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In December of 2013, my wife received a distribution of ~$70K from her deceased Father's trust based in Louisiana (effectively, the trust was dissolved, in that all the monies were divided and distributed to the respective receipents). Is this distribution of trust money to us considered income to my wife and I who are married filing joint living in Georgia?
Submitted Feb 26, 2014
Can I claim home office use for a room solely used for piano teaching to my students which also includes a computer and printer for invoicing plus a telephone I use to contact my clients?
Submitted Feb 27, 2014
i won 25000 playing a game online called gamehouse casino. its not an actual gambling game. it doesnt cost anything to play. no taxes were taken out of the check and i need to know how to claim it. can i use gambling debt against taxes i owe on it and approx how much will i owe?
Submitted Oct 3, 2013
Hello, I am not even sure am I asking on a right place, but I''ll give it a try. Thank you very much in advance. I was given opportunity to teach on-line course for Portland State University. I am citizen of Republic of Serbia, living in Serbia, - can I work for US University? Do I need to obtain some special permit or something like that? I used to come to...
Submitted Oct 4, 2013
I have bought a new van for about $43K in October 2012. I took a loan for 3.99% for 6 years. My monthly payment is $665. I started paying extra few months back. Now I have about $30K left on the loan. I have about $80K in my emergency fund. Should I pay off the Van? Or just keep paying $1,000 extra? Thanks for your time.
Submitted Oct 6, 2013
My daughter is beneficiary for her fiancée's life insurance. He was in an accident and suffered irreversible severe brain damage. His parents now have power of attorney. Can they change the beneficiary?
Submitted Feb 19, 2014
I am currently in process of finishing my personal tax return on an H&R Block program but held up because government has not updated some forms needed to complete return. I am self employed looking for a safe place to put some money aside to fund my child's college education starting fall of 2014. I understand that I can start a SEP IRA which appears to give me...
Submitted Feb 11, 2014
My question is about contributing to both a 401k plan and IRAs on a very limited income. If I want to max out my contributions in 2014, what is the MINIMUM amount of income that I need to earn to do so? $17,500 401K $5500 IRA $5500 Spouse''s IRA. I am confused. If I only make, say $20,000 in 2014, and contribute $17,500 to my 401k, can I max out both my...
Submitted Jan 13, 2014
My uncle is paying for my childrens college. He set up an irrevocable spendthrift trust and makes payments from the trust to the university my kids attend. Is the amount that my uncle pays the university considered income to my children? Do my children have to fill out a tax form to pay tax on it? They are both still in school and neither one of them have jobs.
Submitted Feb 12, 2014
My town Lebanon, ct. installed sewer lines on our street. Then we got a assessment increase on our house. We paid our assessment tax for $1086.20 for 2013 and we will have to pay this for the next 20 years. Can I deduct the assessment tax along with my real estate tax. Thank You.
Submitted Feb 12, 2014