Christopher L. asked
My sister and I inherited bank accounts and a house, with the will stating a 50/50 split. My sister is living in the house. Who pays the insurance, tax, and all expenses? Do we use the estate money for expenses?
February 6th, 2023
Glenn M. answered
You and your sister should share the costs of taxes, insurance (excluding her personal property), an...
February 6th, 2023
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I became a US resident in 2014 and still have a Collective Retirement Account (CRA) in the UK, similar to a 401(k). I want to close this account and access the money now, even though it's usually done at retirement age in the UK. Do I pay US income tax on the full amount I withdraw? As I am no longer a UK resident, do I pay tax there too? Also, is there a way to transfer the money from the CRA into my 401(k) in the US without paying taxes yet? If I leave the account in the UK, would I pay tax on it every year in the US or just when I make a withdrawal? What would you recommend I do with the account? Does it cost me to leave it? Do I need to declare this on FBAR or any other forms?
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An EMT works 24-hour shifts and is required to eat his meals on the employer's premises, for which he spends $25 a day. Station dues cover meals, incidentals, and living expenses while on shift. Should the per diem of $51 be deducted, or should the actual costs of food be deducted?
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I noticed that my prior tax preparer left out some asset entries on my 2012/2013/2014 tax returns. These assets were fully depreciated in 2011. Do I need to enter these back in for 2015 taxes, or were they fully depreciated in 2011? Additionally, my prior Tax Preparer did not depreciate my home office from 2005 to 2011, and I made errors in depreciation entries for 2012 and 2013. How should I correct these issues, and can I catch up on the missing depreciation for the years 2005 to 2011?
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I am 71.8 years old and withdrew my Thrift Savings Plan money in 2015, paying 20% tax on it. I have income from a federal pension, state pension, and Social Security, which is also taxed. I owe $5328 more in income tax. Is there anything I can do to reduce my tax debt, such as contributing to an IRA, given that I am married filing separately?
October 13th, 2023
