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The most recent discussions

Administering a Trust


October 17, 2019, 9:38 am

As my mother in law got older, we went to an attorney and set up a living trust. i.e. A trust that is set up using her social security number, for which, I am the trustee. For the last 3 years, ... Read more »

401-K Loan - Repayment on Job Termination


October 11, 2019, 7:29 pm

Here's one I know nothing about. Apparently when someone properly borrows from his 401-K, and then leaves his job with that employer, the loan is considered a distribution unless some arrangemen... Read more »

Involuntary withdrawal from 401(k)


October 10, 2019, 2:16 pm

My question is how to avoid the consequences of a 401(k) distribution in cash that I didn't ask for. Background: traditional (non-Roth) 401(k) with Principal Financial. I'll reach age 70 this ye... Read more »

non-qualified use before 5-year period (principal residence gain exclusion)...


October 9, 2019, 11:12 pm

Suppose a rental property becomes a principal residence, and is sold more than 5 years later. IRC § 121(b)(5) seems to say that a portion of the gain must be allocated to the period of non-qualifie... Read more »

What is the trust's tax basis upon funding?


October 6, 2019, 9:35 pm

Normally, the basis to the donee is the lower of donor's cost basis or FMV at time of gift. If an irrevocable trust is funded with securities, does it work the same way -- lower of cost or FMV? TIA... Read more »

Payment to Foreign Worker


October 5, 2019, 5:19 pm

A US company has hired a foreign (non-citizen/non-resident) worker (probably independent contractor) to do work, but not in the US. Is any withholding required? Unless the worker ever comes to wo... Read more »

401-K Rollover


October 3, 2019, 1:49 am

Have the rollover rules changed for 401-K's? Someone told me he's over 59? and has taken a distribution from his 401-K, but he wants to put some or all of it back. As far as I can tell this w... Read more »

QBID for rental properties


September 20, 2019, 8:56 pm

In my opinion I qualify for the QBI deduction for my rental properties. I have a couple of questions maybe someone can answer. 1. The QBID is applied to enterprise groups. I want to lump all of my ... Read more »

Out of State Employee


September 16, 2019, 4:48 pm

I received an inquiry and I don't know how to deal with it. A person is employed by a company in one state, but he works remotely in another state. The employer is not qualified to do business in... Read more »

Home Sale Capital Gain: Estate Tax Return or Decedent's Tax Return?


September 15, 2019, 9:35 pm

Purchase Agreement signed on August 4, 2019. Home owner Bob Doe dies on August 6, 2019. All attorneys (Bob's; the realtors'; the buyer's) agree that the purchase agreement is binding on the estate.... 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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