Archived
What are taxes/exemptions on transferring inheritance money from outside US to a non-US citizen living in US on dependent visa?
Eric's answer
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Answered on February 07, 2015
Generally, a holder of an H4 visa is taxed as a non-resident alien. This means you are only taxed on US source income. The sale of real estate...
Archived
Do you have to claim tax on earnings from won housing court cases for unpaid rent collection? Do you get a W-2 of some sort?
Eric's answer
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Answered on February 07, 2015
Yes you have to treat the 2- family as 2 different parcels: 1 a primary residence & 2: a rental unit. You can only use the $250,000 towards your...
Penalty for amending tax return with 8938 form filing.
Eric's answer
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Answered on February 03, 2015
Yes, you're friend must not only amend those retyrns but probably has to file Foreign Bank Account Reports (FBAR) and penalties are quite stuff...
Archived
I received a 1099c for 9800 for a motor vehicle which had been returned engine was defective.2005 court case was dismissed
Eric's answer
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Answered on February 03, 2015
You need to explain more information here. It sounds like a lender was owed $9,800 and after they sued you it was dismissed and they wrote off the...
What can be done if missed report income of interest from US and foreign bank account and missed Filing FBAR for 2 years.
Eric's answer
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Answered on February 02, 2015
This question is extremely serious as the penalties are quite severe. There are also criminal punishments possible. The IRS has had a special...
Archived
I am running an online business (a registered LLC in Delaware) from my home in MA. Do I need to register again in MA?
Eric's answer
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Answered on January 31, 2015
The truth is you are a MA resident & therefore taxed on worldwide income. So taxwise registration has no effect. BUT, why did you firm an LLC?...
Avoiding Trust tax rates
Eric's answer
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Answered on January 31, 2015
Because you have discretion to distribute income or not, the trust will be taxed unless you actually distribute the income. However, there is a tax...
Archived
Husband left US in 2006 and let greencard expire, never surrendered it officially. Should he still be declaring income to IRS?
Eric's answer
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Answered on January 26, 2015
Actually yes. You cannot simply abandon it on your own & not file income taxes in the US. There is a procedure for that.
Archived
How and what should I sue for if tax preparer kept my state refund? It's been a year.
Eric's answer
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Answered on January 25, 2015
You are a consumer & he is a businessman so you can file a claim against him by sending him a so-called "93A Demand Letter" which gives him 30 days...
Archived
I recently had to take an $8,000 payout from a retirement fund. What are tax implications for depositing into spouse's account?
Eric's answer
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Answered on January 22, 2015
I agree with the other two answers. It doesn't matter where the funds are deposited as to whom pays the taxes. You will receive a 1099R for the...