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We Want To Gift Our Adult Child $14,000. Where Would We Report This On Our Tax Return? What Would Be The Benefit To Us?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Gifts have no effect on income taxes. You don't show it on your return, and your child does not show it on his/her return. The only time the child would pay any tax was if you gave them property and they later...   Read More
New LLC, Qualified Joint Venture With One Spouse On A Green Card. Tax Implications? Also, LLC Has An EIN, Does That Require A 1065?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Several issues here. First, as a qualified joint venture formed as an LLC, they cannot file two schedule C's. The must file a 1065 or elect S corp status. I don't know enough about the organization to advise you...   Read More
I Am A Greencard Holder Living In Nyc Divorcing A Greencard Holder Also In Nyc; I Need To Know My Tax Consequence For A Large Sum Of Money.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Basically, no. If the money was placed directly into a trust or a corporation, it would still be subject to tax and the rate would probably exceed your personal rate. Depending on the source of the money, you may...   Read More
New Client - Retired - Wife Passed Away In 2014. Closed Out Many Pensions And IRAs To Cover Medical Expenses, Yet Owes IRS $18,000.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Social security benefits are taxable on a sliding scale, depending on the modified adjusted gross income of the couple. The amount of SS that is taxable can be zero, 50 or 85%. Since their MAGI exceeded $44,000...   Read More
My Children Received An Inheritance From A Relative. They Received A 1041 Form Stating They Need To Pay Income Taxes On The Distribution.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Unfortunately, they will have to pay taxes on the inheritance. Inherited IRA's and 401(k) accounts are subject to tax, as they are tax-deferred retirement accounts. The 529 plan does not give rise to a tax...   Read More
0 0 Form 1041
This Investor Lost His Down Payment In Rehab Project In Chicago, IL Due To Builder Fraud. Builder Filed For Bankruptcy And Hiding His Asse
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

If the client was included in the bankruptcy as a debtor and the case was settled with your client getting nothing then it is a bad debt. If there is sme kind of criminal or civil case going on about bankruptcy...   Read More
Forgot To Check The Box On Line 61 About Healthcare - Should We File An Amended Return?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Yes, if the box is not checked, they will assume you had no coverage and assess the fine for not having compliant health care coverage.   Read More
I Have A Malaysian Retirement Svgs Ac. In Late 2013, I Withdrew $180k And Transferred Some $90k To Pay For My Son's College Tuition.
User Photo Dean Marzullo
Tax Professional Level: Tax Enthusiast

Who Must File an FBAR United States persons are required to file an FBAR if: the United States person had a financial interest in or signature authority over at least one financial account located outside of the...   Read More
I Am An American Living In The UK I Am Looking For An Accountant Who Will Be Able To Assist Me With Filing Tax
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

I am familiar with tax issues involving Americans living abroad. You can contact me through my website   Read More
Taxpayer/PR Has Contributed To Retirement Fund/EPF/ Malaysia(tax Exempt Y) With Foreign Income While Withdrawn Funds Taxable?
User Photo ZM Ishmurzina, CPA, MBA
Tax Professional Level: Tax Enthusiast

Hello- The withdrawn funds will be taxable by the USA. The account should be reported on the FBAR. To learn more about the FBAR, please see this link   Read More
0 0 FBAR

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