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The most recent discussions

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 »

Disabled Access Credit


October 10, 2014, 3:27 pm

If a business taxpayer must spend in excess of $10,250.00 in 2014 to meet requirements of the A.D.A., is his tax credit limited to $5,000.00 in 2014 with a carryover amount for excess expenses in... Read more »

Reporting of trust income and deductions by beneficiary


October 10, 2014, 10:46 am

Earlier this year, I received a 2013 Form 1041 Grantor Letter from the Liquidating Trust of a company where I worked which went bankrupt. I received a distribution from the trust in 2013 because that... Read more »

sale of xyz stock in ira, Purchase of stock xyz, in taxable account, wash?


October 8, 2014, 3:37 pm

I want to take an ira distribution at the beginning of the year, will I have to wait 30 days to buy stock in the same company but in a taxable account. (ie xom) Read more »

ACA MAGI and rules?


October 8, 2014, 11:01 am

We have relatively significant assets, and low income. We would like to stay out of the Medicaid system, for what I think are rational reasons. I'd just like to confirm a few things I think are t... Read more »

Good News For US Citizens/Residents With Certain Canadian Retirement Accoun...


October 7, 2014, 9:11 pm

Revenue Procedure 2014-55 provides that eligible U.S. citizens and residents with certain Canadian retirement plans will be treated as making an election under Article XVIII(7) of the U.S.-Canada... Read more »

Cash Gift Rules / Forms


October 7, 2014, 5:43 pm

My wife and I plan on giving* our daughter $15,000 or $20,000. Is it mandatory that any IRS forms be filed out? Years ago, I told her to elope rather than waste money on a fancy expensive weddi... Read more »

TIN for grantor trust


October 6, 2014, 12:28 am

I am the grantor of a grantor trust that has a savings account at a local bank. I have provided the bank with my SSN and I have reported the interest income on my tax return for several years. Ac... Read more »

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The best rated discussions

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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 »

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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 »

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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 »

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CA state tax - W2 not required ?


Hi; I had opted for automatic tax filing extension for CA taxes for 2008 and now I need to send it by Oct 15. When I printed tax forms using Turbotax, it states that Do not attach any Form(s) W-2. Wh... Read more »

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Contract work - what is deductible?


I found some temporary work as an independent contractor in a city 900 miles away. However, I am only going to be working two days per week. On the two days I work, they give me a $60 per diem, to... Read more »

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401K Distributions Overseas


If a US Citizen emigrates to another country and then redeems his 401K's, does the person have a US Tax liability then? tks all bw -- Read more »

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W-8BEN what's that all about?


Our UK accountancy firm acts for a UK registered trading company which is entering into a contract to supply a customer in USA. The USA customer has asked our UK company to provide a W-8BEN. Can som... Read more »

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Taxation of Municipal Bonds


I find this topic to be very confusing and I get lost quickly in the jargon. Is there a web site with a calculator that lets you enter all the relevant information so that you can determine the cost ... Read more »

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1099 But No Income

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Consider the following (entirely realistic) scenario: 1) You create an account with Amazon Payments, enabling you to send money. 2) You send your wife/girlfriend/friend/dog $1000, paid from your cred... Read more »

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


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