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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 »


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 » 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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