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The most recent discussions

Fillable PDF tax forms now "tax software" for e-file mandate?


February 7, 2016, 11:05 pm

Here's a question that has been posed to me in the last week by several people who do their own New York tax returns on paper and got a nasty surprise when they went to the state website to downl... Read more »

Claiming a dependent


February 7, 2016, 11:03 pm

My 21 yr old son was pretty much independent in 2015. I paid only for his health insurance. Question 1. He ask me, do I claim dependent or independent? 2016 will be a little different, he's back ... Read more »

Contribute to a Roth; Then Take Distribution; All To Get Form 1040 Credit?


February 7, 2016, 12:20 am

Can a lower income client (say about $15,000 of Sch C reported net income in 2015) open a Roth IRA right now; contribute say $1000 to it; claim the Form 1040 Retirement Savings Contribution Credit of... Read more »

Child Support


February 5, 2016, 6:16 am

nephew's son lives with him for past 3 years, nephew claims him as a dependent, son's mother is paying full cost of college now, she wants to claim his dependency since she spends more on him and tak... Read more »

Is an engagement ring subject to gift tax?


February 2, 2016, 10:37 pm

The bazillion dollar engagement ring given to Mariah Carey got me to wondering if there would be tax on the gift. One argument is that they are not married so there is no spousal exclusion and the g... Read more »

Can I correct excessive state tax deduction?


February 2, 2016, 5:48 pm

I made an excessive state tax estimated payment at the end of 2014. My income is highly variable, and I had a very high income in 2014. In December 2014 I realized I had underpaid my state estimates,... Read more »

Is there a way to correct excessive state tax deduction taken?


February 2, 2016, 4:13 pm

At the end of 2014, I realized I missed some state estimated payments. My yearly income is highly variable and 2014 was a huge year. So I paid an estimate that I knew would easily cover my state lia... Read more »

Form 1099-MISC 2015


February 2, 2016, 4:55 am

Received first Form 1099-MISC 2015 for Indian Gaming Casino with disclosure attachment: For all 1040s completed for Minors with at least one living parent as of December 31st of the Tax Year, Box 6(d... Read more »

1099 But Not Income


February 1, 2016, 1:41 am

I received a 1099 for $6600 from American Express. The backstory is that they sent me a refund check for $1600 which was stolen, forged, and cashed. They badly mishandled the incident (by, for exam... Read more »

1031 exchange of real property used in a business operation


February 1, 2016, 1:40 am

A family (now a variety of cousins) owns real property and a long established lodging business using the property, run by a subset of the cousins on behalf of all property owners equally (they ta... Read more »

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The best rated discussions

modified tax return rating: 5

How many years back can I file an amended tax return. I always filed timely for years but recently discovered issues that will provide me a substantial reduction in taxes. -- Read more »

501(c)3 corporation and W9 form. rating: 5

I am trying to figure out what is the correct way to fill out a W9 form for a nonprofit, tax exempt, 501(c)3 corporation. Our organization was first incorporated as a nonprofit corporation under t... Read more »

A question on home sales rating: 5

A friend had his house sold (or so he thought), but it fell through. The person backed out and my friend kept the earnest money. Is that income? Does it impact on the tax basis of the house? Anyt... Read more »

joint return, order of names, husband deceased rating: 5

I know the general rule is that the same filing names and order should be maintained from year to year. Does this hold when the husband has been listed first for years in a joint return but he dies... 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 »

What can a Roth IRA own? rating: 5

Under what conditions can a Roth IRA own an LLC which owns equity shares in unlisted companies including S-Corps and closely-held corporations? The person who asked me this question wants to invest ... Read more »

K-1 for Part-year partner in a partnership? rating: 5

I was a partner in a private partnership for Jan-Feb this year. Then I sold the partnership interest and ceased to be a partner. Will I be getting a K-1 for the pro-rata income/expense for that 2- m... Read more »

How much does hobby need to earn to be considered a business? rating: 5

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Say I build a tennis website in my spare time . It gets popular and I start putting sponsor advertising on it. If I earn $100/month from it, would I consider it a non-profit activity or a business? I... Read more »

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 »

Transfer of Prop 13 benefits when inheriting family home via Trust? rating: 5

My brother thinks that one must become a tenant in common to keep Prop 13 benefits when one inherits a paid for home that is part of the family trust. Isn't there some protection for transfer of pr... Read more »

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