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What Are The Tax Consequences When We Sell The House My Wife Inherited From Her Father?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

That's a complex basis calculation you have come up with. Just for what it is worth, your wife and her sister would have had little or no tax liability if their father had kept the title in his name only, and they...   Read More
What Is The Status Of The AICPA's Task Force In Addressing The Need For The IRS To Increase The TPR De Minimis Safe Harbor Threshold Amount?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

On Tuesday, April 21st The American Institute of CPAs (hereinafter the “AICPA”) has recommended to the Internal Revenue Service (hereinafter the “Service”) that the De Minimis Safe Harbor threshold amount...   Read More
We Are Non-resident Alien Parents. What Taxes, If Any, We Or Our Children Will Have To Pay, In Case We Gift Them An Amount, Say $50,000/-?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Gifts are not taxable income, so there would be no tax liability involved. However, if the gift was not cash and the children sold the property received, they would owe income tax on the excess of the proceeds of...   Read More
0 1 1099-MISC
Which Is Best Way Or Plan For The Parents/ Grandparents To Bequeath Some Funds From Their Savings To The Grand Children Immediately?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There are no income tax consequences in making a gift to an individual. If the amount of the gift exceeds $14,000 per person per year, a gift tax return must be filed, but there is a $5,430,000 above the annual $...   Read More
0 1 1099-MISC
What Is The Maximum Tax Deduction On Interest For A Home
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There is no set dollar amount for deducting interest on a home. However, there are limits. In terms of debt on a home, the IRS classifies it into two categories - acquisition debt, and home equity debt....   Read More
Does IRS Honor 'the Instructions' For Previous Tax Years If Someone Is Filing A Late Return Even If There Is A New Law For The Current Year?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The law that is applicable to a return is the law in effect for that year, so the instructions for that year would apply.   Read More
0 0 Amendment
Generally Is An Irrevocable Trust Taxed? Or Is It Very Complex? Thank You,
User Photo Gerald Nordland
Tax Professional Level: Tax Enthusiast

The taxation is determined by the TYPE of Trust (Simple or Complex) rather than whether it can be changed (Revocable) or not (Irrevocable). A Simple trust distributes ALL income to the beneficiaries who pay tax on...   Read More
Can A Couple Who Worked/lived In Different States In 2014 File MFJ??
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You can file a joint return in both states, in fact OH requires that you file jointly if your federal status is MFJ. On the state returns, the non-resident spouse should be listed as such and his/her income not...   Read More
Earned Income - Community (shared) Income Where One Spouse Is Non-resident And Other Is UK National. Neither Lives In USA?
User Photo Dan Gordon
Tax Professional Level: Tax Enthusiast

First of all filing married filing separate the joint income is split between the two parties then the Alien party with no US source income does not file a return. Regarding FEIE if the income can be properly...   Read More
May A Foreign Investor Invest In A Corporation And Avoid Paying Corporate And Individual Tax On The Gain From The Sale Of U.S. Real Estate?
User Photo Richard Lehman, JD, LLM
Tax Professional Level: Tax Enthusiast

Yes, once a corporation, Foreign or U.S., has sold all of its U.S. real estate holding and paid the single tax at the operating level of the corporation, the corporation may liquidate and distribute its assets to...   Read More

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