Latest threads in Taxes General Forumshow only best voted threads
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friendly loan - how to report
Question on a friendly loan of about $50k - made to someone over last couple of years, at a straight rate of 5% - monthly payment is $215 - no principal payment. So, for a given year, the interest is...
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12 years ago
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Expense or asset or ??
It seems that every year a "clever" taxpayer gets the idea to wrap some advertising around his car and deduct all of the costs associated with the car as advertising expense. Here's a different...
15
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12 years ago
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Need To File Trust Return?
I am the administrative trustee of a an irrevocable trust, the sole income of which is rent on land owned by the trust via a 99 year lease. There are no expenses and all income is distributed to the...
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12 years ago
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Sched E - new roof on warehouse
We own a commercial space that is used as a simple rental warehouse. Normally, a simple Schedule E handles the income/expenses. Last year, we put a new roof on the entire building. How is that...
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12 years ago
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401K withdrawal and negotiating with IRS
Hi There, Before anyway answers my questions, please try to refrain from passing judgment on how I have handled this. I did what I did for personal reasons, but the whole thing is embarrassing to me....
4
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12 years ago
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Tax Season Is Here (Cartoon)
This cartoon might be appropriate for many denizens of MTM.. Created by Chris Browne, Hagar the Horrible is a funny look at Viking and medieval Scandinavian life.
3
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12 years ago
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IRA distribution to foreign national
Reading the US/France tax treaty, the protocols, and the explanations of the protocols, has left me without a clear understanding of whether a nonresident alien who is the beneficiary of a US IRA has...
4
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12 years ago
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4 | |
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California - Put House in Trust?
My dad just set up a living will, and named his investment account and home in the trust. He will contact his investment firm to change title to "His Name, Trustee". Everything I've read says you also...
9
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12 years ago
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Schedule C education for startup
Situation: TP in her 60's has started an internet marketing sole proprietorship. She went back to school, spent $20k remotely at USanFran. Can that be used as: ---deduction? whether expensed or...
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12 years ago
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Wash sale
If I sell a stock at a loss; and buy the same stock within 30 days before or after the sale, the loss is deferred. What if I buy options on that stock to maintain my position -- immediately before or...
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12 years ago
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How is bullion ETFs and its options taxes?
LTCGs on bullions is taxed at a max rate of 28%. How about the gold and silver bullion ETFs -- max of 25% or 28%? And LTCGs on the above ETFs? TIA
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12 years ago
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Donations to school parent association deductible as charity?
A private, non-profit religious day school has a parent association. Donations to the school are tax-deductible. The parent association keeps its own bank account. Assets, cash and non-cash, transfer...
3
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12 years ago
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estimating the cost basis of a car used for business one year after purchase
Hi everyone, I am trying to enter the depreciation numbers of a business car in Turbotax. I made the following attempt to estimate the cost or other basis (Form 4562, Part V, line 26, Column d) of the...
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12 years ago
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Can I finally write off GM/MTLQQ?
I was a GM stockholder. I rode it right down to the ground, from GM to GMGMQ to MTLQQ. Does the action described here: mean that it is finally officially dead, so that I can declare it as a complete...
1
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12 years ago
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College tuition reimbursement
scenario: A person pays tuition bills directly to the school and is reimbursed by the company thru their W-2 payroll. They notice it's not fair because the W-2 reimbursement is taxed and doesn't fully...
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12 years ago
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