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Pacun

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Posts posted by Pacun

  1. Venezuelan got advance parole in Colombia and was sponsored by one of his clients. The world bank gave him a job upon arrival and he made $35K.  To me he has to file taxes, but he has consulted with the "tax department" of the world bank and has been told that ONLY US Citizens and Legal Permanent Resident ("green card holders") are required to pay taxes on world bank income. 

    That's is correct but the way I interpret it is: If you have a G4 visa through the world bank, the income is not taxable. 

    Any suggestions? I do believe he has to file but my world against the HR department and "tax department" from the world bank is weak. 

     

  2. Married US citizens went to live in Spain 10 years ago and left a house in the care of their three children. Children lived there and maintained it and paid house taxes yearly. Cost of home, $400K sold for $1,200,000.  Improvements $100K. So profit was $700K. 

    Their income is only about $10K each in SS.  Any breaks on the profits of the house? 

     

  3. DC hair stylist was hired by a mini star and he traveled twice to CA, 3-day and 4-day trips in 2023.  The company for which he works issued his W2 with CA withholding. 

    At first glance, I thought I was ONLY going to ask CA for his withholding refund but because he traveled to CA, I think I should do something different. 

  4. On 3/1/2024 at 10:19 AM, JohnH said:

    I'd be concerned that the whiskey is watered down and that all the top-shelf bottles had been refilled with rotgut.  Next morning, while I'm still sick from the adulterated product and examining the overcharges & inflated tips on my tab, I'd come to realize that neither the bartender nor the owner will be around as I discover the fraud and have no means of restitution.  

    This bar, with the bartender and all people involved will be open for good drinks again in a couple of years after you respond to the "last call". 

    This is the common reaction. Next year, when I will be enjoying my drink, people will see me enjoying and they will want a drink. They will give extra money to the bartender in order to join me but at that point, the bartender will nicely take their money and serve them exactly what you are describing. TIMING is everything!!!!! The bartender has started softly saying "last call" it is up to you to order a drink now and join me and other enjoy the party. 

    Why did I say for ever: because this time will be remembered as the best run ever. More runs will come, but not like this one. 

    By the way, QNT and Gala above are now in profits.

    Gala 

    GALA $0.04471
    QNT $125.42

    I think I will post again on April 24th ish to follow my original plan. 

  5. From another post:

    " On 4/24/2023 at 6:07 PM, Pacun said:

    Her timing was bad. I have been there and the lesson has been learned but this time is different. With lesson in my favor and $50K to invest, I would buy right now the following:

    100 QNT coins at $110 each = $11,000
    10,000 RNDR coins at $1.75 each = $17,500
    1,000 AVAX coins at $17 each = $17,000
    112,500 GALA coins at .04 = $4,500

    In a year and then in two years, I will check how much each coin costs and multiply by the coins "I would have bought but I didn't because I was a polo or I didn't have the money".

     

    Expand  

    I am a bit early than a year but here we go:

    Based on current prices:

    100 QNT at $104 = $10,400 for a loss of $600
    10,000 RNDR at $7.38 = $73,800 for a profit of $56,300
    1,000 AVAX at $36.89 =$36,890 for a profit of $19,890
    112,500 GALA at $0.03 =$3,375 for a loss of $1,125

    So:
    -600
    56,300
    19,890
    -1,125
    Profit equal to: $74,465.  
    As someone suggested, invest BIG, so let's say you had half of million to invest: Profit $740,465.

    Another point, soon after I posted the above last year, the two founders of GALA sued each other, so at that point, I would have sold GALA and purchase another coin that might not be in huge loss. The parabolic bull run has not started but I will post in March or April next year. "

    John, I like that idea of starting big, especially this year. What do you do when then bartender says "last call, this bar will be closed for ever"?

  6. On 4/24/2023 at 6:07 PM, Pacun said:

    Her timing was bad. I have been there and the lesson has been learned but this time is different. With lesson in my favor and $50K to invest, I would buy right now the following:

    100 QNT coins at $110 each = $11,000
    10,000 RNDR coins at $1.75 each = $17,500
    1,000 AVAX coins at $17 each = $17,000
    112,500 GALA coins at .04 = $4,500

    In a year and then in two years, I will check how much each coin costs and multiply by the coins "I would have bought but I didn't because I was a polo or I didn't have the money".

     

    I am a bit early than a year but here we go:

    Based on current prices:

    100 QNT at $104 = $10,400 for a loss of $600
    10,000 RNDR at $7.38 = $73,800 for a profit of $56,300
    1,000 AVAX at $36.89 =$36,890 for a profit of $19,890
    112,500 GALA at $0.03 =$3,375 for a loss of $1,125

    So:
    -600
    56,300
    19,890
    -1,125
    Profit equal to: $74,465.  
    As someone suggested, invest BIG, so let's say you had half of million to invest: Profit $740,465.

    Another point, soon after I posted the above last year, the two founders of GALA sued each other, so at that point, I would have sold GALA and purchase another coin that might not be in huge loss. The parabolic bull run has not started but I will post in March or April next year. 

     

  7. I miss read your past... sorry. Yes, you must have the federal return filed correctly all the time, with extra care when immigration papers are involved. 

    Most of the time, people don't mind even if they have to pay extra taxes because they don't want to risk the "papers".

     

    • Like 1
  8. 4 hours ago, DANRVAN said:

     

    Really?

    Companies close all the time. Why do you care what happened in the last year when the reality for which you have been hired is to prepare the taxes based on the documents in front of you... you are not hired to verify the validity of each W2 or 1099 forms. 

    I guess this is not my main job but when people start questioning the validity of the forms, I hand them back to them and I say: if you believe the forms are wrong, go back to the issuer and solve the issue. After you solve the issue, come back to me when you are ready to file your taxes. I am not a financial advisor, nor am I an attorney, nor have you hired me as such. 

    • Like 2
  9. Save your laugh for April 15, 2025.

    I am planning to transfer all (EVERYTHING) to 20 crypto coins or tokens. I must sell next year and profits will be taxed as capital gains personal level. A lot of it will be short term gains. 

    Is there a way to save some in taxes if you have stock (similar to crypto) and you must sell everything in one tax year?

    Current prices for potential coins or tokens:

    Solana 102
    QNT 103
    ABT 1.8
    Beam .031
    Tia 16.64
    Jup .50
    AVT 1.82
    PNG .3

  10. I agree with bullldog Tom. Having receipts that the person paid the credit counseling company means nothing unless you read the whole contract, have all the credit cards statements from 2 years ago, you added them up, you add the interest accumulated until the debtssss were paid off or discharged and THEN add all the one time fee for the counseling fee and monthly fees. Then you see how much he paid and how much the 1099-C should read.  

    Again, I think we make things bigger sometimes. If he has a 1099-C, just work with that... see if he was insolvent the day before the debt was discharged and report it.  

    My crystal ball tells me that no one was scammed in this case. 

    • Like 1
  11. On 2/18/2024 at 7:20 PM, Max W said:

    The clients have to be Green Card holders for at least 5 years, so they can't apply for citizenship until then.   I would not be concerned about last year's return, but would be sure to file the MFS, or MFS from here forward.   The citizenship process takes a long time, averaging 15 months.   

    If they have only been here one year, then by the time they apply , they should have the last three years showing them as married.  

     

    I like your answer.

    Why I feel that sometimes we make things harder on tax payers. Let it be the way it is. The states are happy, the clients are happy, the Federal is happy.

    Immigration couldn't care less for the state taxes... it is federal law that they represent or follow. As long as the Federal return is filed correctly (which it is in this case), they are OK. When I have filed my relative petitions, I just sent the 1040 and its meaningful schedules NOT the state returns.

  12. Back to your question, no. ATX doesn't have that feature nor does any software package in the market. In order for feature to be available, ATX software will need to connect to "where is my refund" enter the information required (SS#, year, status, refund amount) to the website.  Maybe ai will have that feature in the future. 

  13. On 1/31/2024 at 12:39 PM, kathyc2 said:

    You are correct.  If they have enough tax liability to absorb the CTC, this bill will not effect them.  The inflation adjustment as written does not come into play for 2023. 

    Neither will it affect a tax payer with one child that uses $1K to cover tax liability and 1K refundable. 

     

  14. The parent who provides a home, which was the home for the child for more than 6 months in the tax year, enters the social security number of the child and checks, "Not claiming this child this year" and qualifies for HH status. 

    The other parent can enter the social security too and claim the exception. if there is another child living with this parent, that other child will qualify this parent as head of house hold and both can claim HH status. 

    Of course the social security can be used on both returns as long as only one claims the exception. My brother never saw his child for 10 years and every other year (even years) the mother would sign the release form for the child.  The mother every single year was HH and every even year was HH without a child as a dependent.  The IRS never questioned them and now the child is an adult.

    • Like 1
  15. Move to a laptop with a docking station, two monitors and wireless keyboard and mouse. (this is something for everybody to consider a few years prior to retirement, so you do it on your own time when it is time for the last computer purchase).  When are in the office, you dock your laptop and use the wireless keyboard for extra flexibility. When you are out of the office, you can carry your laptop and connect to your cell's hotspot features to efile. 

    The only problem I have noticed with this set up is that my computer doesn't list my cell as an option for internet access. Most of the time, I have to turn off and on wireless on my laptop and I also turn off and on my hotspot feature on my phone. 

    Another disadvantage with this is the fact that you might lose your laptop and then it will be a bad time to retire but an option.

    • Like 1
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