asked
I am a young professional in Massachusetts. I am gaining money from an ESPP stock program and a separate RSU award vesting in the next week. I'd like to know the tax implications if I were to sell immediately. Do I get taxed on the ESPP and the RSU the same way? As I understand, I get the initial Sell-To-Cover tax that the company takes from my stocks, and then I have to pay capital gains when I sell. Can my broker cover the tax then, or do I declare at the end of the year?
April 13th, 2023
I own a rental house in California that I plan to retire and move back into. The house needs significant repairs to restore its condition. Are the repairs deductible? Would it be better to delay moving until January 1, 2014? How would it work if I move back before the end of 2013? Also, if I live in it for two years and sell, how would capital gains work?
July 2nd, 2023
When parents are divorced and a child spends equal time with each parent, is the deciding factor as to who can claim the child for all purposes the one with the highest Adjusted Gross Income (AGI)?
October 10th, 2023
I have been approached to purchase a percent ownership in a collegiate baseball franchise. How would I go about purchasing without using my name? Could I set up a trust and/or an LLC?
March 18th, 2024
As a PR visa holder in Australia with an annual salary of 70,000 AUD and single status, I have several tax-related questions: 1. Can I claim tax deductions for supporting my visiting parents who are not allowed to work here? 2. Is the 90,000 AUD application fee for my parents' permanent visa deductible from my tax income? 3. Will I get tax deductions for supporting my parents after their visas are granted, and will these deductions be canceled if my income increases? 4. What are the preferential tax policies between the US and Australia for my US stock market investments? 5. Should I pay US tax or Australian tax for my stock income to minimize my tax payment? 6. Do I need to pay tax on dividends from my US stock investments even if my net profit is negative? 7. Can you help me with my tax return form or suggest a good accountant for further assistance?
January 14th, 2024
My father passed away in 2011 and my mother, who was his sole beneficiary, received a 1099-MISC form in 2012 with an amount in Box 3 for a payment by my father's former employer. Does she have to pay self-employment tax on this payment? I understand that such payments to beneficiaries made the year after death are not subject to SS and Medicare taxes, but I'm unsure if that means the employer does not have to pay it, but the receiver of the payment does.
November 18th, 2024