Latest threads in Taxes General Forumshow only best voted threads

Subject Author Posted Replies
 
Trust donations
Can charitable contribution made out of Lorraine's trust be deductible as a charitable contribution on her husband's tax return? No one is allowed to own a charitable trust or corporation. One can be...
1 day ago 5
 
1244 loss
What if the startup we invested in went belly up a year or so ago but we did not know about it? According to IRS form 1244, it says we should claim the loss in the year the...
3 days ago
 
Capital vs Income losses question
This is not a political question Regarding the extremely large loss that Trump declared in his IRS returns in earlier years. ($1 Billion?) Just curious about the following: 1. It appears that he lost...
5 days ago 1
 
Can I ignore a minor corrected 1099D?
My son did his own taxes for the first time this year. When he gets his own cell phone account he will be an adult! Etrade issued a corrected 1099D, moving $100 from qualified dividends to...
6 days ago 6
 
IRS Form 709
Is the form 709 for gift tax exclusion filed with a return or separately? tks all BW Form 709 IS a tax return. It's not an INCOME tax return, and it's not part of an income tax return. It's a gift tax...
1 week ago 8
 
Client never paid the $695 IRS penalty for not having health insurance in tax year 2017.
Client just received a letter from IRS. Client never paid the $695 because her tax person suggested she not pay it and they told her not to worry. She never heard from the IRS again until yesterday....
1 week ago 4
 
Question on QBI
Question on QBI re 2019 taxes Re: form 8995 QBI-Business Income deduction calculation ********************************************************* Line 12 on form 8995 relates to net capital gains. Does...
2 weeks ago 1
 
Where do I enter Health Ins premiums?
RE: IRS form 1040 for 2019 ******************** I have filed an extension and have to file the 1040 by Oct 15th, 2020 As a full time self-employed Real Estate professional with rental properties where...
2 weeks ago
 
SSN / Name mismatch
Hi I had to send my 2019 return by mail (in July). When I checked "Where's my Refund", it now says: + We have not processed your refund because the Social Security Number, + or the IRS Individual...
2 weeks ago 3
 
Form 5695 carryback/carryforward when MFS between MFJ years
It's looking like it's going to be advantageous for me to MFS (married filing separately) for 2020; however I filed MFJ (married filing jointly) in 2019 and will probably MFJ for 2021 onwards. I will...
3 weeks ago
 
applying refund to next year's return when filing late returns
I recently turned in my 2018 return & am about to turn in my 2019 return. In the 2018 return I applied the refund to 2019 (because otherwise I would owe for 2019). However, what if they don't process...
3 weeks ago 1
 
Question on rentals
We relocated to another state. Our plan was to rent out our home in the former State. But because it needed repair/remodeling we could not rent it out immediately. The remodeling/repairs will take a...
4 weeks ago 5
 
Correcting Accidental EFTPS Payment.
Our small S corporation pays a biweekly payroll on Thursdays to its employees and we file and pay a 941 payment via EFTPS by the following Wednesdays. I accidently used a previous payroll's data when...
1 month ago 1
 
Minimizing taxes on EE Savings Bonds
Hi, I have several EE US Savings Bonds created in 1989 and 1991 in my name. They either are already, or will all fully mature by mid-2021. My kids are currently in college. Ideally, I wanted to use...
1 month ago 10
 
Questions on Taxes Related to Working from Home
I have question as related to taxes. I don't know if it's relavent to the questions but I live in Florida and due to COVID-19 started working from home. Is it possible for an employer paying somebody...
1 month ago 2