Latest threads in Taxes General Forumshow only best voted threads
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Proper Sched C category/description for attending a trade conference?
Taxpayer is a sole proprietor. Business is a consultant/independent contractor in a particular field (*not* related to investment, income-producing properties, or finance). Taxpayer attends a trade...
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12 years ago
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Refinance Home Mortgage Expense
I am refinancing my Home Mortgage and need to determine what expenses can be deducted on taxes. The expense charges on the refinance are listed below - which of these can I deduct on taxes (I do my...
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12 years ago
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Schwab 1099-B - date acquired = 12/31/95
For our TurboTax info and our Schwab 1099-B info they are showing some missing cost basis entries. Each "missing" entry has an Acquired Date of 12/31/1995 I'm guessing that is a placeholder for Schwab...
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12 years ago
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1099-R question
Hi Mel, >>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Larry had an IRA account at PNC Bank which we closed and rolled over into an IRA account at Wildfire CU in May. The check was made out to him, for the full...
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12 years ago
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American Opportunity Credit, 5th year student
New client has daughter that graduated from high school in 2007 and started college in August of the same year. Past tax returns that show a Hope/AOC taken for his daughter in 2007, 2008, and 2009....
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12 years ago
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How To Report Sales Of Land Located Offshore
I am a U.S. citizen living in the United States. Many years ago, I inherited a piece of land which is located in a European country. I now would like to sell that piece of land. Because I am not much...
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12 years ago
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Final distribution in C-corp dissolution?
I'm a significant shareholder with a few other close-knit active partners in small C corp that's 8 years old that we will probably close/permanently shut-down some time this year. If this happens we...
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12 years ago
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Having No S.S. Number (yet) For Adopted Youngster: How To Handle on Tax Returns ?
Hello, My son and daughter-in-law adopted a baby boy last year. With all the excitement, etc., they have finally just put in for a S.S. card/number for him. Knowing the "speed" of the local S.S....
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12 years ago
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Rent income on 1099-MISC
Some of my real estate rent income are reported on 1099-MISC. Does this mean that I have to report these payment on Schedule C instead of E (thus subject to potential SE tax)?...
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12 years ago
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Capital Loss Carryover if no 2011 capital loss or gain
I have approx $2500 of capital loss carryover from 2010. I did not have any capital gains or losses (no sales) in 2011. Can I still use up the remaining $2500 capital losses on my 2011 income tax form...
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12 years ago
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Can I deduct something from my vacation under following circumstances
I was 30 days on vacation. I travelled to a place where I made one day job research at a location at my vacation destination. However, 29 days of the trip had nothing to do with the job and were pure...
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12 years ago
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Schedule E Royality question
I own a fractional share of the mineral rights on some property in East Texas. The oil company sent a 1099 Misc showing the gross royalities, deductions, taxes, and net amount paid to me. In addition...
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12 years ago
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Bad debt deductible as loss in MA
I deducted a nonbusiness bad debt on my federal taxes this year. When I started working on my MA state return in TurboTax, it asked me to adjust the short-term loss for the bad debt. I dug around a...
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12 years ago
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Can I claim the EIC (earned income credit) if being abroad for 1 year?
I am self-employed USC and I am having some doubts about claiming EIC. In IRS publication one of rules for claiming EIC is that ?You must be a US citizen or resident alien all year?. My residence is...
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12 years ago
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My Accountant's Hobbies
I used an accountant to prepare my tax return for the first time this year. We had absolutely no conversations of any kind pertaining to our hobbies, clutural preferences, or anything of the sort....
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12 years ago
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