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There are 42523 articles in 8604 discussions. See the most recent and the best rated articles in Taxes General Forum below

The most recent discussions

gift taxes/GST in an ILIT


April 24, 2015, 4:28 pm

A trust owns a life insurance policy. The beneficiaries of the trust are the wife and son. According to the attorney, the trust is GST exempt so GST allocations are required. The policy premium/taxab... Read more »

amend a tax return


April 24, 2015, 1:18 pm

Hello, I need to amend my 1040 tax return that I filed recently for 2014. The only change I need to make is remove interest income earned from my kids' custodial accounts from my account which was ... Read more »

IRS Chief Counsel memo on MA "circuit breaker credit"


April 21, 2015, 8:36 pm

If any of you practice (or live) in MA and haven't seen this, you may wish to read it. The Office of Chief Counsel has issued a memo about treatment of the refundable MA senior citizen's circuit b... Read more »

Home Renovation & Basis Adjustments


April 19, 2015, 3:46 pm

What expenditures from home renovation can be added to the cost basis? 1. General construction including painting -- yes? 2. Replacement of glass in windows -- material & labor? [The vacuum seal... Read more »

Form 8937 Report of Organizational Actions Affecting Basis of Securities


April 19, 2015, 12:49 pm

Now that April 15 rush is over, I hope someone will answer these questions: I owned an ADR of a foreign company (FC). The FC did: A. a reverse stock split 13:12, B. change the nominal value o... Read more »

eFiling in TurboTax


April 19, 2015, 12:49 pm

The program tells me that NY Does not allow eFiling when the W2 w/o is greater than 25% of wage. So I check not to File NY return now but eFile Federal return. The program won't eFile -- it keeps c... Read more »

I have returned


April 17, 2015, 10:45 pm

I have been offline for almost two years due to what to me was a major disaster. Fortunately it was not another surgery! Dick --- Richard D. Adams (erstwhile CPA) Principal Moderator -- Read more »

Getting screwed on my Gambling "income" this year even though I g...

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April 17, 2015, 7:52 pm

Since I don't own a home and don't itemize I am screwed this year. I forgot that the law mostly allows only those who own homes (let's be honest that's what makes most people able to itemize) to dedu... Read more »

backdoor Roth -- is it still valid?


April 16, 2015, 3:04 am

I came across this article: http://www.forbes.com/sites/ashleaebeling/2015/02/02/obama-budget-would-prohibit-backdoor-roth-iras/ which says that the backdoor Roth loophole may be closed by new legi... Read more »

Advice for Msician related expenses


April 15, 2015, 11:09 am

I wonder if I could get some education about one increasingly complex area of our tax situation. My wife is a musician but does a number of different things in that general area. I'm confused about... Read more »

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The best rated discussions

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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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No staples or tape?! The IRS "attachment rule"


I hadn't filed a paper return in years and years, but I had to this year - ack! The instructions on how attach the W2s, etc., were printed on the back of the big W2: there was a tiny line drawing of ... Read more »

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Taxation of Municipal Bonds


I find this topic to be very confusing and I get lost quickly in the jargon. Is there a web site with a calculator that lets you enter all the relevant information so that you can determine the cost ... Read more »

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Trust termination with capital loss and charitable remaindermen


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 »

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1099 But No Income

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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 »

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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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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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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 »

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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 »