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If You Own A Property In CA, And Sell It, But Your Primary Residence Is In Maryland, Which State Is The Seller Subject To Paying State...
User Photo Randy Tarpey
Tax Professional Level: Tax Enthusiast

The seller would most likely file a nonresident California return and pay capital gain state tax in California. On the sellers Maryland return the seller would again calculate capital gains tax in Maryland but...   Read More
I Have A Small Real Estate Business With One Employee. What Is The Penalty For Paying My Payroll Taxes Late?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

If at all possible never pay your payroll taxes late.  If you have a choice of making the payroll tax deposit and an estimated quarterly payment, chose the payroll every time.  The penalty on unpaid payroll taxes...   Read More
I Am A Real Estate Agent In California. Should I File My Taxes Using A Schedule C Or Create A Corporation?
User Photo Gerald Nordland
Tax Professional Level: Tax Enthusiast

If you file a Schedule C, all your profit will be subject to Self Employment taxes (which is really Social Security and Medicare taxes). If you expect to draw SS benefits, you must have 40 quarters of payment in...   Read More
I Live In Toronto, Ontario Canada And Have Just Put My Florida Townhouse For Sale. I Heard There Is A 10% Or 15% Withholding Tax On The...
User Photo Larry Stolberg, CPA, CA
Tax Professional Level: Tax Enthusiast

You can file IRS form 8288-B for a withholding certificate where you summarize in accordance with the particular regulation the purchase and sale of the property and the approximate actual tax liability. When...   Read More
I Earn Rental Income From My Condo In Florida. Do I Have To File A US Tax Return?
User Photo Larry Stolberg, CPA, CA
Tax Professional Level: Tax Enthusiast

Gross rental income is generally subject to a 30% withholding tax unless a waiver form is provided to the payor or agency managing the property. With the waiver form in place, you have effectively told the IRS that...   Read More
I Just Became A Realtor And Need To Know If Real Estate I Purchase As Investment Properties (land, Homes And Commercial) Is Treated As...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

You purchased these properties as investment properties, I am assuming these are for your own account, in which case the sales would be subject to capital gain on Schedule D. If, however, the properties were...   Read More


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