Author Topic: any accountants out there that i can ask a question?  (Read 256750 times)

Offline jose34

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Re: any accountants out there that i can ask a question?
« Reply #1900 on: August 25, 2020, 09:49:32 AM »
If a US Citizen lives in Israel and files US taxes using the Israel address - any issue opening up US Bank / Loans/ CD accounts using the US address?

Offline JMHO

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Re: any accountants out there that i can ask a question?
« Reply #1901 on: September 01, 2020, 12:09:28 PM »
Question:

I filed by 2014 taxes in October 2018 (with an extension) and received a refund check in March 2019 which I never deposited (don't ask!).

Can I still cash the check? Or since it is past 1 year off the issue date, the check is void?
Would the IRS reissue the check even though itís way past 3 years?

Thanks in advance
Anyone? Willing to pay for some help here...

Offline VacationLover

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Re: any accountants out there that i can ask a question?
« Reply #1902 on: September 01, 2020, 12:24:35 PM »
Anyone? Willing to pay for some help here...
You can no longer deposit it. Search for IRS form 3911

Fill it out and mail it in. You should receive a new check within 8 weeks. And deposit it on time:)

Offline maylei

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Re: any accountants out there that i can ask a question?
« Reply #1903 on: October 18, 2020, 11:54:28 AM »
Is it possible to use UTMA, UGMA or any custodian type account to pay directly for a down payment for house that would allow me to get around paying taxes on using the money in these custodian accounts?

Offline besttime

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Re: any accountants out there that i can ask a question?
« Reply #1904 on: November 14, 2020, 06:53:50 PM »
If I currently work for a company based in NY - but then move to Florida and work from home.. do I still need to pay NY State and City tax?

Offline JunkYardUnz

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Re: any accountants out there that i can ask a question?
« Reply #1905 on: November 14, 2020, 11:22:09 PM »
If I currently work for a company based in NY - but then move to Florida and work from home.. do I still need to pay NY State and City tax?
NYC no, you never needed to pay NYC taxes unless you lived there. NY taxes depends if you are working remotely for your convenience or for your employers. If itís your convenience and your employer does not require you to work there you are still liable for NYS taxes.

Offline zagguru

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Re: any accountants out there that i can ask a question?
« Reply #1906 on: November 15, 2020, 06:56:33 AM »
anyone know what the law is for couples who did not legally get married in NYS but are married religiously? Can they file as single/head of household? Should they still file married?

Offline maylei

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Re: any accountants out there that i can ask a question?
« Reply #1907 on: November 15, 2020, 07:42:21 AM »
If I currently live and work in New York and buy a home in a different state do I need to file taxes in both states or just file NY taxes?

Offline nucheiner

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Re: any accountants out there that i can ask a question?
« Reply #1908 on: November 16, 2020, 10:53:10 AM »
NJ. Owner occupied primary residence. for 10 years. Owner is moving (in state).   The house went up approximately 100k put in about 5k only in renovations(no deductions claimed for home office etc).If he sells now or within 3 years there are no taxes on profit gain. However beyond that point he would have long term cap gains tax on the full gain. Is this accurate?

Basically if this is the case if he stands to profit from rent say 5k annually, this would be washed away if he sells after just over 3 years or so. So either sell before 3 years or hold for a while. Can anyone comment?

Offline nafnaf12

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Re: any accountants out there that i can ask a question?
« Reply #1909 on: November 20, 2020, 08:26:43 AM »
If one was on a W2 for last quarter

Can/does the DOL see
A.
When the employment took place ie which weeks (I assume yes)
B.
if it was full time or part time employment?
or just the total weekly wages (in this case less than 504 per week)
A smooth sea never made a skilled sailor.

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1910 on: November 20, 2020, 09:04:36 AM »
If one was on a W2 for last quarter

Can/does the DOL see
A.
When the employment took place ie which weeks (I assume yes)
B.
if it was full time or part time employment?
or just the total weekly wages (in this case less than 504 per week)

they request it from the employer
the quarterly reports only show quarterly wages (and weeks worked in NJ )

Offline JunkYardUnz

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Re: any accountants out there that i can ask a question?
« Reply #1911 on: November 21, 2020, 11:46:28 PM »
If I currently live and work in New York and buy a home in a different state do I need to file taxes in both states or just file NY taxes?
If your primary residence is NYS then you only need to file in the other state if you earned income in/from (loose terms) that state.

You need to think of it as follows. Your state which is your residency state taxes all your income (subject to some formula for taxes paid to other states on that income)and every other states only taxes income earned in that state.

Offline yomo

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Re: any accountants out there that i can ask a question?
« Reply #1912 on: November 22, 2020, 05:17:20 PM »
Depreciation Question - Is it true that the inheritors can depreciate anew based on a new step up cost basis, even if the current property ownership entity already fully depreciated the property?

How does it work with different inheritors inheriting different portions at different points in time with different cost basis?

Is it possible to depreciate property on shareholder k1 level and not on entity level?

If not, and must be done on entity level, is it possible to separate if it's done on entity level?

What if for whatever reason, one partner wants depreciation and one doesn't for whatever reason...is it possible to separate?

Would it make any difference if property was gifted in lifetime?

TIA!

Offline Smartypantz

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Re: any accountants out there that i can ask a question?
« Reply #1913 on: November 22, 2020, 10:57:08 PM »
Anyone know the going rate is for an accountant with a couple years experience to charge for per diem/freelance bookkeeping, hourly rate? or monthly rate average? In Lakewood.

Offline JunkYardUnz

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Re: any accountants out there that i can ask a question?
« Reply #1914 on: November 22, 2020, 11:35:26 PM »
Depreciation Question - Is it true that the inheritors can depreciate anew based on a new step up cost basis, even if the current property ownership entity already fully depreciated the property? Yes

How does it work with different inheritors inheriting different portions at different points in time with different cost basis? Not sure how that's possible but it FMV at date of death or an alternate valuation date which I believe is 6 months after date of death.

Is it possible to depreciate property on shareholder k1 level and not on entity level? Yes on multi tiered partnership, but double check that because the rules changed last year with the new k1 line items. 

If not, and must be done on entity level, is it possible to separate if it's done on entity level? It can be pushed down to the "entity level" and specially allocated to that partner.

What if for whatever reason, one partner wants depreciation and one doesn't for whatever reason...is it possible to separate? Short answer is no, but you may be able to get that result with multi tiered structures.

Would it make any difference if property was gifted in lifetime? Yes, no step-up if it's a gift.

TIA!

I tried my best, but I made some assumptions on the facts that were missing. If the numbers are material, do yourself a favor and get some real advice from someone who know this stuff. Most sole practitioners won't know how do this. 

Offline yomo

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Re: any accountants out there that i can ask a question?
« Reply #1915 on: November 23, 2020, 03:58:37 PM »
I tried my best, but I made some assumptions on the facts that were missing. If the numbers are material, do yourself a favor and get some real advice from someone who know this stuff. Most sole practitioners won't know how do this.
Who would you recommend?
Based in lakewood..

Offline Help

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Re: any accountants out there that i can ask a question?
« Reply #1916 on: December 04, 2020, 02:13:53 PM »
I leased an EV Vehicle which is exempt from sales tax in NJ.
However they had a $14,000 rebate on the car, meaning they lowered the MSRP by $14,000, and they charged tax on the $14,000.
Claiming even though there is no sales tax on EV vehicles, they consider the rebate as a cash rebate, so you have to pay taxes on that.

Is it really so?
is there a way around that tax? maybe get it back on my tax return or something?

Offline yelped

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Re: any accountants out there that i can ask a question?
« Reply #1917 on: December 04, 2020, 02:53:41 PM »
I leased an EV Vehicle which is exempt from sales tax in NJ.
However they had a $14,000 rebate on the car, meaning they lowered the MSRP by $14,000, and they charged tax on the $14,000.
Claiming even though there is no sales tax on EV vehicles, they consider the rebate as a cash rebate, so you have to pay taxes on that.

Is it really so?
is there a way around that tax? maybe get it back on my tax return or something?
That's false.

Offline coffeebean

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Re: any accountants out there that i can ask a question?
« Reply #1918 on: December 06, 2020, 09:29:52 AM »
I leased an EV Vehicle which is exempt from sales tax in NJ.
However they had a $14,000 rebate on the car, meaning they lowered the MSRP by $14,000, and they charged tax on the $14,000.
Claiming even though there is no sales tax on EV vehicles, they consider the rebate as a cash rebate, so you have to pay taxes on that.

Is it really so?
is there a way around that tax? maybe get it back on my tax return or something?
Seems like they ripped you off. Almost every car from the dealer the MSRP is lowered by a rebate. I just got an EV with a drastically lowered MSRP. I didn't get charged Tax. Try calling the Make of the car see if you can speak to anyone.
I try to sound as intelligent as possible.

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1919 on: December 10, 2020, 10:48:43 AM »
I leased an EV Vehicle which is exempt from sales tax in NJ.
However they had a $14,000 rebate on the car, meaning they lowered the MSRP by $14,000, and they charged tax on the $14,000.
Claiming even though there is no sales tax on EV vehicles, they consider the rebate as a cash rebate, so you have to pay taxes on that.

Is it really so?
is there a way around that tax? maybe get it back on my tax return or something?
you can try using a A-3730 https://www.state.nj.us/treasury/taxation/pdf/other_forms/sales/a3730.pdf