Latest threads in Taxes General Forumshow only best voted threads

Subject Author Posted Replies
 
Cash gift to caretaker
How is a $500 cash gift handled for a caregiver? If caregiver was an employee (w-2 given out) I understand it is reported as taxable income. If caregiver is an independent contractor (1099)? or Paid...
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Section 179 recapture
A taxpayer has a (very) small consulting software programming business. She uses a laptop with a purchase price of $1,500 and uses it solely for the business. If she does section 179 first year...
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Gift tax question
Good Day I understand that this forum is JUST advice, but it is advice I am looking for :-) I bought a house from my wife's grandfather (arms-length-transaction confirmed) 1. I bought the house for...
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Reporting House Sale When it was Partial Rental
For the last seven years, I rented a portion of my house out (40%) and reported rental income and expenses including depreciation on Schedule E. I also lived in the house. This year (2016) I sold the...
 
When does a gift occur?
Does a gift take place in the year the check is written, when the check is given to the recipient, or when the recipient deposits the check? The first two look like they will be in 2016, but the last...
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Quick reference guide for Texas taxes
Does anyone know good Quick reference guides for tax preparers for Texas taxes, similar to TaxBook or QuickFinder?
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LLC filing as S-Corp wants to convert back to a single-member LLC - possible without starting fresh?
Hello, I haven't had much luck in getting an answer from the IRS on this one and I have researched around without anything conclusive, maybe someone here knows. Client of mine was a single-member LLC...
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1031 exchange question
can a taxpayer relinquish a piece of real estate and qualify for 1031 treatment if the replacement property is an improvement to be constructed on a piece of real estate already owned by taxpayer?
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Simple IRA and Traditional IRA
Much thanks for the explanation and tip to roll it over to a Roth. Very much appreciated. Randy
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Sold 1 investment house to buy another and 1031 exchange wasn't done
I sold a 2 family house to buy a 4 family house, but the attorney didn't apply for the 1031 exchange. If the 4 family house costs more then the 2 family and is purchased within the 6 month window, or...
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investment exchange
what happens when 1031 is not done on an investment exchange?
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Financial advisor fees
My question concerns the miscellaneous itemized deductions on Form 1040 Schedule A. (I understand that only the part above 2% of AGI is deductible.) QUESTION 1: I understand that investment...
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Substantial Presence Test
The US has a "substantial presence test" that should be used by a non US citizen to establish if they have an obligation to file a US tax return. The rule requires you to have the following...
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commuting mileage
TXPYR drives from his home in his car to a WHSE where he is paid to deliver small pkgs. TXPYR is self employed and will receive his pay by the hour from WHSE owner. TXPR uses std. mileage rate for...
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How The TAx Court Can Easily Make A Mistake In the T/P Favor
See Tsehay vs Comm'r, 11/3/16 997 The court ruled that the t/p children did live with him and were his qualifying children. They granted him the EITC, CTC, Addl CTC and the exempti Petitioner was...
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