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The most recent discussions

Employer ID changed, what about pension plans?

October 12, 2015, 10:34 pm

I changed the form of my one person company from an S-Corp to a sole proprietorship. The IRS issued me a new Employer ID Number (EIN). I forgot about the fact that I had pension plans which wer... Read more »

Form 941, Part 1, Line 1

October 12, 2015, 6:24 am

Line 1 of Part 1 of Form 941 asks for: Number of employees who received wages, tips, or other compensation for the pay period including: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter... Read more »

Good small property owner guide to final Tangible Property regs?

October 8, 2015, 4:33 pm

I know this is a little late, given that things went into final effect 1/1/14 :), but any suggestions on a guide to the new rules suitable for a small property owner (like a multi-family or vacati... Read more »

repair expense question

October 7, 2015, 4:01 pm

Trying to wrap my head around the new regulations... In one of my buildings I did some electrical work in one unit - I added some new circuits and reworked some others because the tenant kept overlo... Read more »

taxes when selling property and improvements made to property the same year...

October 7, 2015, 4:01 pm

I have a question regarding taxes when selling property. On the California form there is a line 10 593-e stating costs of additions and improvements. We put $22,204 for that. Since we sold the proper... Read more »

When Return of Capital exceeds the principal in an IRA account

October 7, 2015, 4:00 pm

Say I own a CEF (closed end fund) and at some point the return of capital exceeds the original cost basis of the fund. Pertaining specifically to an IRA account, how does this get handled? Any im... Read more »

Safe Harbor for Small Taxpayer question

October 7, 2015, 4:00 pm

Can I choose not to count an expense if it would put me over the 2% safe harbor amount? Example: I have a building with a basis of $200,000. The 2% safe harbor amount is $4,000. I have $4,050 of ... Read more »

I never thought having too much income would be a problem

October 5, 2015, 11:28 pm

I am a 70 year old woman. I am currently working, but beginning next year I will not be. That means i will have to start taking the RMD from my 401k which is worth about $500k. I have a second 401... Read more »

What does the term "members draw" mean on a balance sheet?

October 4, 2015, 5:44 am

Google doesn't seem to have anything on this. I looked at a balance sheet that has members draw as a entry under equity. The proprietor tell me that it means additional money she has paid into the ... Read more »

Safe Harbor for Small Taxpayer election wording for rental property

October 4, 2015, 2:52 am

In order to claim the Safe Harbor for Small Taxpayer election, the statement must be titled, Section 1.263(a)3(h) Safe Harbor Election for Small Taxpayers and include the taxpayer's name, address, ta... Read more »

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The best rated discussions

Questions about Form 5471 rating: 5

------------------------------------- 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 »

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 »

CCH Tax News Headlines - November 10, 2010 rating: 5

CCH Tax News Headlines - November 10, 2010 Federal Headlines: 11/10/2010 - _Lawmakers Pledge 2010 AMT Relief _ ( Read more »

appealing refund statute of limitations rating: 5

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 »

Can I go ahead and file my 1040 with a missing k1 rating: 5

I am self employed sole proprietor and do my own 1040 and related forms thru Turbo Tax and they are all done and all ready to be filed but I also have second business thats a general partnership and ... 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 »

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 »

Capital Gain / Depreciation Recapture Question rating: 5

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 does one make the 65-day election w/ respect to distributions from com... rating: 5

How does one make the 65-day election w/ respect to distributions from complex trust? TIA -- Read more »

A question on home sales rating: 5

A friend had his house sold (or so he thought), but it fell through. The person backed out and my friend kept the earnest money. Is that income? Does it impact on the tax basis of the house? Anyt... 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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