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Is a legal judgment that I won subject to federal tax, even if the amount I was paid was offset by damages I sustained?
Bruce's answer
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Answered on April 05, 2014
If you received it for property damages it is probably taxable, probably as capital gains. Discuss it with a CPA. The CPA will have to see the...
Archived
I am international student receiving a stipend from my university. Do I have to file state tax return?
Bruce's answer
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Answered on April 05, 2014
You have to look at the IL-1040 to compute your "Illinois base income" to determine if you must file a state tax return. As to the tuition waiver,...
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Archived
Federal tax refund intercepted wrongly, refund re-intercepted, what can I do?
Bruce's answer
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Answered on April 05, 2014
Sorry. As a California tax lawyer I do not know what CCU and MVA stand for. I suggest you hire a competent tax attorney from the AVVO list for...
Archived
Am I permitted to make a tax deduction if I do not have the receipt?
Bruce's answer
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Answered on April 05, 2014
For some deductions the statute and/or regulations require contemporaneous written records (travel, entertainment, meals, gifts). For others, if...
Archived
Asylee with dual status and tax return, Non-resident or Resident?
Bruce's answer
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Answered on April 05, 2014
It sounds like you are a resident under the substantial presence test, as a result of which you should file a 1040. The IRS provides a great deal...
Archived
Which form to send in?
Bruce's answer
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Answered on April 05, 2014
Mr. Buck and Ms. Fraser have given you marvelous advice.
Archived
I am giving away a time share for "free" but the transferee is paying any fees I incur. Does this count as a bona fide gift?
Bruce's answer
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Answered on April 04, 2014
If you are receiving no consideration, then it sounds like a gift.
Archived
Is it a good idea to audit tax during divorce?
Bruce's answer
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Answered on April 04, 2014
It may make sense to hire your own independent CPA to review the tax returns filed during the preceding 3 years to see if there are any obvious,...
Archived
Can I donate and deduct (FMV) items I receive as a gift, on my federal tax return?
Bruce's answer
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Answered on March 31, 2014
Generally you are entitled to deduct the fair market value of items that you give to public charities. However, you should check with a competent...
Archived
Filing taxes jointly, I worked as a babysitter getting paid cash but didn't declare income. What should I out as my occupation?
Bruce's answer
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Answered on March 31, 2014
Mr. Behar gave you the immigration advice. As for the tax advice, the IRS does not much care what you list as your occupation as long as you...
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