Latest threads in Taxes General Forum | best threads

Subject Author Posted Replies
 
Hawaii Death Tax and stepped up basis
If one holds real property in Hawaii in a multi member LLC to avoid the Hawaii nonresident death tax, does the real property get a stepped up basis upon death of one or both LLC members?
1 day ago
 
Hawaii Property Tax on LLC
Does anyone know how Hawaii imposes property tax on an LLC that is a disregarded entity for income tax purposes? Thanks. If the LLC is the title holder of real estate, the LLC receives a property tax...
1 day ago 8
 
RMDs - what is the definition of "retirement"
As I understand it, RMDs are not required to be taken until one retires. For a taxpayer who qualifies as a Real Estate Professional, spends well over 750 hours per year on his real estate activities,...
2 days ago 10
 
Payroll Tax Suspension
Does the proposed Payroll Tax Suspension include the employers portion also? tks all bw No, it doesn't. The presidential memorandum specifically references the section of the Internal Revenue Code...
3 days ago 6
 
COVID-19 Unemployment Payments Taxable Qustion
This post has to do with what COVID-19 federal stimulus ($1,200) and federal unemployment ($600/week) payments are taxable, along with CA state unenployment benefits. My daughter was self employed but...
5 days ago
 
RMD for 2020 reversal
IRA RMD reversal. How do I show the complete/or partial, return of my RMD for 2020. I took my 2020 RMD in January and would like to return(reverse) the distribution. Most likely I will receive a 1099R...
1 week ago 4
 
Bonus Payback
Client worked throughout 2019 in a salaried managerial position. In addition to her salary, she received a $2,000 bonus in 2019 in return for her agreement to stay on the job through 2020. Instead, in...
2 weeks ago
 
Quick claim deed OR joint tenant with right of survivorship OR ???
Have young relative whose elderly surviving parent is imminently near death. Parent owns a condo. Don't know if parent's will needs to go to probate. Relative will be executor. If property transferred...
2 weeks ago 3
 
Revised Form 1116
I filled out a form 1116 listing my foreign taxes as accrued. Now they are paid, but a bit higher than I had written. Should I file a revised 1040, with the new 1116? It will not affect my tax, but it...
2 weeks ago
 
IRS return handling
Mailed to the proper address in mid April an amended return (1040-X, which apparently can't be electronically filed), and when checking return status online reply is there is no return. I have read...
4 weeks ago 5
 
New: Partial DC and MD Income Tax
Because of the length of the last conversation on this subject and thinking I have a solution consistent with some of your feedback, I thought I would repost the situation and my plan: Situation: My...
4 weeks ago 3
 
State Tax Withholding Verification
I filed my state (MA) and federal tax last week. Yesterday, I received a request for "verification". I needed to send copies of documents that confirmed my state tax withholdings. 2 sources, part time...
4 weeks ago 7
 
Partial DC Local Income Tax
My daughter continued to live with my wife and I in Maryland after graduating college in May 2019, started working for a company in Washington, DC in June 2019, until January 1, 2020. On January 1,...
1 month ago 14
 
Can we make current year tax return payment via credit card before the tax return is electronically filed?
I want to use my credit card to make a IRS tax payment due to promotional offer on my card but I don't want to submit my return electronically until July 12,2020 in case I find errors on tax return....
1 month ago 1
 
form 5498-- retain?
do i need to keep form 5498 with zero contribution information Mel Anyone respond please? Mel I would suggest keeping the 5498 if you took any deduction for the tax year (even if the contribution...
1 month ago 2