Archived
Real Estate Tax Avoidance or Evasion Part 2, more details
Bruce's answer
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Answered on August 21, 2014
Your question is: "Does the IRS demand the owner of a house live in the house if they are going to claim the $500,000 tax exemption? " It is not...
Archived
Am I liable for estimated taxes and the CA franchise tax for 2009 and 2010 for a cancelled LLC that had net negative income?
Bruce's answer
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Answered on August 21, 2014
You only have personal liability to the extent that you took assets out of the LLC.
Archived
This is regarding tax law. Back in 2009, my ex husband was incarcerated and he authorized me to file formv2848 to be his POA
Bruce's answer
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Answered on August 19, 2014
You should be able to get the CAF number from the IRS. Mr. Atchley has given you excellent advice. If you can't do this then work with a...
Can I get tax credit for paying my siblings tuition fee -Masters? Do I need to be worried if I am paying university directly?
Bruce's answer
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Answered on August 19, 2014
No, you will not get a tax credit for paying your sibling's tuition. No it does not make a difference if you are paying the university directly. ...
Archived
Taxation of life insurance payments
Bruce's answer
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Answered on August 19, 2014
The professionally recommended approach is to establish an irrevocable trust to own and be the beneficiary of the policy. The alternative is to...
Archived
Are there any situations where doing a longer tax form such as 1040 results in more taxes over 1040A or 1040EZ?
Bruce's answer
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Answered on August 18, 2014
The tax form you file will not change the tax result.
Archived
Hi there! How much is the capital gains tax for a stock I own for less than a yr? Do I have to pay income tax on that?
Bruce's answer
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Answered on August 18, 2014
You need to hire a CPA to run a pro forma income tax return (IRS Form 1040) for you. That will allow all of the facts to come into play. ...
Archived
Can money transferred from a tax liable US citizen to non-US citizen children be taxed once in their accounts?
Bruce's answer
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Answered on August 18, 2014
My guess is that the IRS can get the money from the transferees due to the cooperation that the IRS will receive from the country in which the...
Archived
Does getting signatory authority in an account with $50,000 automatically makes this $50,000 my income?
Bruce's answer
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Answered on August 16, 2014
No: getting signatory authority over an account does not make it income. However, it may be a gift from the person who put you on the account.
Archived
Do NOL Carryback refunds trigger new audits?
Bruce's answer
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Answered on August 16, 2014
In theory the answer is "yes." In practice it is unlikely to occur.
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