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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 »

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