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There are 46322 articles in 9317 discussions. See the most recent and the best rated articles in Taxes General Forum

The most recent discussions

Geezer HSA


December 12, 2018, 6:00 am

I have HSAs with a fair amount of money in them. I understand that when I turn 65 next year, I can't make any more contributions but I can keep the HSAs and still make tax-free withdrawals to pay ... Read more »

Charitable Deductions


December 9, 2018, 7:54 pm

I am confused, with the recent tax law changes. I am well aware, that the so called SALT deductions will be limited. I will pay ~30k in property taxes (2 homes), thus not all will be a deduction.... Read more »

Big distribution by mutual fund company in Dec


December 9, 2018, 4:45 am

I am hit with $20000 distribution by Fidelity. How do I pay tax on that. on W2 I don't pay estimated taxes my W2 takes care of my tax withholding but certainly can not take care of $5000 that will co... Read more »

Multiple W-2Gs


December 8, 2018, 4:34 pm

Can multiple W2Gs from same casino but different, dates, slot machines be added up and submitted in total like some stock statements? tks all bw -- Read more »

NYS tax, itemized versus standard deduction


December 1, 2018, 4:08 pm

Instructions for IT-201 say that if we use Federal standard deduction we must use New York standard deduction. This year it's not a problem for me, but in tax year 2019 it will be: I won't have n... Read more »

Can we use MFJ if we have income from non-community property?


December 1, 2018, 7:17 am

Can we use married filing jointly if we have taxable income from non-community property? I am pretty sure that married filing separately is only optional, not required. But that's the essence of my... Read more »

Depreciation


November 22, 2018, 5:27 am

I was the previous owner of a Pet supply business which I sold on 12/31/2017. However, I still own the building and am renting it to the new owner. My question concerns depreciation. With respect ... Read more »

What to expect after total business loss from Hurricane


November 18, 2018, 6:41 am

We lost our business because of hurricane Micheal. A description may be useful. We had a custom built pontoon boat that sat in a marina, we sold shrimp from the boat, we had the business for 1... Read more »

Should I take long term loss vs. short bterm gain


November 12, 2018, 3:18 pm

Say I have realized $20K in short term losses. Say I have $10K in long term gain, unrealized. I would like to have about $10K in short term losses. Should I use the $10K in long term gains to do t... Read more »

Homeowner Exemption for LLC?


November 9, 2018, 10:29 pm

I received a question about whether or not property owned by an LLC taxed as a disregarded entity, will qualify for the $250,000 homeowner's exemption. On the one hand the LLC is disregarded. B... 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 »

What do I do with a ***Substitute Form*** 480.6C?!

rating: 5

I just received a form 480.6C from the Gobierno de Puerto Rico telling me I received $244.16 in dividends, with $24.40 withheld. Apparently an investment account hold some stock in Oriental Finl Gro... Read more »

529 Withdrawals, Support Test, Exemptions or Tax Credit

rating: 5

Daughter is in college. Tuition last year was $45K, $30K was paid by 529 withdrawals paid directly to the school. I control the 529, but the 1099-Q was in daughter's SSN Daughter earned roughly $9... 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 »

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 »

IRS Notice 54

rating: 5

I filed taxes earlier in the year, owing around $60, which I paid with the filing. Then I got a Notice 54 with a check for $14, stating I would be receiving a notice in a few days that explains why ... Read more »

CP2501 resolution process

rating: 5

I had by mistake not included sale of house in 2012 returns. IRS sent us letter CP2501 to which we replied 3 weeks back that we do not owe capital gain taxes as we lived in the house for more than 15... Read more »

taxation after a corporate acquisition event: unexercised but vested stock...

rating: 5

Consider the following scenario: 1. Company A buys company B. 2. Employees of B hold some vested, but un-exercised incentive stock options (ISO). 3. As part of the buyout process, these options get ... Read more »

gift tax consequences of Coverdell ESA transfer to 529 plan

rating: 5

I have a Coverdell ESA with my child as a beneficiary. The Coverdell custodian recently announced to me that they're dropping support for the account, so I need to liquidate the account. I'd like t... Read more »

Negative AGI and percentages for various deductions.

rating: 5

as an expense the amount ... which exceeds X% of AGI. (paraphrase). This type of language is present in sections 67 (misc-2%), 165 (personal casualty loss - 10%), and 213 (medical expense - 7.5%). ... Read more »

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