Taxes General Forum - Main Page

Taxes General Forum Tax professionals meeting place and answers to queries. (Moderated). This forums is a Web, Mobile and Social Media interface to misc.taxes.moderated.
There are 45753 articles in 9197 discussions. See the most recent and the best rated articles in Taxes General Forum

The most recent discussions

Delaware taxation of territory (e.g. PR, VI) muni interest

February 22, 2018, 2:14 pm

I thought that interest on these bonds was exempt in all fifty states. See, e.g. FINRA: Bonds issued by Puerto Rico, Guam and other U.S. territories are tax-exempt for residents of all states. ... Read more »

Delaware Corporation

February 21, 2018, 4:09 pm

Hi all - I've received another tax preparation question. I tell people to go to their tax preparation professional, but apparently it doesn't sink in. The question is whether a corporation estab... Read more »

sales tax deduction "specified items"

February 20, 2018, 11:08 pm

I am very confused about the sales tax deduction. During 2017, I purchased a shipping container and built a workshop and firewood shed around it, using additional materials that I purchased myself;... Read more »

Trust Distribution / Capital Gain

February 19, 2018, 8:34 pm

Hi all - I have another tax preparation type question that I haven't been able to find the answer to. Say an irrevocable trust sells real property, and there is a long term capital gain. When ... Read more »

Real Estate agent and Financial Planner activities

February 19, 2018, 5:52 am

Taxpayer serves as both a financial planner and a real estate agent. 2017 was the first year she really tried to make a go at either of these endeavors (got licensed in 2016). In 2017 had no gross i... Read more »

No Casualty Loss

February 15, 2018, 7:14 pm

Hi all - A person's house burns down and he is fully reimbused by insurance, so there is no loss due to the casualty. As far as I can tell there is no reporting that has to be done on the perso... Read more »

Info from IRS re: reported past income

February 15, 2018, 6:00 pm

This is for a friend of mine (honest, it's not me). About 6 years ago she had a for-profit business and, according to her, an accountant made an error in preparing her tax returns which resulted i... Read more »

Can I get away by not incorporating an LLC?

February 14, 2018, 1:32 am

Any input on the following would be highly appreciated: I am thinking of using my existing LLC in FL to purchase a small office property in Nevada. I am told that some states require foreign (out ... Read more »

How to handle Medicare Advantage C costs

February 14, 2018, 12:08 am

I got a SS statement that shows how much was deducted for part B, C, and D. H&RBlock software only asks about B & D. What about C? I am going to make a wild guess that C is a medical deduction? I... Read more »

How can I confirm if my entity is a disregarded entity?

February 14, 2018, 12:07 am

How can I confirm if my entity is a disregarded entity? 1. We had a residential rental property held in the name of our revocable H+W trust and planned to do a reverse 1031 exch. The 1031 Exch c... Read more »

Click here for other recent discussions »

The best rated discussions

deduct conference expenses for graduate student

rating: 5

I am a PhD student and have accepted a position to be a faculty member this coming fall. I am filing itemized deductions. This past year, I attended several academic conferences related to my field... Read more »

Inherited installment obligation.

rating: 5

In pub 537 it says that if you inherit an installment obligation it is taxed the same as it was for the seller. However; when you inherit property, the basis of the inherited property is the FMV on ... Read more »

Amending Form 8288-A

rating: 5

The situation is that my client submitted a Form 8288-A with an old SSN and received a stamped copy from IRS a while ago. Then, he filed his personal tax return with a new SSN after getting VISA. Is ... Read more »

Liability of Incorporator for unpaid Franchise taxes

rating: 5

How does an incorporator of a never activiated C corp avoid personal liability for the years that entity did not file tax returns or make payments of the minimum California frachise tax? Gary -- Read more »

Gain on Brokered CD Purchased at Discount- Is Gain Taxable at Maturity?

rating: 5

In my brokerage account, I had two CD's that matured in 2009. Both were purchased at a discount below face value and generated a gain (long term) of over $1000 at maturity. I would have thought a 109... Read more »

Taxation of Belgium military and NATO pensions in the United States for US ...

rating: 5

My client lives in CT and receives both a NATO old age pension and a Service des pensions du Secteur Public (SdPSP) for military service in Belgium. He claims that 1/3 of his income went as contribu... Read more »

Not understanding 1099R, 401K loan

rating: 5

Although it is the last minute and I will probably file an extension, I am hoping someone can help explain a 1099R I received from my ex- employer. I had a 401K account from which I borrowed approxi... Read more »

Joint tenancy, multiple owners, capital gains calculation

rating: 5

Can someone please explain what each surviving co-owner's capital gains tax calculation would be under the following scenario?: Single family home purchased for $400,000 and sold 10 years later in 20... Read more »

Texas sales tax question

rating: 5

I had a window washing company wash the exterior windows of my home today and the basic charge was $145.00, to which he added 8.25% TX sales tax. Is it proper to charge TX sales tax on a service lik... Read more »

IRS Letter 4809

rating: 5

Today I got a Letter 4809 from the IRS pointing out that I prepare a lot of returns with Schedule Cs (admit). The letter advises me that I should follow certain procedures to make sure that Schedule ... Read more » is a site by and for consumers of financial services and advice. We are not affiliated with any of the banks, financial services or software manufacturers discussed here. All logos and trade names are the property of their respective owners.

Tax and financial advice you come across on this site is freely given by your peers and professionals on their own time and out of the kindness of their hearts. We can guarantee neither accuracy of such advice nor its applicability for your situation. Simply put, you are fully responsible for the results of using information from this site in real life situations.