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overseas tax claim
Oct 22, 2014 - 9:41 AM - by ahmedmo
Hi, I have a question regarding income earned from rent of overseas property. I am an overseas tax payer and I would like to purchase a property. the property will be in my name. however since according to US law all properties are shared 50/50 between husband an wife, how should we file this rental income and how much is the exclusion limit which has to bee considered.
IRS issues a Scam Phone Calls Alert! IRS Identifies Five Easy Ways to Spot Suspicious Calls
Oct 15, 2014 - 6:33 PM - by TaxGuru
The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS.

"These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con artists can sound convincing when they call. They may know a lot about you, and they usually alter the caller ID to make it look like the IRS is calling.... [Read More]
IRS offers "2014 Summertime Tax Tips"!
Sep 30, 2014 - 6:40 PM - by TaxGuru
According to the IRS. "If you, your spouse or a dependent are heading off to college, then there are several potential tax credits available to you (as shown below)."

The IRS offers several important facts you should know about education tax credits. These are described by the IRS as follows:

1) American Opportunity Tax Credit.
The AOTC can be up to $2,500 annually for an eligible student. This credit applies for the first four years of higher... [Read More]
Does amending state require amending federal?
Sep 24, 2014 - 4:44 PM - by Desperado
My wife and I, married filing jointly, will have to amend our 2011 and 2012 California tax returns. This will ultimately result in about a $600 refund from CA. Will we have to restate our 2011 and 2012 federal tax returns? In particular, must we have amend line 5 of 1040 Schedule A (state income tax deduction) or the "taxable refunds, credits,..." entry on line 10 of 1040? Or should we declare the refund in the tax year we receive it, i.e., 2014 or even 2015?

... [Read More]
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