misc.taxes.moderated Google Group

Re: Does a permanent resident have to pay taxes on foreign family gifts?

2008-09-05T11:47:25Z

I am going to reply in generalities since I handle US taxes
principally from the stand-point of resident in a foreign country. But
most countries follow a generalized scheme, so you are likely to find
that it is the same for you. Just verify please.
1 - Gifts are gifts. US is unusual in that they tax gifts, but they

Re: Levy on a 1099

2008-09-05T11:33:21Z

You are definitely required to withhold from anything you owed the worker at
the time you received the levy. Without knowing the specifics of how you
pay this person, it's impossible to tell exactly what that amount would be.
These levies apply to future earnings of employees, but not those of
independent contractors.

Re: How much of my student loan i should pay off immediately?

2008-09-05T06:16:17Z

kam...@panix.com (Arthur Kamlet) wrote in
I don't know whether this may apply, but through NIH there are programs
that if you work in research, up to $35000 of student loans can be
forgiven per year or per 2-year period (I believe). See
[link]

Does a permanent resident have to pay taxes on foreign family gifts?

2008-09-05T06:17:24Z

Hi there,
I am a permanent resident in the USA and I know I have to pay taxes on
any money I make even if I make the money outside of the US (like
accruing interest on a savings account). I have 3 questions:
1) What about financial gifts I receive from my family from time to
time. Do I have to pay tax on those?

When are immigrants tax liable?

2008-09-05T06:16:46Z

Hi there,
If a permanent resident leaves the US, goes to Australia and then
comes back with $150000 he made in Australia he must pay income tax on
that money I believe. But what about my situation?: I have lived in
the US for years as a permanent resident, then left the country for
good, made money in Australia and now, 2 years later, I am moving back

Re: How much of my student loan i should pay off immediately?

2008-09-05T02:37:31Z

In article <g9q4n2$qp...@snarked.org>,
That makes some sense if the interest you paid was available as a
tax credit.
Since it is just a reduction of income, it is still a good idea to
pay down the loan ASAP if you can afford to do so, since the tax
savings is a small percentage of the interest paid.

Re: How much of my student loan i should pay off immediately?

2008-09-05T02:15:12Z

Note however, that your deduction is limited to $2,500.00 of interest.
Therefore, from a tax standpoint, you should pay down the loan to the point
where the interest accrued in a year will not exceed $2,500.00.
You need to ask that elsewhere.

Re: Necessity to Use Form 4797 Part 2 for Asset Sales?

2008-09-04T23:42:42Z

Form 4562 is there carrying summary information that is generated by a third
party product that manages the fixed assets. I was only focused on what
methods are allowed for *disposal* of fixed assets. It would have been
nice if summary entries could have been generated on 4562 (or anywhere else)

Re: How much of my student loan i should pay off immediately?

2008-09-04T21:45:14Z

This is a financial planning question rather than a tax question;
while there are tax implications of any move you are not in
such a high tax bracket, so there tax implications would be small.
Financially you are better off paying the 8.5% interest loan
from your savings, assuming it has no pre-payment penalty,

Re: Can an S-Corporation Pay Qualified Dividends?

2008-09-04T21:44:08Z

changing the priority of recovery in a default situation?

Re: Levy on a 1099

2008-09-04T21:43:25Z

Grip wrote:
Internal Revenue Manual 5.11.5.3 (06-17-2008)
Continuous Effect of Levy on Salary and Wages:
"1. Unlike other levies, a levy on a taxpayer's wages and
salary has a continuous effect. It attaches to future
payments, until the levy is released. Wages and salary
include fees, bonuses, commissions, and similar items."

Levy on a 1099

2008-09-04T20:47:52Z

I am an owner of a small business, a C Corp, and we received a form
668-W(c): Notice of Levy on Wages, Salary, and Other Income from the
IRS. Apparently someone who does work for us, as an independent
contractor, has an assessment out against them and the IRS is looking
to collect.
that I am not obligated to withhold money from the checks I send to

Re: Can an S-Corporation Pay Qualified Dividends?

2008-09-04T20:04:28Z

In article <Xns9B0EBD5EDCC28avocatstuyaho ...@130.133.1.4>,
What's the purpose? Dividends paid while it's a stock are paid out of
after-tax corporate income, and can be qualified. After conversion to
a bond, coupons are deductible to the company and ordinary (interest)
income to the bondholder.
Seth

Re: Depreciation Rules for Heavy SUVs

2008-09-04T19:30:03Z

Yes, one must watch his p's and q's for sure. Just today I'm working on
an initial estimate for a client starting Sep 15th. His wages from his
S corp are so low that he'll only be deducting 22% of his health
insurance premiums due to wage limitation, even THOUGH he'll earn
another 12,000 from his second job. And since his wife, also a

Re: Necessity to Use Form 4797 Part 2 for Asset Sales?

2008-09-04T19:23:39Z

In article <MrWvk.22256$XT1.7...@bignews5 .bellsouth.net>,
Sure. But where's he going to pick up his prior depreciation
and current year depreciation if not from the depreciation
schedules? And where do you look for those?