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The most recent discussions

Question on State Income Tax


August 13, 2018, 8:00 pm

We are an older couple who split our time between CA and FL. We have a small business in FL that is remotely run when we are not in FL. We had this business for a few years now. We also have some re... Read more »

Where / How to file rental income?


August 13, 2018, 5:34 pm

My husband and I acquired 3 small commercial properties via 1031 exchanges. The relinquished properties (residential) were originally purchased in the name of a simple revocable H+W trust. H+W are t... Read more »

Basis of inherited home with postponed gain


August 13, 2018, 4:58 pm

My wife and I have postponed gain from our previous home that we sold in 1994, under the law in effect at that time that allowed the gain to be postponed. We filed Form 2119 with our 1994 tax retu... Read more »

Insurance Proceeds and 1031 Exchange


August 10, 2018, 2:39 pm

I was asked about a situation where a $4 million property incurs $1 million in damages, covered by insurance. The property was in the process of being sold as a part of a 1031 transaction. The b... Read more »

How to Pay Back Insurance Subsidies to IRS Because of Higher Income?


August 9, 2018, 1:02 am

A self-employed taxpayer usually reports about $18,000 annual income (line 43). With this kind of income, the taxpayer is eligible for and uses subsidies to help pay for Silver plan medical insuran... Read more »

Annuity IRS


August 8, 2018, 8:52 pm

Can I amortize the principal over my life expectancy? -- Read more »

1031 Exch question


August 1, 2018, 11:56 pm

I did a reverse 1031 exch via a qualified intermediary. One property sold and 2 properties purchased in exchange. Here are the details: 1. Year 2017 - I could not find a property that I liked for t... Read more »

Property Expenses


July 30, 2018, 1:40 pm

2 Questions on property expenses I bought a property 20 years ago for my myself. I lived in it for a few years and then rented it for many years. I have now sold it. 1. I do not have records of th... Read more »

Question on IRS tax form 8824


July 30, 2018, 3:07 am

When is IRS form 8824 due to be filed? For example if I sell a property in Jan 2017 and get an extension to file my federal taxes for 2017 till October 15, 2018 then do I need to file my form 8824 ... Read more »

What "lifetime" gift exclusion amount applies?


July 29, 2018, 6:26 pm

Suppose I (single) give my daughter $3M in 2018, and that is the only gift that I give her in my liftime that is in excess of the annual gift exemption. That is under the lifetime gift exclusion in ... Read more »

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The best rated discussions

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 »

NYC 1127

rating: 5

I am preparing my first NYC 1127 for a nonresident employee of NY City. Taxpayer retired last summer so he was only a nonresident employee of NYC for part of the year. In looking at the instructio... 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 »

Form 6251- Line 4 of Home Mortgage Interest Adjustment Worksheet, accounti...

rating: 5

My understanding is that Mortgage Interest must have its uses separated in order to do this calculation properly, because if the interest is for anything else other than home related (building, remod... 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 »

Estimated Tax Issue (Hypothetical)

rating: 5

Taxpayer has $100,000 short-term capital loss carryforward, and $100,000 long-term capital loss carryforward. In the first quarter, he gets $200,000 in short-term capital gains. How much estimated ... 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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