Latest threads in Taxes General Forumshow only best voted threads
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IRS publication 527
Can anybody help me understand the following part from IRS Publication 527? What I get are: 1] When selecting Qualified joint venture, both spouses can get credit fro social security & medicare 2] The...
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12 years ago
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Realized Loss Reporting on Taxes?
I have just sold two Funds that resulted in a $10400 loss. I'm told by some folks that I cannot deduct this loss totally on my 2012 Taxes, but will have to prorate the loss over a number of years. I...
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12 years ago
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Realized Loss Tax Reporting?
I just recently sold two Funds that I have held for awhile and realized a $10400 loss. Some folks tell me that I cannot claim all this in the 2012 Tax Year and will
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12 years ago
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Refinance Mortgage Expense Deduction?
I'm in the process of refinancing my home mortgage and was wondering if the Home APPRAISAL costs are tax deductible? If so, how and where would it be applied to the Tax Form. Thanks for any insights...
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12 years ago
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definition of tax in IRC 6662
Suppose you forget to report a W-2, 1099-MISC, 1099-R, etc that has federal tax withheld. The IRS imposes the IRC 6662 penalty. BEGIN QUOTE (a) Imposition of penalty If this section applies to any...
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12 years ago
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rental income tax reporting
I am a bit confused by various IRS instructions and advice I got. Hopefully I can get a bit more information/clarity here ... To simplify, let's say I own 2 rental properties through a LLC...
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12 years ago
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educational testing
college freshman with educational difficulties had the following expenses: NeurPsychological tests $2400 Medical and educational consultants $4500 Remedial education program paid to college 17,000...
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12 years ago
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Business Property Depreciation Questions
I assume these are probably simple questions for someone who knows how but reading the instructions for depreciating business property in Publication 4562 is giving me a headache. QUESTION ONE:...
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12 years ago
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real property capital gain/loss
These may be simple enough, but I'd to get some suggestions - Assuming I sold my primary residence for $100K LOSS and sold one rental property for $100K PROFIT, am I correct that: 1] If these two...
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12 years ago
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Tax free interest
For the first time I have some tax free interest in 2011. I see that there is a place to enter it on IRS Form 1040. If I do not report it will I be penalized? Is there some future advantage to...
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12 years ago
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More on expensing vs. depreciating new roofs
Ran across this online. Thought people might find it interesting in light of the discussion we just had here: Recent proposed and re-proposed regulations aimed at codifying tax case law make it clear...
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12 years ago
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Head of Household Qualifications
I am a single working mom and have three children who are under 16 and in school who I properly claim as dependents. I live with my Mother and Father in their home. A tax preparer has told me I should...
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12 years ago
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Buying Debt for Pennies on Dollar in US and Canada
Say a large public company has many bonds that mature from 2012 through 2020. Because of financial problems they are able to buy back that debt for 50 cents on the dollar today. In US tax law, would...
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12 years ago
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1098-T Tuition, pushing Spring semester into that year
In 2010, my son attended two semesters of college - Fall and Spring. For the sake of discussion, let's just say that each semester cost $4000. Publication 970 states that I can claim all expenses up...
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12 years ago
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substitute W-4
Do you have to file paper return with Form 4852, substitute W-2? Proseries program says this form is not sent with e-file, just the W-2 filled out with the info. Thanks
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12 years ago
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