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 41465 articles in 8377 discussions. See the most recent and the best rated articles in Taxes General Forum below

The most recent discussions

Can I make both SEP and Roth contribution?


September 1, 2014, 6:48 pm

I'm self employed, sole proprietor, husband/wife, no corp or LLC. We put our max (25%?) into a SEP about $8,000 each. Can we also put money into an IRA or Roth IRA? I'm 59, my wife is 55. Some rec... Read more »

Ira 70.5 minimum distribution


August 25, 2014, 7:27 pm

When does a person born in March 1945 have to start taking this distribution? -- Read more »

"millionaires" more subject to audit


August 23, 2014, 11:46 pm

ok, you have heard it too. Those with incomes aver $1M (is that AGI? Taxable Income?) are more likely to be audited. What does this mean? Do these audits include CP letter correspondence? Are t... Read more »

CP2501 resolution process


August 20, 2014, 11:50 pm

I had by mistake not included sale of house in 2012 returns. IRS sent us letter CP2501 to which we replied 3 weeks back that we do not owe capital gain taxes as we lived in the house for more than 15... Read more »

Interesting Case On Where One Is Domiciled


August 19, 2014, 3:46 pm

We often have posts that deal with state residency and domicile. Here is a Vermont Supreme Court decision that determined the taxpayer was not domiciled in VT but rather NY even though he banked ... Read more »

broker basis etc. calculations for fixed income securities


August 19, 2014, 10:00 am

Taxpayer received an e-mail from Schwab regarding 2014 IRS Rule Changes to Fixed Income Securities Purchased at a Premium or Discount. I cannot cut and paste the text, but what are brokers doing n... Read more »

NY City Unincorporated Business Tax (UBT) on real estate


August 18, 2014, 6:36 pm

Client had to close his business years ago. The neighborhood changed to a residential one from mostly industrial. Realizing he couldn't sell the building as is for any worthwhile amount, he took on s... Read more »

Canadian RRSP


August 18, 2014, 2:14 pm

My wife became a legal permanent resident of the USA in November 2011, and physically moved here and assumed employment in 2013. She has a Registered Retirement Savings Plan in Canada, their equival... Read more »

Does the KiddieTax apply here?


August 15, 2014, 10:44 am

Does the Kiddie Tax apply for 2014? Betty, age 43, has a daughter Sally, age 20. Betty receives child support from Sally's father. For 2013, Betty declared Sally as a dependant. In January, Betty... Read more »

Tax treatment of Passover "sales"?

  [ 2 ]
August 12, 2014, 10:04 pm

I have read that an observant Jew who owns a business is obliged to keep the business kosher for Passover as well as his own home. That being an obvious problem for a food-related business :) a c... 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

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


dorlockt@hotmail.com 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% vest... 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

IRA Benficiaries Question


I have a regular IRA and my wife and I both have smaller ROTH IRAs. We have a joint living Trust with each other as beneficiaries with the Trust as the contingency benficiary. Would there be any tax... 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

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 »