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The most recent discussions

Depreciation on Trust Rental Property


September 24, 2016, 3:47 pm

Hired a good sized accounting firm to do trust returns for three child trusts. 2015 was the first year for the child trusts because the grantor of the administrative trust that created the child ... Read more »

Gifts from joint accounts... single or double?


September 24, 2016, 3:47 pm

My wife and I have a joint checking account. We want to give my future daughter in law money for her wedding. Can we each give her $14,000 from the account ($28,000 total) or would it be restricted... Read more »

Affidavit of unchanged status. W8ben


September 23, 2016, 2:11 pm

Hello, Im a foreign person not living in the usa. The bank asked me to renew my w8ben form, and at the bottom there is this affidavit of unchanged status that has a part were it says information con... Read more »

401k Loan Limit With Two Different Employers?


September 22, 2016, 10:41 pm

Suppose I have two different employers each with a 401k plan. I payoff a loan with one plan. Less than 12 months later I want to take out a loan from the other plan. Is the maximum loan limit for the... Read more »

Is the 3.3% VA Funding Fee On a ReFi Deductable?


September 22, 2016, 2:03 am

I'm converting a HELOC to a VA fixed mortgage loan. From what I Google, the 3.3 % VA fee is deductible. If that is true, where would I put it on Schedule A? -- Read more »

New basis when wife inherits my investments??


September 21, 2016, 11:38 am

Title says it all; does the basis remain when my wife inherits my investments, or do they get reset to zero? Is it the same for Federal and New York State? =========================================... Read more »

Short term carryover against long term gain?


September 20, 2016, 4:25 pm

Can a short term capital loss carryover be used to offset long term capital gains in a succeeding year? Thanks, Jeff -- Jeffry Wisnia (W1BSV + Brass Rat '57 EE) The speed of light is 1.8*10^... Read more »

Closing costs deductible?


September 19, 2016, 11:50 pm

I'm trying to refinance my principal (and only) residence in Upstate New York, and it's proving unexpectedly expensive. Current rate: 5- 3/8%; new rate: 3-3/8%. I'm planning to sell in 36 months, ... Read more »

Insurance Disbursment


September 19, 2016, 9:47 pm

Is anyone aware of an IRS code that requires mortgage company to report insurance payments to subcontractors to the IRS. A little back ground. I'm in the process of making repairs to my home t... Read more »

Deductibility of Seller Concession for Repairs on Partial Rental Sale


September 16, 2016, 6:12 pm

Correction - in previous post, it should state that SELLER agreed to provide a seller's concession credit -- Read more »

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The best rated discussions

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 »

Limit on years for cap loss carryover? rating: 5

Is there any limit to the number of future years to which we can apply capital loss carryover? I would think not. But it doesn't hurt to ask. (Hah!) Like so many people, I imagine, 2008 was a banne... Read more »

Question re: bad handling of 401k rating: 5

I've done some bad planning on my 401k. I am changing jobs and contributing $6000 was enough to get maximum employer match ($3000) from my current employer, but I contributed $15,000, close to the ca... Read more »

Becoming an EA with DUI conviction. rating: 5

I'm wondering if anyone knows if I would be eligible to become an EA with a DUI conviction from 1993 that resulted in a fine in excess of $500. Question 9 on Form 23 asks if you have been convicted ... Read more »

Schedule C vs. Other Income rating: 5

I earned about $1000 in 2006 by providing tutoring and related services to about 15 different people. I heard I can declare those $1000 in Schedule C. I understand that the other option is to use t... 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 »

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 »

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 »

Front foot fee rating: 5

Normally in Maryland Property tax charged by county consists of Front foot fee in addition to normal property taxes. These are tax deductible as it comes as part of 1099 issued by Mortgage company. T... Read more »

Athletic Scholarships rating: 5

My nephew received 100% athletic scholarship for 2010. No out of pocket expenses except for minor things. Anyway, each time I search I come up with the room and board part is taxable to my nephew, ... Read more »

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