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The most recent discussions

Sale of house used as partial rental

July 26, 2016, 8:02 pm

Since 2010 I have been renting extra rooms in my house to tenants while I still also live in the house. I have been reporting rental income each year on my 1040 Schedule E and also deducting exp... Read more »

Property Tax Homestead Exemption - Florida

July 26, 2016, 5:37 am

This question is about the Florida Homestead Exemption. My son has a homestead exemption on his house in Orange County which he has owned for several years. Earlier this year (2016), he purchas... Read more »

Rental Concern

  [ 2 ]
July 22, 2016, 5:42 pm

We purchased a Florida house in 2/16. We intend to first move in, in 9/16. We then intend to make that FL house our State Tax domicle residence (v current CT). Before our purchase offer, we wer... Read more »


July 22, 2016, 5:13 am

Anyone know of TaxSlayer groups to post? tks all BW -- Read more »

Foreign Sourced Income And Foreign Tax Credit

July 18, 2016, 8:14 pm

This is probably going to go down as a stupid question, but please keep in mind that I'm not a tax professional... Suppose that I have some sort of foreign sourced income that is taxed by both the... Read more »

FBAR and 8938

July 18, 2016, 3:44 pm

An American citizen, foreign resident, holds stock of an American company through a foreign brokerage house in his country of residence. Does he have to include the value of this stock in his FBAR a... Read more »

Primary residence, turned into rental, now sold

July 15, 2016, 10:14 pm

This is a 2015 tax question, just now working on it (filed extension). I bought my first home in 1994, paid 80k and spent 30k in improvements over the years. In August, 2012 I bought a new home for ... Read more »

Offshore Real Estate Gift

July 13, 2016, 6:04 pm

Somebody who has been living in the USA for the past four years (has a Green Card) is going to get a house located in Switzerland as a gift soon. Are there any tax consequences from the U.S. (i.e.... Read more »

Negative Interest Rate...

June 29, 2016, 8:02 pm

Please note that I am not a tax professional. I have an offshore bank account on which the depository bank will soon start charging me a so-called negative interest rate, i.e. I will have to pay i... Read more »

Capital Gains Query

June 29, 2016, 1:37 am

I am doing a Reverse 1031 exchange. There is a possibility that the Net Proceeds of sale may be more than the purchase price of the new property. So I am trying to minimize any Capital Gains taxes I ... Read more »

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The best rated discussions

W2 for children of sole proprietor rating: 5

I paid my children a small wage to help me in my business. How do I enter the fact that these are non-taxable wages on the W2. Does it go into box 14--notaxable I? Any help is appreciated. Read more »

Endorsing Refund Check rating: 5

Is there any problem with my son endorsing his IRS refund check, and then my depositing it to my account? -- Read more »

Husband and Wife both work from home... rating: 5

Hello all, My wife and I are both Sole proprietors working from home. We file jointly and file a schedule C and all that good stuff. This is the first year my wife is a sole proprietor. Last year i w... Read more »

Overpaid state witholding -- strategy? rating: 5

I'm in a situation where the amount I paid California in 2006 estimated tax payments during 2006 is considerably more than my actual tax liability. Is it possible to not claim the excess amount paid ... 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 »

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 »

401K Contribution on Total Compensation Including Schedule K-1 Income rating: 5

Several 401K plans I have seen allow owners of a business that generates a Schedule K-1 to contribute to 401K based on total compensation which they define as W-2 earnings plus Schedule K-1 earnings.... Read more »

Re: 1099-B Restricted Stock Options sale...Do I need to file a Schedule D?... rating: 5 writes: No, that doesn't really change anything. In fact, it makes it even more straightforward. Did you file a Section 83(b) election on these shares to treat them as 100% ... Read more »

Giving money to a trust fund rating: 5

I'm concerned about my three grandchildren's education so I want to set up a trust fund to cover that. I want to fund it on occasion when I have excess cash that I know my wife will not need. When ... Read more »

Joint tenancy, multiple owners, capital gains calculation rating: 5

Can someone please explain what each surviving co-owner's capital gains tax calculation would be under the following scenario?: Single family home purchased for $400,000 and sold 10 years later in 20... Read more » is a site by and for consumers of financial services and advice. We are not affiliated with any of the banks, financial services or software manufacturers discussed here. All logos and trade names are the property of their respective owners.

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