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The most recent discussions

Roth distributions after conversion from traditional


January 14, 2017, 10:11 pm

I've been reading Pub 590-B, and I'd just like to make sure I'm reading it correctly. I'm currently in my mid-60s, several years away from both 59½ and 70½. I'm still working. I opened my Roth... Read more »

Date of Charitable Contribution When the Bank Generates the Check?


January 14, 2017, 4:38 pm

Instead of writing a check and dropping it in the mail before the end of the year I log into my bank account and direct the bank to mail a check. They mail a check prior to the end of the year and st... Read more »

Did a Recovery of a Contribution Take Place?


January 14, 2017, 4:38 pm

Suppose I make a contribution to a charitable program run by my state government during 2015. It's basically treated as a charitable contribution on my federal income tax return. It happens to also q... Read more »

Sale of House Used as Partial Rental


January 14, 2017, 2:21 am

For the last seven years, I rented a portion of my house out (40%) and reported rental income and expenses including depreciation on Schedule E. I also lived in the house. This year (2016) I sold... Read more »

How to satify the IRS and protect myself?


January 10, 2017, 10:22 pm

I did a reverse 1031 exchange and purchased a property in FL. The 1031 exch company formed a Single Member LLC in FL to hold the property till the relinquished property was sold. The property that w... Read more »

Musician Friend bought 7K new instruments.


January 10, 2017, 6:29 pm

Musician friend bought $7000 worth of new instruments to replace his old ones in 2016. He is semi retired in the 10% tax bracket and had some income from being a band member but thinks it is not w... Read more »

MFS spouse repaying subsidized health insurance


January 9, 2017, 6:16 pm

I'm wondering if there is a loophole in the rules for paying back health insurance subsidies, or more likely, if I'm tripped up by my incomplete understanding of the topic: Suppose that a married ... Read more »

State Gift Tax?


January 9, 2017, 2:56 am

Tom gives Mary a large gift. The state Tom lives in has no gift tax, but Mary's state does? Is there any state gift tax on it? (or any need to file a state gift tax return with anyone?) -- Read more »

RMD


January 8, 2017, 9:58 pm

Taxpayer forgot to take his RMD for 2016, he took the 2016 on January 3, 2017 and then took RMD for 2017 on Jan. 6, 2017.. Will he report both RMD's on his 2017 return? Or does he have to amend, et... Read more »

Year End Payment Messup


January 7, 2017, 7:56 pm

I receive a pension due on the first of each month. During 2016 each direct deposit was done on the first business day of the month (if the first fell on a weekend the direct deposit was done on M... Read more »

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The best rated discussions

Giving money to a trust fund rating: 5

I'm concerned about my three grandchildren's education so I want to set up a trust fund to cover that. I want to fund it on occasion when I have excess cash that I know my wife will not need. When ... Read more »

Re: 1099-B Restricted Stock Options sale...Do I need to file a Schedule D?... rating: 5

dorlockt@hotmail.com writes: No, that doesn't really change anything. In fact, it makes it even more straightforward. Did you file a Section 83(b) election on these shares to treat them as 100% ... Read more »

Husband and Wife both work from home... rating: 5

Hello all, My wife and I are both Sole proprietors working from home. We file jointly and file a schedule C and all that good stuff. This is the first year my wife is a sole proprietor. Last year i w... Read more »

Can a non-owner deduct real estate taxes? rating: 5

If, for example, my lease calls for me to pay $100 a month (to the owner) and pay all the real estate taxes directly to the town, can I deduct them? (thw owner niehter pays them, nor deducts them) ... Read more »

How To Report Stock Exchange In Merger? rating: 5

Over the years, my wife accumulated 418.619 shares of Nicor, Inc. In December 2011, Nicor was merged into AGL Resources (AGL). Each Nicor share was exchanged for $21.20 in cash plus 0.8382 share o ... Read more »

Are books for work tax deductible? rating: 5

I'm a Software Engineer, and use computer related books at work. I also have a Safari account at www.safaribooksonline.com which is on online digital library, which I use at work. Are the books and... Read more »

Pros/Cons of an S-corp vs. LLC for a handyman/repairs business rating: 5

For someone who wants to create an entity for their handyman/home-repairs business, what are some of the pros and cons of setting it up as an S-corp vs. an LLC? I know, of course, that one should t... Read more »

where did the distributions from line 19 of 1065 Schedule K1 go? rating: 5

Looking at my Schedule K-1 for a 1065, there is a distribution on Line 19. But I didn't receive any money from the partnership. I'd expect a direct deposit to show up in my brokerage account, or at... Read more »

Appeal tax penalty and interest? rating: 5

I recently received notification from the IRS that we owe tax on unreported interest from inherited, redeemed HH bonds. We never received a 1099 INT and we were not aware of the taxable interest. W... Read more »

I want to report my former boos for tax evasion/fraud as I did all of his b... rating: 5

file IRS Form 3949 A to report my former bossfor tax evasion/fraud. I did all of his bookkeeping, billing, banking, etc. He had me make large bank deposits with Comcheks from thousands of dollars he... Read more »

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