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I Am Correcting In Thinking That Replacing Glass In A Window Is A Rental Property Repair, Therefore Deducted Entirely In That Year Unlike...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Assuming that the replacement glass is of the same type of glass and not an upgrade, and the existing glass is in need of replacement, it can be treated as a repair and expensed.   Read More
How To Calculate My Health Care Penalty If I Do Not Have Any Health Insurance Last Year
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

This link will take you to a worksheet that will allow you to calculate the penalty. http://obamacarefee.com/2015-calculator/. Note, however, that there are numerous exceptions that may allow you to avoid any...   Read More
0 0 Obamacare
What Happens In Situation Where IRS Audits Farther Back Than 6 Years And Person No Longer Has Those Years Supporting Documents &...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Unless the IRS suspects fraud, they can't normally initiate an audit that far back so it is unlikely to occur. The statute of limitations is 3 years from the due date or date the return is filed, whichever is later....   Read More
0 0 Audits
Does A Foreigner Living Outside US But With US Source Income Earned While Working On Foreign Soil Have To Pay Any US Tax? This Is Work Done...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The United States has what is called a world-wide tax system. This has two implications. First, as a U S Citizen or resident, you are subject to tax on all your income from whatever source. The second implicationis...   Read More
How Long Does IRS Have To Audit An Amended Tax Return When It Is Submitted 3 Or More Years From Due Date Of Original.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since it is being submitted after the statute of limitations has expired, they do not have to accept the amended return. However, if submitted within the statue of limitations the time is still measured from the...   Read More
0 0 Audit
I Need To Get Up To Speed On FATCA And What It Means To Me And My Family? We Are Primarily Residing Between Canada And The United States....
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

FATCA was enacted in order to combat U. S. tax evasion by taxpayers holding investments in foreign accounts. This is somewhat controversial, as it raises privacy issues, especially for those having dual citizenship....   Read More
I Received A 1099-S With Gross Proceeds For A Temporary Easement On Our Property. I Believe The Value Of Our Property Zeroes Out Any...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You state that it is a temporary easement. If that is the case, then the income from the easement is treated as rent and reported on Schedule E. Since it is temporary, no sale has occurred, and you cannot offset...   Read More
I Have Current Medical Insurance Through My Employer Do I Need To Fill Out 8962 Form.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Only if you or a family member is receiving the premium tax credit or the advanced credit.   Read More
0 0 8962 form
Someone Told Me There Are Some Big Penalties Coming Up On My Tax Return As I Do Not Pay For Obamacare As I Cannot Afford It For My Family...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

For 2015, the penalty for not having coverage is $325 per adult and $162.50 per child or a maximum of $975 OR 2% of household income, whichever is higher. The 2% is calculated on household income above your filing...   Read More

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