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The most recent discussions

Out of State Income


April 16, 2019, 1:58 pm

I'm stumped on this. An employee in State 2 works for a company based in State 1. The company issues employee a W-2 showing all the income is based in State 1, and refuses to correct it. Emplo... Read more »

Need on-line calculator re 401k w/d vs IRS installment payments


April 16, 2019, 1:42 pm

Is there an online calculator somewhere on the Internet that compares the costs of taking an early, ex-employee, w/d from a 401k versus paying the IRS's installment payment plan for a 5 figure ta... Read more »

Question about treatment of currency loss on a foreign CD


April 15, 2019, 4:46 am

I opened a CD in India which has a maturity period of 5 years. The interest compounds quarterly. I will not get any actual distribution from the CD till the 5 years are up. I have been paying tax on ... Read more »

Schedule E vs. Form 8825


April 14, 2019, 5:03 pm

I received a question from a person wanting to know if there is a difference in audit potential between filing a Schedule E to his Form 1040 (apparently a joint return) and filing as a partnershi... Read more »

Where can I claim Foreign Taxes Paid expense on my Schedule C?


April 14, 2019, 1:41 pm

Where can I claim this “expense credit”, if applicable? I am a Schedule C business (self-employed) in the entertainment industry (711100 IRS business code category). I get only 1099-MISC and ... Read more »

Pass Thru 20% question


April 14, 2019, 12:06 am

I am not clear on the new 20% pass thru taxes What if we (husband and I) have some commercial property which I believe qualifies for QBI and we have a personal service biz which does not qualify fo... Read more »

Disclosure of Return


April 12, 2019, 12:03 am

A couple just had their divorce status finalized. But they are fighting over some tax issues. H makes far less money than W. Needless to say W wants to file a joint tax return for 2018, but ... Read more »

Filing 1099 late


April 11, 2019, 10:33 pm

Daughter-in-law is a photographer who has always been a one man show. This year she employed someone to assist with photo shots. She just realized the total she paid to one individual was $700. Wha... Read more »

Double Transaction Fees


April 8, 2019, 10:58 pm

I am currently a foreign resident. When I buy or sell a US security I do it through my bank, who use an American brokerage to do the transaction. On my 1099 forms the buy and sell prices include the ... Read more »

Foreign taxes: Form 1116 or Schedule A?


April 8, 2019, 10:57 pm

I own and ETF that paid foreign taxes. Does an individual take a deduction on schedule A or a direct tax credit on form 1116? Is it my choice? -- 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 »

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 »

S-Corp Year End Closing Journal Entries

rating: 5

I want to make sure I close my equity accounts correctly at the end of each year. I'm the sole owner of my s-corp. I have three equity accounts: Beginning Equity(BE), Contributions & Distributions.... Read more »

AGI and FEIE

rating: 5

If you have foreign earned income and take the foreign earned income exclusion, does this increase your AGI? My specific question at the moment is how it would affect ability to deduct passive activi... 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 »

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 »

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 »

No 1099-MISC from city for solar panel installation rebate

rating: 5

We installed solar panels on our roof last year. We received after-the-fact rebates from both the state and the city; the amount of the city rebate was $2,640. It was our understanding that both r... Read more »

Wash sales on a liquidated account

rating: 5

I'm having problems finding a tax code or IRS statement on point. Is it accurate to say that there is no wash sale when you liquidate your holdings even if you bought a replacement security days b... Read more »

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