Questions answered by Bruce Givner

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I got a paid by a partnership years ago. I settled a lawsuit that the wages were to be repaid. What is the tax treatment?

Bruce's answer | Answered on April 26, 2015

If you got paid and then had to repay what you got paid, you would get a deduction for the repayment.

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Is it a good idea to live in a taxable state (big city) while working in a tax free state (small town)?

Bruce's answer | Answered on April 26, 2015

Yes, you will end up paying taxes in the state of residence even though you work in a state that does not have an income tax. You may be entitled...

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My income tax return was placed into someone else's account by mistake and I can't get it back

Bruce's answer | Answered on April 26, 2015

In addition to the fine advice from the other two lawyers you should sue the person in Small Claims Court, depending upon the amount involved.

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If I already have a tax I'd for my llc, do I need to obtain an estate tax id to manage my husband will? Can I use my llc id.

Bruce's answer | Answered on April 26, 2015

The ID number for the LLC has nothing to do with whether or not you need an ID number for his estate. You should consult with an attorney who can...

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Estate Tax Question: Do we have to pay capital gains?

Bruce's answer | Answered on April 26, 2015

She will need o pay a capital gains tax if she sells it for more than the value at the time of her husband's death. IRC Section 1014. The estate...

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I applied for an EIN, and a Tax ID. If i do not use these ever. will i still have to pay taxes on them.

Bruce's answer | Answered on April 26, 2015

If you have no income from the venture then you need not file returns. However, you will probably get an inquiry from the IRS about why no return...

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It is necessary to fine a gift tax return for a large gift. Why?

Bruce's answer | Answered on April 25, 2015

The Internal Revenue Code requires the filing of an IRS Form 709 when you make a gift that exceeds the annual exclusion, currently $14,000. ...

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Is there any way to avoid or delay paying taxes on phantom income?

Bruce's answer | Answered on April 25, 2015

You should have only been taxable on the fair market value of the stock at the time that it was issued to you. You should have gotten a 1099 or...

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How do you get the copies of taxes that your tax preparer said was completed and you were charged for him completing?

Bruce's answer | Answered on April 25, 2015

Mr. Davidoff has given you a marvelous answer. Also sue the preparer in Small Claims Court to get your money back. Also report him to the...

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I am planning to work in a tax free state and live in a different state. Do I get any tax deductions ??

Bruce's answer | Answered on April 25, 2015

The rules are specific to the particular states involved so you should discuss this with your CPA. Usually if you work in State A which does not...

Bruce Givner's Answers (3187)

I got a paid by a partnership years ago. I settled a lawsuit that the wages were to be repaid. What is the tax treatment?

Is it a good idea to live in a taxable state (big city) while working in a tax free state (small town)?

My income tax return was placed into someone else's account by mistake and I can't get it back

If I already have a tax I'd for my llc, do I need to obtain an estate tax id to manage my husband will? Can I use my llc id.

Estate Tax Question: Do we have to pay capital gains?

I applied for an EIN, and a Tax ID. If i do not use these ever. will i still have to pay taxes on them.

It is necessary to fine a gift tax return for a large gift. Why?

Is there any way to avoid or delay paying taxes on phantom income?

How do you get the copies of taxes that your tax preparer said was completed and you were charged for him completing?

I am planning to work in a tax free state and live in a different state. Do I get any tax deductions ??