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The most recent discussions

Treatement of MLP k-1 data by Pennsylvania


April 15, 2014, 7:36 pm

I'm getting k-1s for 3 oil and gas MLPs and the business losses gets converted to passive losses which (somehow) comes into play when you sell. Turbo Tax gives you even less help with state k-1s the... Read more »

Any Downside To Not Filing A Tax Return?


April 14, 2014, 6:38 pm

If someone is not required to file a Federal tax return because their income is too low is there any downside to not filing? Is there any upside to filing when it is not required? -- Read more »

Reasonability of drop in taxes between 2010 and 2013


April 13, 2014, 7:29 pm

Taxable income 2010 = $47800. Tax due $6848. Taxable income 2013 = $46715. Tax due $3115. Tax taken from Qualifed Dividends and Capital gain worksheet. Has anything changed so drastically in t... Read more »

Filing son's taxes 1040EZ, my 1040 rejected because he claimed an exemption...


April 13, 2014, 7:06 pm

My sons filed their taxes on 1040-EZ using HR-Block online tax software. Simple summer job, but now when I try and E-File my taxes they are saying THEY claimed an exemption of their taxes, so I can't... Read more »

where to deduct profit sharing contribution


April 13, 2014, 5:04 pm

If you have a self-employed 401(k) can you deduct the profit-sharing contribution on Schedule C, line 19. At first glance the answer is no as publication 560 says BEGIN QUOTE Deduct the contributi... Read more »

Does IRS or FTB Withdraw Tax Due?


April 13, 2014, 3:11 am

Does the IRS and Franchise Tax board withdraw money from bank account entered on return for deposit, if money is owed, or does a check need to be sent with yhe return? Don't think they do but just do... Read more »

Simple question on step up basis


April 12, 2014, 3:29 pm

If a decedent bought a stock for $1000 several years ago and that stock is worth $5000 on the date of death and the estate sells in for $5500 a couple of months later, what gain is the estate taxed... Read more »

Filing Amending Tax Returns Son in Military


April 12, 2014, 3:06 pm

My 19 year old son filed himself as an exemption in error. He joined the military 9/13. This was his only income, so my wife and I can still claim him. He will file amended returns removing exemption... Read more »

Contradictory IRS rules


April 12, 2014, 3:05 pm

I am confused by two IRS rules on rentals which seem to contradict one another. Consider a person who rents a couple of rooms in his house out to tenants. He deducts a pro-rated portion of vari... Read more »

Excess distribution from a 529 account


April 12, 2014, 1:01 am

Our 20-year old daughter is attending college, and is the beneficiary of a 529 account that my wife and I established. The 529 account is substantially overfunded due to an older sibling of hers tha... Read more »

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The best rated discussions

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CA state tax - W2 not required ?


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 »

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Fillable 1099-MISC forms?


This IRS page claims that with the correct version of Adobe Reader, I should be able to fill in certain forms: http://www.irs.gov/formspubs/article/0,,id=98121,00.html Either they're lying, or the 1... Read more »

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How Important for Officers to Take Salary in C Corporation?


Taxpayers want to buy some Nevada real estate, so he (or they) form a Nevada C corporation to purchase the real estate. All of the rental income and expenses run through that corporation. One N... Read more »

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401K Distributions Overseas


If a US Citizen emigrates to another country and then redeems his 401K's, does the person have a US Tax liability then? tks all bw -- Read more »

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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 »

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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 »

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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 »

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Schedule M


Did we get $250 / $500 checks last year and I just forgot about it? Or perhaps a direct deposit? Or was there just a cumulative (small) reduction in payroll taxes? I honestly don't know if I'm ... Read more »

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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 »

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CCH Tax News Headlines - November 10, 2010


CCH Tax News Headlines - November 10, 2010 Federal Headlines: 11/10/2010 - _Lawmakers Pledge 2010 AMT Relief _ (http://tax.cchgroup.com/downloads/files/news-headlines/2010/nws111010.htm#1)... Read more »