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The most recent discussions

Simple IRA and Traditional IRA


December 2, 2016, 8:50 pm

Hi, My company offers a simple IRA with 2% salary contribution. In 2014 total contributions to the simple IRA was only about $1800. Because of the low contributions I purchased a Traditional IRA f... Read more »

Sold 1 investment house to buy another and 1031 exchange wasn't done


November 26, 2016, 10:58 pm

I sold a 2 family house to buy a 4 family house, but the attorney didn't apply for the 1031 exchange. If the 4 family house costs more then the 2 family and is purchased within the 6 month window, o... Read more »

investment exchange


November 26, 2016, 10:58 pm

what happens when 1031 is not done on an investment exchange? -- Read more »

Financial advisor fees


November 26, 2016, 7:43 pm

My question concerns the miscellaneous itemized deductions on Form 1040 Schedule A. (I understand that only the part above 2% of AGI is deductible.) QUESTION 1: I understand that investment news... Read more »

Substantial Presence Test


November 23, 2016, 10:37 pm

The US has a substantial presence test that should be used by a non US citizen to establish if they have an obligation to file a US tax return. The rule requires you to have the following calculati... Read more »

commuting mileage


November 20, 2016, 3:26 pm

TXPYR drives from his home in his car to a WHSE where he is paid to deliver small pkgs. TXPYR is self employed and will receive his pay by the hour from WHSE owner. TXPR uses std. mileage rate for ... Read more »

How The TAx Court Can Easily Make A Mistake In the T/P Favor


November 7, 2016, 7:58 pm

See Tsehay vs Comm'r, 11/3/16 http://www.ustaxcourt.gov/UstcInOp/OpinionViewer.aspx?ID=10997 The court ruled that the t/p children did live with him and were his qualifying children. They granted... Read more »

sale of vacant land


November 4, 2016, 1:50 pm

TXPYR bought a vacant lot to build a home on. The home never got built and sold the lot at a loss. Can TXPYR claim the loss as a capital loss on his return? tks all bw -- Read more »

Adjustments to basis on land?


November 2, 2016, 5:51 pm

I finally sold some undeveloped land after 7 years. There is a covenant that all the properly owners would split the cost of road maintenance. That cost me $1,000. Does that affect my basis? If s... Read more »

Simple or Complex trust


October 31, 2016, 4:00 pm

I am the fiduciary of my fathers trust. He died in 2006. In this trust is a land lease that receives $4500 a month in rental income from a gas station that sits on the land. I give my sister $2400 a ... Read more »

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The best rated discussions

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 »

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 »

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 Resident with non-resident spouse rating: 5

Hello, I'm a California resident for tax purposes, and have California income to report. I got married in 2007 to a Washington, DC resident who had only DC income and no California income. She was ph... Read more »

Rent income on 1099-MISC rating: 5

Some of my real estate rent income are reported on 1099-MISC. Does this mean that I have to report these payment on Schedule C instead of E (thus subject to potential SE tax)? =======================... Read more »

Trust termination with capital loss and charitable remaindermen rating: 5

A trust was terminated in 2010 when the primary beneficiary died and assets were distributed to the remaindermen including several charities. There is no DNI but a large capital loss with selling th... Read more »

Can a non-owner deduct real estate taxes? rating: 5

If, for example, my lease calls for me to pay $100 a month (to the owner) and pay all the real estate taxes directly to the town, can I deduct them? (thw owner niehter pays them, nor deducts them) ... Read more »

live in NY, work in NJ tax question rating: 5

If I were to live in NY, but work in NJ, can anyone explain exactly how the tax situation would work out? Would I end up paying more taxes? What about my withholdings in my paycheck? Any info appre... Read more »

1099 But No Income rating: 5

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Consider the following (entirely realistic) scenario: 1) You create an account with Amazon Payments, enabling you to send money. 2) You send your wife/girlfriend/friend/dog $1000, paid from your cred... Read more »

Husband and Wife both work from home... rating: 5

Hello all, My wife and I are both Sole proprietors working from home. We file jointly and file a schedule C and all that good stuff. This is the first year my wife is a sole proprietor. Last year i w... Read more »

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