Latest Taxes General Forum

Subject Author Posted Replies
What if the Jan rent check arrives in Jan but the 1099 takes it into account?
I have some small office property rentals that are organized under different LLCs. I use the cash method of accounting. I received the rental check for Jan 2020 in Jan 2020. However the compa...
3 hours ago
Installment payments
I had a client call me and ask if her installment payment (for prior year taxes owed) would be postponed to July 15th. I can't find anything authoritative yet. Any thoughts?
11 hours ago 1
Property tax deduction recapture
I sold my house this month, and I qualify for 100% home sale tax exclusion. At closing, I got pro-rated credit for portions of the school tax I due and paid last September, and the county/town ...
17 hours ago 1
short against the box ..turning LT gains to ST gains ooops
long spy, shorted against the box, spy collapses from Corona ... Now: spy long( long term) is at a LT loss, short against the box is ST gain, if i unwind , does it revert to original LT gain? or di...
1 day ago
China virus extended tax deadline and stature of limitations
If taxpayer files by April 15 rather than the extended deadline, when does the statute of limitations start to run?
3 days ago 1
COVID-19 Relief Checks
I've seen a number of articles suggesting that the government will direct deposit the checks into taxpayer accounts directly, but how can they do that? They don't have any way of knowing ever...
4 days ago 3
Federal income tax computation on Qualified dividend income
I use Turbotax to do my return; and I am somewhat confused about their calculation. I'll use some illustrative numbers. Taxable income (federal) = $60K QDI = $40K Accordingly, Income @ ordin...
6 days ago 5
mailed payment too soon
electronically. So I did my return the old-fashioned way and mailed the return and a check earlier this week to make sure they got it in plenty of time. Yes, you read that right. I mailed it ea...
1 week ago 2
How about state tax deadlines ?
We see that we now have until July to file and pay our federal taxes. Any word on whether states will do the same? I'm particularly interested in NY and NJ, neither of whose web sites say anythin...
1 week ago 3
Did NYS extend the payment deadline to July 15 like the IRS?
Did NYS extend the payment deadline to July 15 like the IRS?
1 week ago
Earned Income Credit for Unemployed?
Can someone who meets all of the EIC requirements and has no children, file and receive the credit if they earned $0 in 2019? Is there a minimum amount they must earn?
1 week ago 2
Should I delay filing taxes because of coronavirus?
Given that this is a very quickly developing situation, there is still a month left before the deadline, and politicians are talking about relief, does anyone feel like there may be meaningful change ...
1 week ago
RMD off by 1 penny-- should I bother
It is a pain in the butt to change my 403B RMD withdrawal choice (put on hold forever, spousal waiver required, etc.) Well, it turns out I will be 1 penny shy over the whole year. Do I really ...
2 weeks ago 5
Deducting Treasure ETF dividends from PA return?
I have a couple ETFs that invest in Treasuries, so their dividends are exempt from PA tax. They are subtracted from PA Schedule B - Line 3; but there is no obvious way to get them there without overw...
2 weeks ago 4
Sr. Citizen Very Simple Question, Please. Thanks.
Hello, I realize that the other misc.taxes Forum is probably more appropriate, as I am not a "tax professional". But I am a Sr. Citizen, very, and find that I miss a lot of the nuances these day...
2 weeks ago 3