I am getting a $100,000 gift from my cousin in Iran. He is not a green card holder or a U.S. citizen. Is it Tax free?

Correct. A nonresident alien who makes a gift to a US resident/citizen is not subject to the US gift tax laws -- so the gift should not be taxable...

What state should I form my LLC?

There are many factors involved in determining where to form a business entity for your type of trade. If you plan on maintaining inventory in...

Where the property taxes encumbering the property when you inherited the property (i.e., the taxes were incurred and charged prior to your receipt...

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May a business(In Texas) charge you the merchant fee that the credit card company charges them for the services supplied?

Texas does not allow businesses to charge their customers a fee in addition to the purchase price for processing a payment with a credit card...

I was added as a signer on my disabled son's checking account Will the IRS count it as my income? Can I be liable for his debts

The banker is wrong. Having signature authority over a bank account does not mean that the person authorized to sign checks owns the funds...

I received funds from my previous employer for waiting time penalties, its tax season I was curious would I include that?

A "waiting time penalty" is an amount assessed by the California Department of Industrial Relations on an employer for failing to pay the employee...

My daughter has been divorced 3 years. After all this time the Ex husband wants to claim the child every other year for taxes.

No, the child can only be a dependent of one of the parents in any given tax year. If the divorce decree states that each parent can claim the...

If my husband died 6 months ago, do I have to change from married to single on w4?

Correct. Your deceased husband's final tax return will be the Form 1040 for 2013, so you will be able to file as "Married Filing Jointly" for 2013...

Can a self employed/sole proprietor file personal bankruptcy and not affect his business?

For purposes of my comment, I assume that by "sole proprietor" you mean that you have been conducting business under your name or an assumed name...

I prematurely withdrew money from an IRA for an emergency situation.

The penalty for premature distributions is 10% of the amount withdrawn, so one would think that a 30% withholding on the amount withdrawn would...