Taxes General Forum - Main Page

Taxes General Forum Tax professionals meeting place and answers to queries. (Moderated). This forums is a Web, Mobile and Social Media interface to misc.taxes.moderated.
There are 44377 articles in 8933 discussions. See the most recent and the best rated articles in Taxes General Forum

The most recent discussions

Sav Bond Interest

October 19, 2016, 4:22 am

If TXPYR cashes in a bond in December, will taxpayer be penalized for not sending in estimated taxes on it as it was cashed in January? In other words, does it matter on date of interest paid? tks ... Read more »

Moving exp

October 15, 2016, 3:52 pm

If I move to a hospital area out of state in order to be closer to my transplant hospital, is that a deductible medical expense? bw -- Read more »

Question on working in 2 states

October 11, 2016, 2:45 am

My son worked for 6 months in Mass and then transferred to work in CA for the last 6 months of the calendar year. He is still working in CA after the first 6 months. For filing his taxes in CA. Q... Read more »

Covered California Health Insurance Subsidies

October 6, 2016, 3:24 am

For the 2017 tax year, the California state program Covered California offers qualifying persons a monthly healthcare insurance subsidy against qualifying health plans. The subsidy program only a... Read more »

Gift from parents who are not US citizens

October 4, 2016, 6:15 am

Hi, My parents are non-US citizens. I am a US citizen now. They would like to give me some money. I was browsing through the US tax laws regarding receiving gifts from foreign people. This is the li... Read more »

Liability of Incorporator for unpaid Franchise taxes

October 4, 2016, 1:21 am

How does an incorporator of a never activiated C corp avoid personal liability for the years that entity did not file tax returns or make payments of the minimum California frachise tax? Gary -- Read more »

IRS Non-Acquiescence (AOD 2016-03)

October 3, 2016, 9:18 pm

The IRS has non-acquiesced to the Third Circuit decision in Giant Eagle, Inc vs Comm'r, 822 F.3d 666 (3rd Cir. 2016) rev'g T.C. Memo 2014-146. This case dealt with deductions for anticipated custo... Read more »

Refinancing: "lender contribution"

October 1, 2016, 1:42 pm

Sorry for wearying you with yet another question about tax consequences of refinancing, but I'm very grateful for the answers I get from this group. The lender's latest plan, which makes sense g... Read more »

Reporting Interest Income on Federal Tax Returns for foreign CD

September 29, 2016, 4:27 am

I am planning to have foreign CD accounts which will mature after 10 years. When should I report the interest earned from such accounts? Should I report it at the end of 10 years?The bank does not pr... Read more »

Depreciation on Trust Rental Property

September 24, 2016, 3:47 pm

Hired a good sized accounting firm to do trust returns for three child trusts. 2015 was the first year for the child trusts because the grantor of the administrative trust that created the child ... Read more »

Click here for other recent discussions »

The best rated discussions

1099-B Restricted Stock Options sale...Do I need to file a Schedule D? rating: 5

I'm a bit unclear if I need to file a Schedule D for proceeds from a sale I made in 2007 of Restricted Stock Options from the company that I work for. I've received a 1099-B form in a consolidated... Read more »

Put Education Expenses Where? rating: 5

Publication 970 clearly states that I can deduct education expenses as part of being self-employed. Does this cost go on Schedule C as a business expense or Schedule A as a deduction? Thanks Read more »

writing off apartment rent if work requires me to move temporarily rating: 5

If my work requires me to work in a city other than my primary residence for an extended period of time & i need to rent an apartment ...can i write off that apartment? 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 »

Qualified Charitable Distribution from IRA rating: 5

Has anyone seen any details on how the mechanics of the QCD will work? The only thing I've seen is that the gross amount goes on 15a, the taxable (if any) on 15b, and QCD on the dotted line. Nothing ... Read more »

rental income tax reporting rating: 5

  [ 2 ]

I am a bit confused by various IRS instructions and advice I got. Hopefully I can get a bit more information/clarity here ... To simplify, let's say I own 2 rental properties through a LLC (disregar... Read more »

Homebuyer credit subtracted from cost basis? rating: 5

This may have been discussed previously, but I couldn't find the answer here or at the IRS web site. Should taxpayers who receive the first-time or long-time homebuyers refundable credit (not the 2... Read more »

Covered by employer sponsored plan for PART of a year... rating: 5

My wife and I file jointly and expect to have a 2010 MAGI of roughly $210k. We participate in our employers 401k and will continue to do so until retirement. Ordinarily we can not make deductible IRA... 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 »

modified tax return rating: 5

How many years back can I file an amended tax return. I always filed timely for years but recently discovered issues that will provide me a substantial reduction in taxes. -- 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.

Tax and financial advice you come across on this site is freely given by your peers and professionals on their own time and out of the kindness of their hearts. We can guarantee neither accuracy of such advice nor its applicability for your situation. Simply put, you are fully responsible for the results of using information from this site in real life situations.