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The most recent discussions

Is the Calif part of 2019 TurboTax Premier accurate for 2019 yet?

December 6, 2019, 5:56 am

Does anyone know if the Calif part of 2019 TurboTax Premier is accurate for 2019 yet? It is after hours, so I cannot chat with a TT rep. And frankly, I'm not sure I would trust the answer from the ... Read more »

Dealing with a bad debt...

December 5, 2019, 4:17 pm

I lent someone's LLC $25,000 18 years ago. He gave me $35,000 of gems in collateral, and a jeweler I knew was to sell them off to pay back the debt. For 3 years it went well; she sold a quarter of ... Read more »

QCD - how a charity qualifies

December 4, 2019, 3:52 pm

I'm on the board of a small local 501(c)3 charity, about to start our annual giving drive. Since a number of our donors and friends are past age 70½, and thus compelled to take a Required Minimu... Read more »

1031 stock exchange 2017

December 2, 2019, 5:44 pm

I received an exchange 12/29/2017 per share I received $222.93 a share and .5077 shares in stock. i still own the stock. the IRS claims the total amount is taxable. Am I still covered by the old rule... Read more »

Question on the new tax laws exemptions

November 30, 2019, 3:41 pm

The tax reform legislation raised the estate tax exemption thresholds. This increase expires at the end of 2025. Does it mean for sure that the exemptions are fixed till 2025? What if another... Read more »

Seeking practical advice about wash sales

November 29, 2019, 6:12 pm

I know what IRS Pub 550 says about wash sales, but it just is not practical, IMHO. For the most part, my potential wash sales arise when my quarterly asset allocation adjustments might cause sales f... Read more »

Installment Sale/Gift

November 26, 2019, 6:29 pm

Father wants to transfer ownership of his corporation to his children. To avoid gift tax it will be a purchase for fair market value, on an installment sale with payments due that are under the ... Read more »

Sale of primary residence

November 25, 2019, 5:48 pm

This took place in California, a community property state. Taxpayer and spouse were divorced, and spouse transferred his ownership interest in the house to Taxpayer. Taxpayer sold the house in 2... Read more »

Changing Accounting Year for Estate's Form 1041; When To Pay Executor

November 22, 2019, 10:41 pm

-- Death was in August, 2019. - Estate is around $650,000 in cash, earning interest. -- Income post-death to the estate is expected to be about $13,000. Most of the post-death income is due to dis... Read more »

Where does this go to on the federal tax return?

November 20, 2019, 11:11 pm

Where does this income go to on the federal tax return? 1. My husband and I  invest small amounts of money in many Trust Deeds. (These are loans to buyers to acquire Real Estate). We are  thinkin... Read more »

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The best rated discussions

J2 students and tax treaties

rating: 5

Hello, I came to the US with a J2 visa, and later admitted to grad school. My country and the US have a tax treaty that benefits students. Can I benefit from this treaty even though I have no F1/J1 v... Read more »

Prepaid funeral expenses?

rating: 5

My 87 year old aunt paid for her funeral prior to going on medicaid (or medicare; I get them confused, but you know what I mean.) Can these expenses be deducted anywhere? Read more »

Patent exchange for stock

rating: 5

I'm a taxation student and I need your help to clarify an issue in a case I'm doing now: What's the tax treatment of a taxpayer's acquisition of a company's stock in exchange for his patent? The c... Read more »

Mistake on Flexible Spending Account

rating: 5

I recently made a mistake on my Flexible Spending Account reimbursement. I submitted a reimbursement request to my FSA administration after I had received a medical servcie and paid full amount. I ... Read more »

Gifts from a joint account?

rating: 5

My wife and I both want to give our son a $14,000 gift. All we have is a joint checking account. Can we each write him a $14,000 check from it? Can we simplify and write him a $28,000 check? -- 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 »

Tax Return entries associated with Principal Payment amounts on 1099-B

rating: 5

Hi all: I hold the Gold ETF (GLD) and have received a 1099B for this fund. There are several small amounts listed on the Form called Principal Payments. Looking around at various tax guidance reports... Read more »

AMT Audit alert

rating: 5

My client just got a letter from the IRS for a 2008 return asking for a copy of the AMT form 6251 when there is no possible way he could need one. This may be the start of a big headache for all of ... Read more »

SEC Fair fund

rating: 5

I recently received a check (dated 04/23/07) payable to my late mother. I'm assured by the family law firm that it belongs to the bypass trust funded by her death. But the question I have is in reg... Read more »

Claimed & received EIC already, but got Notice CP09 anyway

rating: 5

I filed a client's 1040 about three weeks ago, claiming the Earned Income Credit. The client has already received a refund of the amount expected. Today the client got a Notice CP09 from the IRS, ... 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.

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