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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 » 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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