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The most recent discussions


June 6, 2019, 8:51 pm

I will soon be 70 1/2 and I will have no need for my Social Securty RMD income. Is it possible, like I think to be true for an IRA RMD, that I can request a direct SS payment to a recognized char... Read more »

IRS Refund Reduced

June 6, 2019, 3:14 pm

My neighbor had has refund reduced by $200. He said he never received a letter explaining why. Is there a way to find out why on the internet? bw -- Read more »

Are capital gains & QDI subject to AMT?

June 6, 2019, 3:14 pm

Are capital gains & QDI subject to AMT? e.g. let's assume a total income of $150 bond interest and $1 mil LTGC and std deduction of $13K. Is any portion of the LTCG subject to the 28% AMT? TIA --... Read more »

I-Bond and Charitable donation

June 6, 2019, 3:13 pm

I have some I-Bond with substantial amt of accrued interest. If I donate those bonds to a charitable organization (CO): 1. who will report the accrued interest -- me? OR the CO? If CO, do they h... Read more »

I want to give my house to my children

June 5, 2019, 6:44 am

Correct me if I'm wrong. My home, purchased 1987, now mortgage free, has a cost basis of $200k and has been the primary residence for my wife and I for 32 years. It's now worth about $700k. If I s... Read more »

Nondividend Distributions

June 4, 2019, 3:13 pm

Sometimes IRS form 1099-DIV reports an amount in Box 3: Nondividend Distributions. What kind of activity behind the scenes at the payer can generate this kind of distribution? -- Read more »

confused about 2018 Form 5498

May 31, 2019, 3:10 pm

Actually, two questions. My wife, who is retired, had a 401K with a company that she worked for. That company declared bankruptcy last year. We got nervous about that, so we moved the funds direc... Read more »

How does a MA reseller recover sales tax paid?

May 31, 2019, 2:30 pm

I know that in the normal course of affair a reseller would have the resales exemption certificate to show to a vendor and so would not pay any sales tax. Then when the item is resold the tax on ... Read more »

Can I rollover capital gains on sale if I buy a higher-priced replacement f...

May 25, 2019, 6:59 pm

I have a question about rolling-over capital gains on my profits from a sale of a musical instrument that is used for self-employed business. I am self-employed cellist (Schedule C) with a profess... Read more »

What exactly does the "stretch" repeal in the 2019 SECURE Act tou...

May 24, 2019, 6:22 pm

The SECURE Act has passed the House 417-3 and is expected to pass the Senate and by signed into law. I've seen articles talking about how it eliminates stretch IRAs. However, when I look at the... 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 »

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 »

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 »

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 »

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 » 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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