Latest threads in Taxes General Forumshow only best voted threads

Subject Author Posted Replies
 
Revenue Ruling 2023-2
I thought this was pretty ho-hum, the IRS just stating what has been known for years. But then I read this article: still think these people are grasping at straws, especially since the Revenue Ruling...
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Cost Basis of Stock Removed from Company Retirement Plan
In 2008, nine years after retirement, I removed my assets from my prior employers retirement plan. Most of the assets were rolled over tax-free into an IRA but the company stock was transferred to me....
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Reporting foreign asset
Two years ago, I lent money to a foreign builder (so a foreign asset). At the start of last year, I still owned that foreign asset. During last year, I gifted that asset to a foreign grantor trust....
 
Unfiled US Taxes for US citizen residing in Australia
My daughter filed US taxes up to and including 2007. I have those records. She hasn't filed any US returns had significant SS earnings for 15 - 20 years up to that year. She moved to Australia and got...
 
Capital Gains?
Single family home inherited in 2013. Value $230K, per Zillow, Red Fin, etc. Home held by beneficiary from 2013 - 2022, and put into service as an AirBnB/VRBO short-term rental from 2014 - 2023. Did...
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Re: Gift-Installment Sale (Is it taxable?)
My question with this situation is aside from having to pay tax on the gain, would a gift tax need to be paid too?
 
Online Tax Prep Companies Shared Taxpayer Personal Data With Meta and Google
The article sems to say that only data from online tax prep sites had been shared, so perhaps this issues does not impact tax softyware that is downloaded and used on a computer
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Change of country
I own stock of a pre-IPO company that was registered in Belize (for years) until January XX, 2022. On January XX, 2022, it changed to a Delaware USA company. I am trying to find out the value of XX....
 
Tax Treatment in 50-50 Custody Case
My son is going through a divorce, and he and his wife have one minor child. The lawyers are telling them that because they live in a 50-50 custody state, the normal approach when you have one child...
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How to split income from joint accounts and revocalble living trust accounts when married filing separately
We are in Massachusetts and will be MFS on the state return. The revocable living trust has us both co-trustees. Do we allocate income by SSN on the 1099? Do we allocate 50-50? Is there some other...
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1031 Holding Period
When doing a 1031 exchange, the basis of the original property transfers to the new property. But does the holding period also transfer over? A client has done a 1031 exchange, and then wants to sell...
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Investment Energy Credit
Hi All - The question came up as to whether the investment energy credit applies to rental real estate. It should, but I haven't been able to find any specific authority. Can you help? Thanks.
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IRA Issue... Or Not
I am 75 years old, retired. My income consists of divd/interest, SS, pensions. I have assorted trad. IRA accounts including a substantial self-directed one with TD Ameritrade (TDA). I take all my RMDs...
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Filing the 990-N
After the discussion with Stan, I remembered to file the 990-N for an organization I'm responsible for with a June year end. I was able to find last year's credentials, but they no longer work. Use...
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S-corporation Shareholders
I have a question about how to report wages for S-corporation shareholders. I know that the (reasonable) wages portion of their compensation is subject to withholding taxes. But does that mean they...
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