Latest threads in Taxes General Forumshow only best voted threads
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Round 2 on Estate Tax
My wife's sister wrote the following about their mother's estate: Her accountant said "The info needed is not the value of the estate at death vs. at the time it was liquidated; rather, it's the...
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12 years ago
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Interplay of indiv 401(k) and health insurance
Question is for sole proprietorships (Sched C filers), regarding elective contributions (deductible vs. Roth), in the presence of health insurance premiums (1040 line 29 adjustment to income). There...
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12 years ago
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stock cost-basis, long/short gain with covered calls?
Let's say you have a long term stock holding (several years) with a sizeable gain, you wish to sell the stock in 2011 but instead of directly selling the stock, you instead sell covered call options...
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12 years ago
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Return of Capital
Many of my transactions on Ginnie Maes are returns on capital. My broker reports those to the IRS as capital gains. When I download treansactions from the broker's site into TurboTax they are put into...
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12 years ago
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Estate Taxes: Form 8939 Challenges
For those of you involved with having to file Form 8939, the following article from BNA is informative especially the part about amending. Stay up-to-date ont Tax & Accounting breaking news at the...
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12 years ago
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Credit Card foreign currency fee settlement
I recently received a refund from the settlement of the credit card foreign currency lawsuit. I cannot find any reference in the settlement website (link attached) that indicates if the settlement is...
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12 years ago
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Company in Maryland but employee in Georgia
I am a small Corporation(1120 form filing). One of my employee works in Atlanta GA, but my company revenue base is from Maryland so I pay only Maryland taxes i.e for us no income from Georgia. The...
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12 years ago
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Advice needed for a situation involving job change and work in two states
Hi folks, I need some advice and guidance concerning tax filing. I worked in Illinois till May when I got laid off. Then I took a couple of months of unemployment benefit from the state of Illinois...
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12 years ago
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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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12 years ago
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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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12 years ago
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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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12 years ago
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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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12 years ago
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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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12 years ago
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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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12 years ago
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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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12 years ago
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