Latest threads in Taxes General Forumshow only best voted threads

Subject Author Posted Replies
 
Using Form 8453 properly
I have a bad debt. 453 says to enter it on 8949 and attach a statement explaining it in detail. Turbotax says 8453 can be used for the statement. The instructions for 8453 say file the tax return...
1 day ago 1
 
TT--1099--how much detail
I use TT Deluxe desktop. Let?s say I get a new 1099 INT form in the mail from a bank, XYZ. Now this form contains the interest figure(s)etc. in the various boxes. It also has fed id number(s), the...
2 days ago 2
 
How to report net profit from PredictIt.org?
I was fooling around with for the first time this election cycle (there was a lot of free money waiting to be picked up). While I expected tax reporting, I was expecting to see my trades reported on...
2 days ago 2
 
Considering retirement in Serbia
Hi, My wife's Serbian, and we are both US citizens. We are contemplating buying a property in Belgrade, that we might wish to use personally and/or rent out, and eventually potentially live there in...
2 days ago
 
Small business tax question
1. Does a business (small LLC bus) have to be profitable to be able to have a HRA and The Small Employer Health Premiums Tax Credit (form 8941)? 2. Is there any IRS regulation or law that stipulates...
4 days ago
 
Gift of rental property
My 90 yr old client gifted 4 rental properties and her personal residence to her grandson. I understand that his basis will be her basis and both the FMV and basis will be stated on the gift tax...
6 days ago 4
 
Missing IRS refund
I have a client that has not yet received their 2019 Federal income tax refund. Return was e-filed in June 2020. Direct deposit requested. Straightforward return - they have received their state...
1 week ago 6
 
Foreign tax credit - no tax treaty
As a USA citizen, if I have an investment in a foreign country that does not have a tax treaty with the USA (such as Colombia) and that investment pays dividends and has tax withholding on those...
1 week ago 1
 
Wash sale rule
that if I sell an investment in a non-tax-advantaged account at a loss and purchase the identical investment via an IRA within 30 days, it is a wash sale. It seems logical that going the other way is...
1 week ago 4
 
S-corporation
Taxpayer is currently the only employee (but not a shareholder) of a C-corporation. Her tax advisor is suggesting that she use an S- corporation to limit her withholding/self-employment tax. However...
1 week ago
 
PPP loan Issue
I just got a call from someone (sole proprietor) who asked for and got both unemployment insurance AND a PPP loan, without realizing that was a no-no. Now he wants to figure out the best way to deal...
1 week ago 3
 
How to tell the IRS your business name has changed
For about 30 years I have done business as a sole proprietorship with an EIN. Every year clients send me 1099s and I report the income on Schedule C. About 20 years ago I changed the business' name....
2 weeks ago 7
 
How to enter a bad debt on 1040?
I let someone money, and they gave me gems as collateral. They defaulted on the loan and I finally sold all the gems. I have loss. I am using H&R Block Software, but they are vague on how to enter it,...
2 weeks ago 1
 
401(k) Withdrawal Issue
In 2020 OP (over age 55) went to his former employer to ask for a large distribution from his 401(k) plan. The employer was in the middle of merging with another company, so they did not respond to...
2 weeks ago 6
 
Weird Problem with Current Stimulus Payment
This is an odd problem with the current stimulus payment. First a little background. My wife and I are both retired, age 69 and have always filed joint returns. My wife is on social security and I...
2 weeks ago 5