If I Have NOLs For Two Years In A Row And Elect To Carry Forward Both, Do I Enter The Sum Of Both On Line 21 Of Future Years' Return Or...
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

GrEAt question. The answer is a little bit more complicated than line 21 of form 1040. I'd like to draw your attention IRS Form 1045 Schedule A (page 3) found here -> https://www.irs.gov/pub/irs-pdf/f1045....   Read More
If Foreign Parents Make A Donation To A US Resident Child, Does Any Tax Apply?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

Gift tax is based on country of origin for the party making the gift. US Resident Aliens are not subject to tax on gifts received.   Read More
Can A Real Estate Investment Trust ("REIT") Benefit From A Cost Segregation Study?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

Another grEAt question! It really depends on the size of the REIT and the extent to which you are willing/able to invest in following the rules as this stuff can come back and bite. Check out this blog post for...   Read More
As A Touring Musician, Am I Responsible For Filing Tax Returns In Every State In Which I Perform?
User Photo Benjamin (David) Goldberg, EA
Tax Professional Level: Tax Enthusiast

The answer is that it depends upon the state in which you perform, and how that state treats the taxation of non-residents who have earnings from a source within that state.   Read More
0 0 Musician
Do I Need An Individual Taxpayer Identification Number (ITIN)?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

As in life itself - it depends. For US taxpayers that do NOT qualify for a Social Security number an ITIN is mandatory as part of your filing requirements. You must first apply for a SSN and if you get rejected...   Read More
Do I Need An Individual Taxpayer Identification Number (ITIN)
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

If you are a US Taxpayer without a Social Security Number, yes. Check out this post for more information ... http://www.johnrdundon.com/do-you-need-an-individual-taxpayer-identification-number-itin/   Read More
I Have A Home Computer With Partial Use For Home Business That Is Depreciated. I Also Have A Second Old Computer That Is Kept At House Of...
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

If the cost was under $2,500 you should be able to expense it under the new tangible property regulations.   Read More

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