Questions answered by Magda Abdo-Gomez

Archived

Please guide me here if my W4 is correct per my status.

Magda's answer | Answered on April 01, 2016

Per the W-4 the "2" is correct. However, you can reduce that to 1 or 0 in order to have more withholding from your wages. The tax calculation is...

Archived

How should one determine the tax residency/non-residency status?

Magda's answer | Answered on April 01, 2016

The pages you cited have flow charts to help you make this determination. If you cannot make a determination from the information provided in the...

Archived

Can I make a contribution to my Traditional IRA using money I made by selling stocks in 2015?

Magda's answer | Answered on April 01, 2016

The sale of stocks is not earned income.

Archived

Taxes and modifying support

Magda's answer | Answered on April 01, 2016

I think your divorce attorney would be the proper person to address these issues.

Archived

I earned $500 last year, but made $9000 by selling stocks. Am I required to file a tax return?

Magda's answer | Answered on April 01, 2016

I always recommend to clients that they file a tax return even if they do not owe taxes. The IRS only has a certain amount of time to audit a...

Archived

Do I need to claim the amount on the cancellation of debt form on my taxes?

Magda's answer | Answered on April 01, 2016

What you have received is notification that the debt has been forgiven. A forgiven debt is considered income which is included in the tax return...

Archived

I've owned my home for 40 yrs. and will face huge capital gains when sold.

Magda's answer | Answered on April 01, 2016

There are certain provisions in the tax code which provide for the sale of your homestead tax free. The amount of gain is capped, but it is...

Archived

The question is: it is okay to write a letter like this or better to check with tax attorney to write a letter to the IRS agent

Magda's answer | Answered on April 01, 2016

You needed a tax attorney from the beginning. The IRS is not your friend. Anything you include in that letter will be used against you by them at...

Archived

Is there a way to sort things out without harsh punishments?

Magda's answer | Answered on April 01, 2016

You should consult with a tax attorney immediately and don't sign anything until you do. The best time would have been as soon as the IRS notified...

Archived

How do I file taxes with income earned outside of the US and take advantage of it being tax free?

Magda's answer | Answered on April 01, 2016

I recommend that you consult a tax attorney or CPA to assist you in filing your return correctly and who can answer all your questions. However, if...

Magda Abdo-Gomez's Answers (1523)

Please guide me here if my W4 is correct per my status.

How should one determine the tax residency/non-residency status?

Can I make a contribution to my Traditional IRA using money I made by selling stocks in 2015?

Taxes and modifying support

I earned $500 last year, but made $9000 by selling stocks. Am I required to file a tax return?

Do I need to claim the amount on the cancellation of debt form on my taxes?

I've owned my home for 40 yrs. and will face huge capital gains when sold.

The question is: it is okay to write a letter like this or better to check with tax attorney to write a letter to the IRS agent

Is there a way to sort things out without harsh punishments?

How do I file taxes with income earned outside of the US and take advantage of it being tax free?