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The most recent discussions

Tax Refund Humor


August 20, 2019, 5:40 pm

I paid my 2018 taxes a bit late. I guessed at the interest, and paid the whole thing with IRS2GO. I guess I forgot to put in bank details for a refund, because today I got at check for $1.67. Since ... Read more »

Travel expenses on a law suit tax deductible?


August 12, 2019, 9:27 pm

My daughter in law lives in WI and was rear ended in WA. She hired a lawyer and had to travel there to meet with him. Would her travel expenses be tax deductible? I suspect not, as her payments wi... Read more »

Health Ins premium question


August 10, 2019, 12:13 am

We have a small business. We file a joint (H+W) 1040, 1065 with K1s. No employees. Where is the health insurance premiums for us (H+W) entered in our tax forms? Should it be in the 1065 or 1040? ... Read more »

possible to have tax refund check sent to addresses other than home address...


August 9, 2019, 5:38 am

Is it possible to have tax refund checks, both Fed and state, sent to addresses other than the home address? I believe my last refund check was stolen. -- Read more »

Depreciation question on Luxury autos


August 5, 2019, 10:40 pm

In the past our Husband and wife partnership business has been doing fine. We file IRS form 1065 and K-1s. We are filing our 1065 for 2018. We have an extension. Based on this business doing OK,... Read more »

Sold rental property deadline to deposit taxes


August 1, 2019, 1:07 am

I sold a rental I had for 25 years. I sold it last week. I have a capital gain of 150k. How do I pay taxes on this? Do I just deposit as estimated taxes. Is there a deadline to deposit the tax or I c... Read more »

capital gain strategy (basic query)


July 26, 2019, 11:50 pm

Let's suppose I have a net short term loss of $2500 in late 2019. I also can take a long term capital gain of $2500. Am I correct that I would be better off taking the gain in 2020.? The idea is I... Read more »

IRC Section 1033 questions


July 26, 2019, 9:48 pm

This is a long shot but I can't find any IRS guidance in the form of Regs or PLRs. A client, organized as an LLC, wants to know if they can purchase two buildings to meet the threshold to avoid taxe... Read more »

Turbo Tax 2016


July 24, 2019, 8:36 am

Hello, Does anyone know where I can buy/get a copy of TurboTax 2016? Thanks! -- Read more »

Capital Gains On Inherited Stock


July 22, 2019, 12:31 am

SWIMBO and I are reviewing and updating our estate plans and I'm wondering what the latest rules are regarding inherited securities. I've got a goodly amount of a US company's stock which has inc... 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 »

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