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The most recent discussions

Final Regulations Published On Where To File For Refund and/or Credit Claim...

July 27, 2015, 4:41 pm

The IRS published T.D. 9727, the final regulations under IRC Sec. 6402. The final regulations state that unless otherwise directed by the IRS, a claim for refund or credit should be filed with th... Read more »

Gift Tax

July 25, 2015, 3:47 pm

An individual receives a $250000 life insurance payment and decides to give his sister half of it. This person has modest income and will probably never have deal with the estate tax. Should he file ... Read more »

Deprectiation schedule

July 25, 2015, 3:47 pm

When taking a Section 179 deduction, how does that affect the numbers shown on the depreciation schedule? The basis for depreciation is the cost less the Section 179 deduction, as that is the am... Read more »

previous employer pension partial rollover and personal disbursement

July 21, 2015, 11:34 pm

I have about $24,000 with a previous employer pension that I absolutely need about $5,000 of and would like to rollover the remaining balance to my new employer, minus required taxes. I understand th... Read more »

Inherited 1/2 of house arrgh!

July 19, 2015, 9:47 pm

Mom died 3 years ago, left house to sis and I, sis moved into the house. Early on she talked about getting a mortgage to buy out my half, but she didn't qualify. She's working part time and I quest... Read more »

ACA Penalty

July 17, 2015, 3:56 am

As I understand it, the penalty for not having health insurance is assessed through the tax return system. One of the questions on the 1040 explicitly asks if you have coverage, and if you indic... Read more »

Rules on using HSA funds for legitimate medical expenses

July 12, 2015, 3:39 pm

Hi, I just want to make sure I am doing things according to IRS rules. Have a baby on the way, and have been paying all OBGYN bills via personal credit card. Can I do that, and then at the end of ... Read more »

Upon termination, is the PTO that you have accrued taxed higher when it is ...

July 6, 2015, 7:10 am

I am leaving a job to return to school, I have 120 hrs of accrued Paid Time OFF that would be paid in one lump sum upon termination. Is this money taxed at a higher rate? Read more »

Family foundation funding relatives' research

July 5, 2015, 4:27 am

A guy I know has this bright idea: set up a non-profit, presumably 501(c)(3), make tax deductible contributions to it, and pay grants out to fund research being done by a relative. The relative's ... Read more »

adding beneficary to stock trading account

July 4, 2015, 12:12 pm

I want to add my son to my stock beneficiary account, i just added. Now on my schwab statement it shows Designated Beneficary Plan TOD. What does this mean. If i die and I don't have a will will the ... Read more »

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The best rated discussions


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 »


Appeal tax penalty and interest?

I recently received notification from the IRS that we owe tax on unreported interest from inherited, redeemed HH bonds. We never received a 1099 INT and we were not aware of the taxable interest. W... 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 »


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 »


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 »


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 »


How to Claim Capital Loss from Debtor Chapter 11 Bankruptcy

I invested XYZ company's note. On 1/21/05 XYZ company filed chapter 11 bankruptcy, it converted to chapter 7 bankruptcy on 5/17/05. Since then I have not receive any capital loss statement except a n... Read more »


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 »