All Forum Posts by: Martingale Kim

Your subject says "foreign parents." Do your in-laws have US citizenship? Gift tax is paid by the gifter, in this case your in-laws. However, if they aren't us citizens they aren't subject to US Federal income tax and its gift tax. Since you are receiving the gift, there is nothing for you to declare.

Otherwise, probably to make it clean you would have 4 separate transactions, each person to each person criss-crossing.. But, probably okay to send it one shot assuming you have joint accounts.

Of course, double check with a qualified professional.

no. they are not us citizen. thanks for the reply. I didn't realize it's the gifter who need to pay tax. doesn't make perfect sense isn't it?
why not the people who receives money to pay tax? anyway, that's probably beyond the discussion here.

and we don't have joint account. try to avoid small fees here by doing one shot.
thanks a lot.

0 Votes

Columbia, Maryland

my parents in law want to give us $60,000.

i know there's a $16,000 gift tax limit.

so to qualify this limit, does my parents-in-law need to wire me and my wife respectively 4 times at $15,000 each time?

what will be the form to file it in my federal and MD tax return if it is needed?

1 Vote

Columbia, Maryland

Originally posted by @Ashish Acharya:

Originally posted by @Martingale Kim:

I registered a corporation in the state of Delaware this year and just filed DE's annual report and franchise tax

which form I need to file for federal tax? is it 1120 only?

I don't have any sale for the year 2021 so the schedule C is not needed, is it right?

thanks

Yes, you would file the 1120S and also the state return where you have activity/resident at. That is very general advice.

There wouldn't be any Sch C in 1120 as you are thinking.
Also, I can tell you that Corp is probably not the right entity for you. You seriously need professional help right now. If not, you are going to be double taxed on profits and also miss out on capital gains tax rates.

I'm trying to file Maryland tax return but realized they need at CRN(Central Registration Number) which is required for employer, but I didn't have any wages paid last year or any business transactions yet. so no maryland tax return is needed to file right?

I filed 2021 Delaware franchise tax already .

0 Votes

Originally posted by @Basit Siddiqi:

@Martingale Kim

A 1065 and 1120 are both business returns.
If you did a 1065 somewhere for free, look to see if you can do the 1120 there also.

Worst case is file part return .

so Corp should use 1120 or 1065?

which one ?

0 Votes

Originally posted by @Wayne Brooks:

Corporation tax returns must be prepared/signed by a cpa.

Is it different from LLC return ?

i filed my LLC 1065 every year myself without CPA involved .

0 Votes

Originally posted by @Basit Siddiqi:

@Martingale Kim

If you have a C-corp, you file form 1120 + any state tax filing obligations that you have.

i live in maryland but the corp is registered in DE, and there's no sales done in Maryland, do I need to file Maryland tax for my corp?

0 Votes

I know free file can do it for individual tax return.

is there a place that can free efile for corporate tax?

0 Votes

Originally posted by @Greg O'Brien:

@Martingale Kim you are not putting RE in this C Corp correct?

You will have a home state requirement as well as DE. DE registration doesnt avoid your home state responsibility

RE means real estate? no real estate in this c corp.

so i still need to file MD corp tax return is it?

thanks and happy new year guys.

0 Votes

Originally posted by @Ashish Acharya:

Originally posted by @Martingale Kim:

I registered a corporation in the state of Delaware this year and just filed DE's annual report and franchise tax

which form I need to file for federal tax? is it 1120 only?

I don't have any sale for the year 2021 so the schedule C is not needed, is it right?

thanks

Yes, you would file the 1120S and also the state return where you have activity/resident at. That is very general advice.

Hi Ashish

Thanks for your reply.

I registered a C-corp instead of LLC because of future planning. I know there's a double tax issue for corp but that has to be the case.

a few further questions

1. So as I'm living in MD , do I have to file MD state tax for my C-corp registered in DE? No right?

2. and 1120S is for s corp right? shall I use 1120 instead of 1120S?

0 Votes

I registered a corporation in the state of Delaware this year and just filed DE's annual report and franchise tax

which form I need to file for federal tax? is it 1120 only?

I don't have any sale for the year 2021 so the schedule C is not needed, is it right?

thanks

0 Votes

All Forum Posts by: Martingale Kim

Martingale Kim has started 13 posts and replied 28 times.

Post: Gift tax from foreign parents

Post: Gift tax from foreign parents

Post: Tax form for Corporation registered in Delaware

Post: How to eFile corporate federal tax

Post: How to eFile corporate federal tax

Post: Tax form for Corporation registered in Delaware

Post: How to eFile corporate federal tax

Post: Tax form for Corporation registered in Delaware

Post: Tax form for Corporation registered in Delaware

Post: Tax form for Corporation registered in Delaware