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The most recent discussions

Delaware taxation of territory (e.g. PR, VI) muni interest


February 22, 2018, 2:14 pm

I thought that interest on these bonds was exempt in all fifty states. See, e.g. FINRA: Bonds issued by Puerto Rico, Guam and other U.S. territories are tax-exempt for residents of all states. ... Read more »

Delaware Corporation


February 21, 2018, 4:09 pm

Hi all - I've received another tax preparation question. I tell people to go to their tax preparation professional, but apparently it doesn't sink in. The question is whether a corporation estab... Read more »

sales tax deduction "specified items"


February 20, 2018, 11:08 pm

I am very confused about the sales tax deduction. During 2017, I purchased a shipping container and built a workshop and firewood shed around it, using additional materials that I purchased myself;... Read more »

Trust Distribution / Capital Gain


February 19, 2018, 8:34 pm

Hi all - I have another tax preparation type question that I haven't been able to find the answer to. Say an irrevocable trust sells real property, and there is a long term capital gain. When ... Read more »

Real Estate agent and Financial Planner activities


February 19, 2018, 5:52 am

Taxpayer serves as both a financial planner and a real estate agent. 2017 was the first year she really tried to make a go at either of these endeavors (got licensed in 2016). In 2017 had no gross i... Read more »

No Casualty Loss


February 15, 2018, 7:14 pm

Hi all - A person's house burns down and he is fully reimbused by insurance, so there is no loss due to the casualty. As far as I can tell there is no reporting that has to be done on the perso... Read more »

Info from IRS re: reported past income


February 15, 2018, 6:00 pm

This is for a friend of mine (honest, it's not me). About 6 years ago she had a for-profit business and, according to her, an accountant made an error in preparing her tax returns which resulted i... Read more »

Can I get away by not incorporating an LLC?


February 14, 2018, 1:32 am

Any input on the following would be highly appreciated: I am thinking of using my existing LLC in FL to purchase a small office property in Nevada. I am told that some states require foreign (out ... Read more »

How to handle Medicare Advantage C costs


February 14, 2018, 12:08 am

I got a SS statement that shows how much was deducted for part B, C, and D. H&RBlock software only asks about B & D. What about C? I am going to make a wild guess that C is a medical deduction? I... Read more »

How can I confirm if my entity is a disregarded entity?


February 14, 2018, 12:07 am

How can I confirm if my entity is a disregarded entity? 1. We had a residential rental property held in the name of our revocable H+W trust and planned to do a reverse 1031 exch. The 1031 Exch c... Read more »

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The best rated discussions

deduct conference expenses for graduate student

rating: 5

I am a PhD student and have accepted a position to be a faculty member this coming fall. I am filing itemized deductions. This past year, I attended several academic conferences related to my field... 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 »

Amending Form 8288-A

rating: 5

The situation is that my client submitted a Form 8288-A with an old SSN and received a stamped copy from IRS a while ago. Then, he filed his personal tax return with a new SSN after getting VISA. Is ... Read more »

Liability of Incorporator for unpaid Franchise taxes

rating: 5

How does an incorporator of a never activiated C corp avoid personal liability for the years that entity did not file tax returns or make payments of the minimum California frachise tax? Gary -- 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 »

Taxation of Belgium military and NATO pensions in the United States for US ...

rating: 5

My client lives in CT and receives both a NATO old age pension and a Service des pensions du Secteur Public (SdPSP) for military service in Belgium. He claims that 1/3 of his income went as contribu... Read more »

Not understanding 1099R, 401K loan

rating: 5

Although it is the last minute and I will probably file an extension, I am hoping someone can help explain a 1099R I received from my ex- employer. I had a 401K account from which I borrowed approxi... Read more »

Joint tenancy, multiple owners, capital gains calculation

rating: 5

Can someone please explain what each surviving co-owner's capital gains tax calculation would be under the following scenario?: Single family home purchased for $400,000 and sold 10 years later in 20... Read more »

Texas sales tax question

rating: 5

I had a window washing company wash the exterior windows of my home today and the basic charge was $145.00, to which he added 8.25% TX sales tax. Is it proper to charge TX sales tax on a service lik... Read more »

IRS Letter 4809

rating: 5

Today I got a Letter 4809 from the IRS pointing out that I prepare a lot of returns with Schedule Cs (admit). The letter advises me that I should follow certain procedures to make sure that Schedule ... Read more »

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