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The most recent discussions

Must you provided a SIGNED COPY of the Federal tax return with the state re...

June 21, 2016, 9:53 pm

Must you provided a SIGNED COPY of the Federal tax return with the state return? Or can the Federal copy simply be a printed copy (unsigned). I just got around to doing my taxes and sent them off b... Read more »

Maximum Pension Plan Contributions (Cash Balance Plan & SEP-IRA)

June 14, 2016, 9:51 pm

We are dealing with a QPSC (qualified professional service corporation) aka in the code as a PSC (personal service corporation). It is a one person (age 65) C Corporation with an individual margi... Read more »

Holding Mtg

June 12, 2016, 8:20 pm

I want to buy a $98000 home for cash. Then sell it to my son and daughter in law with 0% mtg interest over 30 yrs. Tthey will never have the money to buy a home because of income requirements and a... Read more »

Airbnb rental income taxation

  [ 2 ]
June 11, 2016, 4:48 pm

Back in the pre Airbnb era around 10 years ago, I moved in with a roommate who had already secured a lease with the property owner and was already living there. we split the rent of $600 but I never ... Read more »

Capital Gains tax questions

June 11, 2016, 3:51 am

Questions on Capital gains tax 1. I bought a rental home many years ago. I am planning a 1031 exchange. To avoid Capital gains tax, do I have to invest only the capital gains or the entire net proc... Read more »

What can I pay of my son's?

June 8, 2016, 6:22 pm

My son will be 23 in December. He will have some earned income, but not much. He graduated college in May and will be a graduate student from 6/16 to 8/17. I know I can pay his tuition, but can I ... Read more »

Gifting stock that has a loss on original basis?

June 6, 2016, 7:14 pm

Lets say I gift 1,000 share of a stock currently selling at $14. That requires no paperwork or tax; right? Lets further say I bought the stock at $16, so the stock has a $2 loss per share. If the ... Read more »

Taxes on US Social Secuity income for a Swiss Citizen

June 6, 2016, 7:28 am

I am a Swiss citizen who worked in the US for 17 years with a Green Card. On my retirement and permanent return to Switzerland I abandoned my permanent residence status in the US by surrendering my ... Read more »

allocate the total improvement cost into land & building?

June 2, 2016, 12:14 am

A residence is converted to rental use. Before that, there was and improvement/renovation to the building. Is there a tax law requiring to allocate the total improvement cost into land & building po... Read more »

Is a simpler and fairer tax code achievable?

  [ 2 ]
May 19, 2016, 4:07 am

I once met a woman who worked for a tax firm in Texas that specialized in servicing billionaires. They had experts on every conceivable tax problem - moving a business off shore, tax laws in man... Read more »

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The best rated discussions

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 »

Becoming an EA with DUI conviction. rating: 5

I'm wondering if anyone knows if I would be eligible to become an EA with a DUI conviction from 1993 that resulted in a fine in excess of $500. Question 9 on Form 23 asks if you have been convicted ... Read more »

Can a non-owner deduct real estate taxes? rating: 5

If, for example, my lease calls for me to pay $100 a month (to the owner) and pay all the real estate taxes directly to the town, can I deduct them? (thw owner niehter pays them, nor deducts them) ... 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 »

Gift limits for husband and wife rating: 5

Hi: Can someone answer the following question: I understand there is a $13,000 limit on the amount that any individual can give to another individual without gift tax being involved, and that for a m... Read more »

Transfer of Prop 13 benefits when inheriting family home via Trust? rating: 5

My brother thinks that one must become a tenant in common to keep Prop 13 benefits when one inherits a paid for home that is part of the family trust. Isn't there some protection for transfer of pr... Read more »

IRS Tax Payment - Third Party Check rating: 5

Does anyone have any experience with making a Federal tax payment via a third party check? This is where a check payable to John Smith is endorsed Pay To The Order Of United States Treasury by Jo... Read more »

Limit on years for cap loss carryover? rating: 5

Is there any limit to the number of future years to which we can apply capital loss carryover? I would think not. But it doesn't hurt to ask. (Hah!) Like so many people, I imagine, 2008 was a banne... Read more »

Question re: bad handling of 401k rating: 5

I've done some bad planning on my 401k. I am changing jobs and contributing $6000 was enough to get maximum employer match ($3000) from my current employer, but I contributed $15,000, close to the ca... Read more »

filing status ? - Married but living in different states rating: 5

My wife and I were married in 2006, but due to job situation, I live in VA and she lives in MD. We commute on the weekends. Some people say that we are considered unmarried for the tax filing pu... 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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