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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
Do Most States Currently Offer Movie Production Tax Incentives?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, most states currently offer Movie Production Incentives (hereinafter “MPIs”). MPIs are tax benefits offered on a state-by-state basis throughout the United States to entice, as applicable, in-state film...   Read More
Please Explain How To Quantitatively Compute Start-up Companies "Fixed Base Percentages" In Connection To The R&D Tax Credit.
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

For a start-up company, I.R.C. § 41(c)(3)(B) establishes a fixed-base percentage calculation for companies that incorporated after December 31, 1983, or had fewer than 3 years with qualified research expenditures...   Read More
Can Someone Please Provide An Overview Of The Scope Of A Construction Tax Planning Engagement?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

A Construction Tax Planning Engagement utilizes a proactive "Pre-Design Phase" approach to identifying additional tax benefits related to new and planned construction projects whether in connection to constructing...   Read More

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