Latest Taxes General Forum

Subject Author Posted Replies
 
Re: Home Office Deduction
There are two ways this can be done. One is to use the percentage of square footage in relation to the entire property, then depreciate that portion of the cost basis of the house (not inc...
1 day ago 3
 
Re: Which tax form to use?
If you lose your EIN you can contact the IRS Business & Specialty Tax Line at 800-829-4933. The hours of operation are 7:00 a.m. - 7:00 p.m. local time, Monday through Friday. An assistor w...
1 day ago 1
 
Wash sales and dividend reinvestment
A recent thread asked about triggering the wash-sale rule by selling a mutual fund or ETF that was enrolled in dividend reinvestment. I'm in that situation too. The money impact isn't that great...
1 week ago 7
 
Re: Amended return questions
I disagree. If you realize later that you made a mistake, it doesn't matter that you originally believed it to be correct. E.g. you find a 1099 that you missed when originally filing. ...
1 week ago 5
 
Roth conversion and distribution
Executive summary: Are distributions from Roth _conversions_ (from traditional IRA) free of tax and penalty if the retiree is at least 59½ and first contributed to the Roth at least 5 tax years a...
1 week ago 1
 
Re: How to manage retirement accounts during retirement
I was in that situation a few years ago. I asked friends and co- workers for a financial planner if they were happy with theirs, and one gave me an excellent recommendation. (Strebel Planning G...
1 week ago 1
 
Re: I sell products on the internet and I MUST now pay Sales Tax; Do You?
The basic rule is that you don't have to pay sales tax for things delivered to a state where you have no physical presence - no employees or assets, either temporarily or permanently during...
1 week ago 2
 
Installment Sale - Real Estate Inventory
Hi All - I got a question more appropriate for some of you than for me, and I haven't been able to figure it out. An individual sells real estate as inventory (i.e. not capital gain property...
1 week ago 1
 
California FTB has gone (further) nuts?
Some forms are now only available if you give them your e-mail address so they can e-mail them to you? 2019, 540, Personal Income Tax Booklet This is only available by request. Please prov...
2 weeks ago 4
 
Fidelity showing bogus(?) wash sale
I had several employee stock plan (ESPP) and restricted stock unit (RSU) events in the first half of 2019. 29 March 2019 - ESPP - Bought 127 sh @ $113.076/sh (FMV = $182.70/sh) ...
2 weeks ago 5
 
Re: LLC question
The AMBR (authorized member) should be an actual person. Not on the Articles of Organization. That depends. The IRS does not recognize LLCs for tax purposes. As a result you have ...
2 weeks ago
 
Re: Two IRA questions
You can make a QCD from an Inherited IRA but to make a QCD you need to be at least 70.5 years old and meet all the other QCD requirements. The method for calculating RMDs for Inherited IRAs i...
2 weeks ago 3
 
Estate Form 1041 "Income Required To Be Distributed Currently"?
-- I am the executor of an estate. I am using Turbotax Business 2019 to complete Form 1041 for the estate (discussed in this forum previously). -- The will lists exactly two beneficiaries: The exec...
4 weeks ago 6
 
HSA
Re: HSA My husband will be signing up for Medicare in April 2020. He has been a tag along on my HSA for a few years ie contributing $1000 every year. My question is:  Can he contribute the usu...
4 weeks ago 2
 
Calculating imputed interest on installment sale??????????
12 years ago I sold my 30% interest in a building to the 70% owner. Unfortunately there were environmental problems that needed remediation. I agreed establishing an escrow account to pay for the re...
1 month ago 8