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The most recent discussions

Federak taxes in US territories


August 20, 2016, 5:18 pm

While looking at some stats on Powerball, I found that Puerto Rico residents do not have to pay US income tax on lottery winnings. WTF??? After doing a bit of googling, it seems that PR residents d... Read more »

Bad debt exactly the same as a short term capital loss?


August 19, 2016, 3:36 am

I just read Topic 453 - Bad Debt Deduction; but have some questions. I lent money to someone several years ago and it just definitively became worth nothing. (there was some collateral that took som... Read more »

Need Confirmation On Maximizing Retirement Plan Contributions.


August 17, 2016, 6:22 pm

Sole employee (over the age of 50) of a professional service corporation (C Corp.) with more than enough income, has the company contribute the maximum of $53000 to a SEP-IRA. Corporation deducts... Read more »

section 1231 loss carryforward - offset vs. regular capital gains?


August 16, 2016, 5:38 pm

I have someone who had a Sec 1231 loss in 2013, shown on Form 4797. Even without the loss, they would have paid no taxes as they would have still had no taxable income on line 43. So it seems to me... Read more »

Inheritance and Health insurance subsidies


August 15, 2016, 3:43 pm

My daughter is working part time and going back to school and thus qualifies for rather hefty subsidies under Affordable Care Act. She is about to get an inheritance of $16,000-20,000 and was won... Read more »

non compliant IRA contributions


August 14, 2016, 4:27 am

If a deductible spousal IRA was made on previous 3 years of returns and no earned income was reported on tax forms, how should the error be corrected. The IRS has not caught the infraction yet and t... Read more »

GoFundMe


August 11, 2016, 8:12 pm

I've noticed a lot of people using the GoFundMe site to raise money for various purposes. I've always assumed that _unless_ the entity soliciting the donations is a recognized charitable organizat... Read more »

What comes first, writing off Capital Gains against Capital losses or...?


August 10, 2016, 6:12 pm

What comes first, writing off Capital Gains against Capital losses or zero tax because I'm in the 10% tax bracket. I don't want to use my Capital Losses, if I'm paying zero taxes anyway. (other th... Read more »

What happens to deferred vacation losses on home no longer a vacation home?...


August 9, 2016, 4:31 pm

Relative has a second home that has historically had 14+ days of personal use (lived in during summer, rented out to unrelated parties the rest of the year). Over time, the property has built up q... Read more »

Will IRS be notified of my intra bank transfers?


August 7, 2016, 3:24 pm

I have two checking accounts in one bank. One of them is in my name and my daughter's. The ONLY reason she is on the account is so she can access money for me if something happens to me and I'm not... Read more »

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The best rated discussions

Recourse liability on Schedule K-1 rating: 5

What is the meaning of the Recourse line in area K (Partnerís share of liabilities at year end) of a Schedule K-1? Where does it go in a Form 1040? Is it perhaps the capital loss after the partners... Read more »

Is an engagement ring subject to gift tax? rating: 5

The bazillion dollar engagement ring given to Mariah Carey got me to wondering if there would be tax on the gift. One argument is that they are not married so there is no spousal exclusion and the g... Read more »

Transfer of Prop 13 benefits when inheriting family home via Trust? rating: 5

My brother thinks that one must become a tenant in common to keep Prop 13 benefits when one inherits a paid for home that is part of the family trust. Isn't there some protection for transfer of pr... Read more »

Taxation of Municipal Bonds rating: 5

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 »

CP2501 letter rating: 5

We received a CP2501 letter saying that the IRS received 7 1099-B reports that were not included on our 2006 return. The problem is that all 7 stock/mutual fund sales that they are questioning _wer... Read more »

K-1 for Part-year partner in a partnership? rating: 5

I was a partner in a private partnership for Jan-Feb this year. Then I sold the partnership interest and ceased to be a partner. Will I be getting a K-1 for the pro-rata income/expense for that 2- m... Read more »

Can I write off home office furniture from a previous year ? rating: 5

I purchased about 5k of Home Office Furniture that I use in the Office that I work out of, but the purchase was made in 2007. How do I write it off ? Below is a list of the items: BookCases - I have ... Read more »

1099 But No Income rating: 5

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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 »

What can a Roth IRA own? rating: 5

Under what conditions can a Roth IRA own an LLC which owns equity shares in unlisted companies including S-Corps and closely-held corporations? The person who asked me this question wants to invest ... Read more »

Trust termination with capital loss and charitable remaindermen rating: 5

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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