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The most recent discussions

Ira 70.5 minimum distribution

August 25, 2014, 7:27 pm

When does a person born in March 1945 have to start taking this distribution? -- Read more »

"millionaires" more subject to audit

August 23, 2014, 11:46 pm

ok, you have heard it too. Those with incomes aver $1M (is that AGI? Taxable Income?) are more likely to be audited. What does this mean? Do these audits include CP letter correspondence? Are t... Read more »

CP2501 resolution process

August 20, 2014, 11:50 pm

I had by mistake not included sale of house in 2012 returns. IRS sent us letter CP2501 to which we replied 3 weeks back that we do not owe capital gain taxes as we lived in the house for more than 15... Read more »

Interesting Case On Where One Is Domiciled

August 19, 2014, 3:46 pm

We often have posts that deal with state residency and domicile. Here is a Vermont Supreme Court decision that determined the taxpayer was not domiciled in VT but rather NY even though he banked ... Read more »

broker basis etc. calculations for fixed income securities

August 19, 2014, 10:00 am

Taxpayer received an e-mail from Schwab regarding 2014 IRS Rule Changes to Fixed Income Securities Purchased at a Premium or Discount. I cannot cut and paste the text, but what are brokers doing n... Read more »

NY City Unincorporated Business Tax (UBT) on real estate

August 18, 2014, 6:36 pm

Client had to close his business years ago. The neighborhood changed to a residential one from mostly industrial. Realizing he couldn't sell the building as is for any worthwhile amount, he took on s... Read more »

Canadian RRSP

August 18, 2014, 2:14 pm

My wife became a legal permanent resident of the USA in November 2011, and physically moved here and assumed employment in 2013. She has a Registered Retirement Savings Plan in Canada, their equival... Read more »

Does the KiddieTax apply here?

August 15, 2014, 10:44 am

Does the Kiddie Tax apply for 2014? Betty, age 43, has a daughter Sally, age 20. Betty receives child support from Sally's father. For 2013, Betty declared Sally as a dependant. In January, Betty... Read more »

Tax treatment of Passover "sales"?

  [ 2 ]
August 12, 2014, 10:04 pm

I have read that an observant Jew who owns a business is obliged to keep the business kosher for Passover as well as his own home. That being an obvious problem for a food-related business :) a c... Read more »

Gift tax on tuition payment?

August 11, 2014, 11:36 am

My older son is receiving a distribution from a qualified trust. He thinks it is unfair my younger son is getting nothing, and wants to split it with him. The final figure is much higher than I exp... Read more »

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The best rated discussions


Questions about Form 5471

------------------------------------- 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 »


CCH Tax News Headlines - November 10, 2010

CCH Tax News Headlines - November 10, 2010 Federal Headlines: 11/10/2010 - _Lawmakers Pledge 2010 AMT Relief _ ( Read more »


appealing refund statute of limitations

After a long period of recovery I finally submitted my overdue returns in January. Eight years worth! In each of those 8 years I was overpaid between withheld and estimated taxes paid in. Plus I ha... Read more »


Re: 1099-B Restricted Stock Options sale...Do I need to file a Schedule D? writes: No, that doesn't really change anything. In fact, it makes it even more straightforward. Did you file a Section 83(b) election on these shares to treat them as 100% vest... Read more »


Ohio Source Income

We had a TCE client yesterday who is a MD resident and the sole beneficiary of a testamentary trust managed in Ohio. The income is all from interest and annuities and is all paid out to the benefici... Read more »


I want to report my former boos for tax evasion/fraud as I did all of his b...

file IRS Form 3949 A to report my former bossfor tax evasion/fraud. I did all of his bookkeeping, billing, banking, etc. He had me make large bank deposits with Comcheks from thousands of dollars he... Read more »


IRA Benficiaries Question

I have a regular IRA and my wife and I both have smaller ROTH IRAs. We have a joint living Trust with each other as beneficiaries with the Trust as the contingency benficiary. Would there be any tax... Read more »


Two W2 forms

I have Two W2 forms for year 2006.To calculate TAX is it a simple maths like ADD both the Gross and ADD both the Federal withholding ,to calculate TAX or there is other way. thnx jas Read more »


Capital Gain / Depreciation Recapture Question

Hi, Suppose I have a Capital Gain Tax loss of $11,000 and I have a Depreciation Recapture Tax of $36,000 for the year I sell an Investment Property. Is the combined tax liability for this year $36,00... Read more »


Tax implications - Converting a rental house into a primary residence.

Need input on tax implications for converting rental house into primary residence. Facts Example: Owner has owned rental house since Nov 1999 and since then has rented the house until January 1, 20... Read more »