Taxes General Forum - Main Page

Do you have a question? Post it now! No Registration Necessary

Taxes General Forum Tax professionals meeting place and answers to queries. (Moderated). This forums is a Web, RSS and Social Media interface to misc.taxes.moderated.
There are 41606 articles in 8410 discussions. See the most recent and the best rated articles in Taxes General Forum below

The most recent discussions

CA tax question


October 25, 2014, 5:27 pm

I am a California resident, but am a shareholder of a S Corp in another state. The S Corp has Sec 179 deductions. Is it true that California has a cap on Sec 179 deductions of $25,000? Does the ex... Read more »

LLC question


October 24, 2014, 10:37 pm

I had a California LLC. Because of lack of business, I closed it by filling a form with the CA secretary of State. Now I might have some business again but I do not need to have a LLC anymore. Ca... Read more »

Sec 179 deduction


October 24, 2014, 8:15 pm

Re: Sec 179 deduction I am a share holder of a S Corp and I am told that this deduction flows thru to one's personal income tax (ie Sch E of 1040). I get a K1 every year. The Sec 179 balance is way... Read more »

Does the gift of real estate property to a family member have to be reporte...


October 24, 2014, 5:30 am

I gave my son property that was formerly my residence and rental. Is this taxable to either party? Also, does this have to be reported if negative? -- Read more »

IRS Revisiting a Tax Court Decision


October 24, 2014, 3:09 am

I have a client that is in an interesting situation. The IRS determined that there was substantial under-reported income in a back (but still open) year. Due to procrastination on the part of the tax... Read more »

Urban Institute e-postcard submission site security flaw


October 23, 2014, 2:11 pm

If anyone here uses the free e-postcard submission site run by Urban Institute on behalf of clients https://epostcard.form990.org/ please be aware of a security flaw. If you use the secure site,... Read more »

Foreigners owning US Property


October 21, 2014, 4:04 pm

A recent case has given me information about foreigners (non- citizen non-residents) owning real estate in the United States, that I was unaware of. Other tax professionals I have talked to wer... Read more »

Formed a ca llc but never conducted any business,


October 20, 2014, 6:21 pm

2 years ago, I created a llc to start a AC business, right after my life got hectic and I never conducted any business with the llc, never spent a penny or made a penny, absolutely nothing was done w... Read more »

Church tax exemption and political activity


October 17, 2014, 4:03 am

For close to 20 yeasrs, my church has had an online mailing list for the members, where they post all sorts of stuff, sort of the online version of the coffee hour after church. At this time of ye... Read more »

Lease as Capital Asset


October 14, 2014, 4:44 pm

A question just came up that I haven't faced before. The small amount of research I have done so far hasn't come up with anything, and I'm wondering what you all think. The situation is that th... Read more »

Click here for other recent discussions »

The best rated discussions

rating
5

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 »

rating
5

CCH Tax News Headlines - November 10, 2010


CCH Tax News Headlines - November 10, 2010 Federal Headlines: 11/10/2010 - _Lawmakers Pledge 2010 AMT Relief _ (http://tax.cchgroup.com/downloads/files/news-headlines/2010/nws111010.htm#1)... Read more »

rating
5

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 »

rating
5

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 »

rating
5

Ohio Source Income


We had a TCE client yesterday who is a MD resident and the sole beneficiary of a testamentary trust managed in Ohio. The income is all from interest and annuities and is all paid out to the benefici... Read more »

rating
5

I want to report my former boos for tax evasion/fraud as I did all of his b...


file IRS Form 3949 A to report my former bossfor tax evasion/fraud. I did all of his bookkeeping, billing, banking, etc. He had me make large bank deposits with Comcheks from thousands of dollars he... Read more »

rating
5

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 »

rating
5

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 »

rating
5

Qualified Charitable Distribution from IRA


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 »

rating
5

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 »