Latest threads in Taxes General Forumshow only best voted threads

Subject Author Posted Replies
 
Converting Main Home to Rental: Depreciation
There is a special rule that one must use when computing depreciation on converting your home to a rental. You must use the lower of FMV or adjusted cost basis on the conversion date. I have not found...
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Trouble with Estate Tax
My Mother-in-Law died in July of '09. Her estate was not disbursed until March of '10. I'm certain we have a loss from date of death to date of receipt of proceeds. The brokerage firm that was holding...
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Estate tax, debts, and life insurance benefits
Andy asks: I read with interest the replied on Estate tax TOD/POD and am wondering if the same reasoning applies to life insurance benefits that designate a specific beneficiary...... In other words,...
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Is payment for severing Right to sue taxable?
As in the BP contract to sever all rights to sue. (Yes I know the replacement of income is taxable.)
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RMD to decedent in year of death?
My brother and I are the only beneficiaries of our dad's traditional IRA. The money is in a CD, the fiduciary is a bank. Our dad died in 2010 and we plan to start taking distributions by the end of...
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Estate tax and POD/TOD accounts
I know that assets in accounts registered "Pay on death to XXXX" or "Transfer on death to XXXX" while not in the probate estate are part of the taxable estate. I assume that even though those assets...
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Client hasn't filed since 2005, what's the best way to submit returns?
This person will probably owe about $15,000 in back taxes and hasn't filed since 2005. I'm wondering what the best way to submit this many returns might be. Each year until 2010 has had about $2,500...
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1041 and K1
I have prepared a relatively simple 1041 for the estate of my B-I-L. Income is Interest, divs and small CG. Deductions and exemption leave estate with no taxable income - no problem. Now come the...
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Does NV employer have to withhold MA tax?
I changed jobs a few weeks ago. My new employer is a tiny company (less than 10 regular employees, plus lots of contractors). The company is headquartered in Las Vegas, but the employees are all over...
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IRS Letter 4809
Today I got a Letter 4809 from the IRS pointing out that I prepare a lot of returns with Schedule Cs (admit). The letter advises me that I should follow certain procedures to make sure that Schedule...
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Stipend taxability?
Need some major help please. IRS is sending me a huge bill! I received a $15,000 stipend from the NM Dept. of Health. Finishing my graduate nursing degree. I have promised to work in NM for 2 years in...
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2 Estim. Tax Payment Questions, Please.
Please help me --- this will be EASY for you, but for me my eyes are crossing with the double negatives the IRS "explains" things with. My situation: Tax paid in 2010: $12K Withholding & credits in...
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Phishing scheme targeting tax professionals (from IRS Web site)
0709, - EMAILS PURPORTED TO BE FROM OPR* It's come to our attention that a number of tax professionals, IRS employees and others are receiving emails purported to be from the "IRS Office of...
 
Is $700 too much for a CPA to file form 8939?
We have to file an IRS form 8939 with respect to my mother's estate (she died in 2010), and the accountant in charge of the estate is quoting us a price of $700 to prepare and file this form. I looked...
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Front foot fee
Normally in Maryland Property tax charged by county consists of Front foot fee in addition to normal property taxes. These are tax deductible as it comes as part of 1099 issued by Mortgage company....
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