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Hello. I Am An American Who Just Sold A Small Parcel Of Land In Prince Edward Island, Canada. I Bought It In 2003 For 21,000 CAD And Sold...
User Photo Chad Hatalla
Tax Professional Level: Tax Enthusiast

First, let me preface my answer with that I understand the general requirements, but do not prepare Canadian income tax returns. Also, I am assuming that the property was not a resource or timber resources use...   Read More
Hello. I Have An LLC, It's An Entertainment Booking Agency. Last Year I Booked A Bunch Of Shows For My Brother's Band. W9s Were Required....
User Photo Randy Tarpey
Tax Professional Level: Tax Enthusiast

The 1099 miscellaneous form you will receive needs to report as gross income the checks from the venues to you. You need to issue 1099 miscellaneous forms to the band members by January 31, 2017 showing the check...   Read More
My Client Is A Citizen And Tax Resident Of The United Kingdom; My Client Just Moved To Spain But The Majority Of His Income Is Derived...
User Photo Manasa Nadig
Tax Professional Level: Tax Enthusiast

Your client's permanent establishment & his citizenship/US Green Card determines his US taxation and not just the fact that he has a US employer, assuming Google USA is his employer.   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The rule is that the dependent must have lived with you at least half (or all for some dependents) the time during the year that they were alive. Therefore, since she lived with you the entire time during 2016 that...   Read More
I Keep Track Of The Finances For An LLC That I Am Part Owner Of. What Forms Or Information Am I Responsible For Providing To The Other...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You must provide each owner a K-1 form which is a part of the LLC tax return if you elected to file as a partnership or S Corp. File a 1065 if a partnership or a 1120S if an S Corp. If a C Corp was elected, there...   Read More
Does An LLC File Taxes Itself Or Are The Taxes Filed Just A Part Of The Owners' Own Personal Tax Returns?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

That depends. An LLC is a disregarded entity for the IRS. As such you must elect how to file. If it is a single member LLC and you have not elected to file as a corporation, the LLC would be reported on Schedule C...   Read More
I Am Part Owner Of An LLC. Do We Need To Empty Out Our Bank Account At The End Of The Year And Pay Ourselves Equally To Reduce The Amount...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Emptying out the bank account has no effect on taxes, and is not a wise move from a business standpoint. If the LLC has elected to be taxed as a partnership or as an S Corporation, a 1065 or 1120S will be filed....   Read More
I Am Married. I Am Selling My Personal Residence After Living There For 2-1/2 Years. Title Is Only In My Name. I Will Have A Gain Of More...
User Photo Randy Tarpey
Tax Professional Level: Tax Enthusiast

IRS Code Section 121 allows the exclusion of gain from the sale of a primary residence by certain married taxpayers filing a joint tax return of $500,000. Publication 17 clarifies the rules for married couples:...   Read More
How Are Bitcoin Transactions Taxed?
User Photo Randy Tarpey
Tax Professional Level: Tax Enthusiast

Bitcoin is considered property by the IRS and not currency. When you transfer bitcoin the difference in the fair market value at the time of transfer versus the purchase price or fair market value at time of...   Read More
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

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