Tax Attorney Long Island

My mom is getting an inheritance in South Korea (a house of her father is being sold and proceeds being split among siblings).

When she brings that money back to the United States, will there be taxes due to the IRS from essentially an international inheritance (taxes in Korea were already paid)?

If instead of keeping it herself she wants to give the money to me or my sister, is there a gift tax due to the IRS (filling out a gift tax form and just using up part of my mom and dad’s lifetime gift exemption to me and my sister)?

And what is the actual best method of having those international funds transferred to an U. S. account? (wire transfer, actual check, other?)
Thanks for the responses below.

I called the IRS and they said the same thing. Only other thing they added was that Treasury / Customs form FinCEN-105 (report of international transportation of currency or monetary instruments) had to be filled out within 15 days of that international transfer.
Read instructions for form FinCEN-105.

Apparently only applies to physical transfer of currency across borders. Don’t need to fill out for electronic transfer.

I couple of related questions:

1- Is there a formula that is used to calculate federal tax that is going to be whithheld from every paycheck? I understand it is based on W-4 form enteries, frequency of the paycheck (weekly, biweekly etc) and the tax bracket related to the taxable income but can someone please tell me what that formula is in terms of math denotation/expression? e.g. tax to be withheld = a x b/xy where a, b, x, y are various variables and what those variables are.

2- When Fed tax is withheld, is it withheld against the gross income for that period or the gross income minus FICA (ss and medicare tax) and/or medical health insurance premium? I understand that in case of 401k contributions, gross income minus 401k contribution = taxable income, which is then used to calculate FICA and so on. Similiarly, is state tax withheld against the gross income or gross income minus fica minus fed tax?

Thanks in advance.

Let’s say I have short term capital gains of $5,000 from selling stock A and long term capital gains of $10,000 from selling stock B. Both stocks were sold on 06/10/2006. To avoid any penalty should I pay federal income tax for those gains right away? Or I can wait until April 15, 2007?

I bought a brand new house which I closed on on August 12 of this year. I just got this email from the closing attorney:
THE TAX BILLS HAVE BEEN MAILED BY FULTON COUNTY. WE HAD ESTIMATED @ INCOMPLETE. THE TOTAL BILL IS $1712.90. THE SELLER HAD GIVEN YOU CREDIT FOR $214.21 ON LINE 211 OF THE HUD SETTLEMENT STATEMENT. WE HAVE COLLECTED AN ADDITIONAL $834.12 FROM THE SELLER. WE NEED TO COLLECT A CHECK FROM YOU FOR $878.78. IN 2009, YOU WILL HAVE FILED HOMESTEAD EXEMPTION, AND THE COUNTY TAXES SHOULD BE LESS FOR THAT YEAR.

Paula Halford

DO I have to pay this?
Will they take a payment plan?

My ex’s income tax refund was intercepted by the IRS for the arrears he owes me. Child support says it could take up to 10 weeks before I get it. He doesn’t owe arrears for any other children and we both live in the same county in NY. I’m just curious as to how fast it may be compared to how long they say it can take.

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True Stories of Crime From the District Attorney’s Office

If you receive an email from the Internal Revenue Service offering a quick refund, it’s probably a scam.

A few people are getting the messages, with a link asking for your bank account and Social Security number.

IRS-Indianapolis spokesman Jack Massey says the IRS would NOT solicit someone over e-mail – the IRS uses regular mail.

Furthermore, the IRS already has your Social Security number.

But, Massey says because the emails do look very real, complete with the IRS logo, it’s easy to get fooled.

Help! IRS.gov says my refund was deposited to my bank on Feb.24,it’s not there but from what I am reading deposits are only sent on Friday’s, does that mean it will be credited to my account on the Feb. 27?

My friend wants to take over ownership of the house she now resides in from her grandmother who inherited the property from her mother. My friend has paid the inheritance tax in full and now wants to start the process of quit claim deed, should she wait to hear from harrisburg or can the process be started? Lives in philadelphia, pa.

My and my sister received an out of court settlement for our mother’s wrongful death. It is my understanding that is not considered taxable.income However is the 1/3 of the money for the lawyers cut deductible.

I’ve just finshed preparing my boyfriend’s taxes from 2006, 2007, and 2008. He doesn’t have the money to pay by April 15. I know that he will have to pay a penalty on his taxes for 2006 and 2007, which the IRS can figure out.

What should I do next?

I depositted money to my business account ( its a goodwill money for selling the business), do i have to file for it before i withdraw it from the bank? any limit on how much i can withdraw? Can i just file it when i do my tax return at the end of the year?
i needed the money to pay some debts and deposit for other expenses.

I have a special NIH grant (NRSA) as a postdoc that excludes me from having to pay social security (FICA) and unemployment taxes (FUTA) because I am not considered an employee. How do I file a tax return so these taxes are not paid? Any tips would be helpful! (For the record I know anyone answering these questions is not in the position of giving official tax advice like a lawyer or an accountant).

Each month I submit my expenses to my employer, and it gets reimbursed through my wages. However, I get taxed on the expenses, which I’m sure I can claim back.

My expenses are usually fuel costs, train fare, specialist clothing, food, hotels and equipment/resources to help me do my job.

How would I go about claiming the tax on expenses?