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The most recent discussions

What to do with RMD?

November 25, 2015, 4:49 pm

I was just notified that I will be losing my job the end of the year. I am 70 years old and that means that beginning next year my RMD will be fairly large. Until now I only had to take the RMD fro... Read more »

Interest and Penalties for IRS Payment Plan?

November 25, 2015, 7:01 am

Hi Everyone, I expect to owe a lot in taxes this coming April from stock I sold to make a down payment on a condo in 2015. The IRS offers a payment plan of up to 6 years but does not say wh... Read more »

Renting LLC building to LLC Business

November 24, 2015, 5:11 pm

Hello to all, and thank you in advance for any opinions you share. Facts: Client (Husband) has SMLLC (disregarded entity) for a consulting firm, reporting all income and expenses on schedule C. We... Read more »

Monetary gifts from parents

November 23, 2015, 3:38 pm

Hi, so I am married in Illinois. My parents are also still married. My understanding is we can receive $14,000 x 4 from them. To make it kosher, would it require them to write four separate chec... Read more »

Interest On HELOC of $110,000 Deductible?

November 23, 2015, 12:38 am

I understand that the interest on a Home Equity Loan is deductible if the loan is less than $100,000. So the questions are: 1. If the HELOC goes to $110,000 does that mean all of the interest assoc... Read more »

Which Line (8A or 21) to Report Interest Received on Family Loan?

November 21, 2015, 4:13 pm

I will have interest income from a family loan (5 years) and the total interest will be under $800 a year using a 3% rate of interest. Should the interest income be reported on line 8a or line 21? ... Read more »

Can a nonprofit pass through consulting income to its officers?

November 18, 2015, 1:25 pm

I'm the president of a small 501(c)(6) non-profit. Our budget is under $50K, we have never paid our officers or directors. A Canadian entity wants to hire the non-profit to do some consulting tha... Read more »

Taking a deduction for an Expense Paid by Someone Else

November 16, 2015, 7:50 pm

30-year old taxpayer incurs a deductible expense in late 2015 but doesn't have enough funds to pay the expense. His parents pay for the expense in 2015 using their credit card, and then he repay... Read more »

Unusual filing status

November 16, 2015, 7:50 pm

Niece, 4 kids who live with her, all under 16. She has lived apart from father for 18 mos. Father provides all support, pays mtg. plus child support, but niece was awarded custody and kids live yea... Read more »

Yet another gift tax question?

November 13, 2015, 6:09 pm

I am going to transfer $14,000 worth of securities from my account to my sons. I presume there is no gift or income tax involved, and that his basis will be what mine was. Is that correct? I reali... Read more »

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The best rated discussions

Tax consequences of embezzlement and subsequent refund rating: 5

A neighbor was just indicted for embezzlement. Here are the facts assumed from newspaper articles: 2004: embezzle $145,000 but does not declare it on the tax return 2005: embezzle another $245,000, ... Read more »

1099-B Restricted Stock Options sale...Do I need to file a Schedule D? rating: 5

I'm a bit unclear if I need to file a Schedule D for proceeds from a sale I made in 2007 of Restricted Stock Options from the company that I work for. I've received a 1099-B form in a consolidated... Read more »

IRS Tax Payment - Third Party Check rating: 5

Does anyone have any experience with making a Federal tax payment via a third party check? This is where a check payable to John Smith is endorsed Pay To The Order Of United States Treasury by Jo... Read more »

Fillable 1099-MISC forms? rating: 5

This IRS page claims that with the correct version of Adobe Reader, I should be able to fill in certain forms:,,id=98121,00.html Either they're lying, or the 1... Read more »

No staples or tape?! The IRS "attachment rule" rating: 5

I hadn't filed a paper return in years and years, but I had to this year - ack! The instructions on how attach the W2s, etc., were printed on the back of the big W2: there was a tiny line drawing of ... Read more »

How does one make the 65-day election w/ respect to distributions from com... rating: 5

How does one make the 65-day election w/ respect to distributions from complex trust? TIA -- Read more »

Put Education Expenses Where? rating: 5

Publication 970 clearly states that I can deduct education expenses as part of being self-employed. Does this cost go on Schedule C as a business expense or Schedule A as a deduction? Thanks Read more »

CA state tax - W2 not required ? rating: 5

Hi; I had opted for automatic tax filing extension for CA taxes for 2008 and now I need to send it by Oct 15. When I printed tax forms using Turbotax, it states that Do not attach any Form(s) W-2. Wh... Read more »

Gift limits for husband and wife rating: 5

Hi: Can someone answer the following question: I understand there is a $13,000 limit on the amount that any individual can give to another individual without gift tax being involved, and that for a m... Read more »

Questions about Form 5471 rating: 5

------------------------------------- Hi! I have a question about Form 5471. Back in 2004, along with my mom, dad, sister, and brother, we all bought stocks in foreign company. Each owning about 6% o... Read more » is a site by and for consumers of financial services and advice. We are not affiliated with any of the banks, financial services or software manufacturers discussed here. All logos and trade names are the property of their respective owners.

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