I have the opportunity to buy a house I just don't have all of the down payment so I want to draw it out of my 401k retirement plan at work when I call the company that controls the plan they said it is up to the third party to allow you to dra...
The plan document has to provide for loans. It might not. Loans are not required to be made available under the law. So you need to get a copy of the plan document or of the summary plan description to see if loans are available to participants. If they are then, yes, you can get a loan for up to $50,000 not to exceed 1/2 of your vested account balance. Talk to the company or person that administers the plan. Otherwise, see if the plan allows in-service (taxable) distributions.See question
I quit-claimed $30,000 cash down payment on on my jointly owned AZ residence to my ex-wife in our divorce last year as part of the divorce settlement. Is that $30,000 tax deductible?
No. Transfers of property in connection with a divorce are not deductible. IRC Section 1041.See question
Maryland State Comptroller intercepted my Federal Tax return wrongfully claiming "non-filer" for a previous year. I did live in the state and paid taxes to another state that year. Maryland Comptroller acknowledged the error and promptly returned ...
I would first try to work with a CPA only because CPAs tend to charge less per hour than tax lawyers.See question
I am a us citezen sending more than 14thousand $ for building a house and medical expense for my brother who is not a us citezen should i file a gift tax for sending moneh overseas
If you give him more than $14,000, yes, you probably need to file an IRS Form 709. If you are married you can give him $28,000 without filing the form. If he is married and you are married then you can give him and his wife $56,000 without filing the form. You should discuss this with a tax return preparer.See question
I need to do my income taxes but I don't have a W-2 because I clean houses on my own and I get paid cash how can I do my income tax for that
The cash is taxable income. You need to keep careful records of what you receive and what you spend. You might find it helpful to go to a tax reporting service like H&R Block.See question
I am one of six heirs to a property. It has delinquent taxes. The other heirs do not have the money to pay their share of the taxes and do not want the property. The total amount owed is $9,000. I have the money, but I want sole possession and e...
Hire a lawyer. Work out a deal with the other heirs that they will give you their interests in the property in exchange for your payment of the taxes. If they will not agree, then I suspect that the lawyer will advise you to pay the tax and deal with their nonpayment later.See question
I am a us citezen if i send more than 14k$ to a non us citezen ina foriegn country do i have to file tax
Yes. If you give anyone, whether in this country or outside of it, more than $14,000, you must file an IRS Form 709. However, you will not owe a gift tax until your total taxable transfers exceed $5,490,000. The taxable portion is the amount that exceeds $14,000 per person per year (other than your spouse).See question
Nonprofit organization vendor for California to get money to operate I sell new and used items on street corners or private property do I have to get a permit for every city and county I set up in even if it's only one day a month
My guess is that the answer is "no" that you only need the license for the county in which your principal office is located. However, if you conduct business in a county you may have to pay the business tax to that county for your sales in that county. Talk to a competent CPA: tax lawyers don't usually deal with this type of issue.See question
I own an insurance brokerage in CA (Sole Proprietor) & am just realizing that I'm going to get SCALPED in Self-Employment taxes, as my income this year is around $220k. I also only have about $35k in deductions. I've been debating the LLC w/ an S ...
You're a cash basis taxpayer so the facts are already "baked in." You can't set up a corporation today and claim that money you already received was for a corporation that didn't exist. That's tax fraud. Better luck next year.See question
my sister my brother and I inherited my moms house. we were each left an equal share 1/3. house value was $390,000. We sold it to him for $330,000 but he left his 1/3 in so loan was for $270,000. after paying off liens on home we would have receiv...
First, there is no inheritance tax in California. That was repealed in the 1980s. Second, if mom's estate was under $5,450,000, then there is no federal estate tax. Third, the basis for purposes of determining gain on a sale is the date of death fair market value - $200,000. IRC Section 1014. So if it was sold for $330,000 there is $130,000 of capital gain before reductions for commissions and expenses of sale. If he was the buyer then his share was not sold, so the capital gain is for the two of you who did sell, roughly $130,000 divided by 3 = $43,333 each before reduction for expenses. The tax depends upon your other income so you need a CPA to run a pro forma return.See question