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Does The IRS Tax You After You Already Paid The Federal And The State Taxes On Your Lottery Winning?
Question by saintbeowulf | Posted in United States
1.I am not positive,so I ask. After the federal and state taxes on your lottery winning is already paid,does the IRS tax you anymore?
2.What do you entertain the idea about taxes on lottery winnings? Even though,buying a lottery ticket is the same as a voluntary tax.
Answer: IRS charges tax on any winnings you have. Once. My assert, California, doesn't charge state income tax on California lottery winnings because players have already paid a 50% imbecility tax when they bought the ticket.
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Why Does The IRS Tax At A Stated Rate Which It Then Allows As A Deduction Resulting In A Different Rate?
Question by Jeremy C | Posted in United States
If I right to 100 dollars taxed at 15% but then deduct that 15% of 100 from my profits, then I am really not paying 15% but 85% of 15% or 12.75%. So why doesn't the IRS equitable tax at a rate of 12.75% in the first place?
Answer: I accept that you are inquiring about self employment tax, even though the numbers aren't quite right. If you're inquiring about something else, a more definite question would be useful.
First, IRS does not tax anything. Congress has imposed an income tax and a self calling tax. Congress allowed a deduction from gross revenue for half the self pursuit tax paid. That results in the situation you described.
Congress seldom, if ever, worries about self referential provisions in the Internal Gross income Code, leaving it up to the IRS to sort out the mess. The IRS's solution is what you encounter on Schedule SE and band 27 of Form 1040. If the forms are followed carefully, you end up paying the 15.3% self trade tax on your self employment income minus half of the self employment tax you are computing. I don't assume trust to an easier, more elegant solution exists.
Is There An IRS Tax On A Gift Of Money From An International Source?
Question by Michael | Posted in United States
My mom is getting an legacy in South Korea (a house of her father is being sold and proceeds being split among siblings).
When she brings that the ready 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 preferably 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 formula and just using up part of my mom and dad's lifetime gift exemption to me and my sister)?
And what is the actual defeat method of having those international funds transferred to an U. S. account? (wire delivery, actual check, other?)
Thanks for the responses below.
I called the IRS and they said the same thing. Only other constituent they added was that Treasury / Customs form FinCEN-105 (report of worldwide transportation of currency or monetary instruments) had to be filled out within 15 days of that global transfer.
Read instructions for form FinCEN-105.
Apparently only applies to medico transfer of currency across borders. Don't need to fill out for electronic transfer.
Answer: is your nurse a U.S. citizen?
The money she inherits is not taxable in U.S.
If she gives you more than $12,000. per year she would be responsible for gift tax. Your dad can also gift to you $12,000. per year for total of $24,000. They can also do the same with your sister.
A pause from a foreign country is a nightmare and will cost you a couple hundred to get the money,, wire move is the best,, fastest,, safest way. They will no doubt be paying some fee to exchange the money into U.S. dollars.
The beginning is your mother.
The IRS is word to the wise taxpayers about a tax scam involving social security benefits popping up in communities across the homeland.
News | The Independent UK - PayPal names names as IRS chases tax ...
by The Independent
The Internal Gross income Repair (IRS) is persistent records of customers using Paypal through offshore accounts in all tax havens, including Jersey, Guernsey, Isle of Man, Gibraltar and other UK dependencies.
According to the IRS, PayPal's services have proved very pretty to tax evaders and the pretty pickle is growing. Customers can buy goods from eBay and many other shopping websites, pay for them from untaxed receipts held offshore and get the goods sent to their haven talk.
Tax Information for Tax Professionals
IRS Letters and Visits to Turn in Preparers - Filing Season 2011 ... Follow IRS on Twitter, attend a Tax Forum, and vigil tax videos - learn about it here! ...
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