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The most recent discussions

Foreign Partner


October 17, 2018, 6:46 pm

Domestic partnership with foreign partners invests in rental real estate. According to the IRS web page dealing with Effectively Connected Income, for a foreign individual, Income from the renta... Read more »

Leaving an IRA to an Estate


October 15, 2018, 10:44 pm

What happens if you leave a traditional IRA to an estate? I know it has to be distributed within 5 years, and that tax rates on estates are quite high. So I ask: 1) Does it have to be distributed ... Read more »

TMV v. additional IRA withdrawal to reduce future RMDs?


October 3, 2018, 8:37 pm

Financial advisors suggest transferring some amount from IRAs to a Roth IRA in order to reduce future RMDs. For example, fill out the current tax bracket. (Of course, I'm talking about after age 59... Read more »

When does Calif publish 2018 income tax rate schedule?


October 3, 2018, 8:36 pm

When does Calif make the 2018 income tax rate schedule available to the public? Is it available to tax professional sooner? It's crazy trying to do tax planning for 2019(!) with only 2017 tax sched... Read more »

Disclaiming an inheritance


October 2, 2018, 6:23 pm

Decedent died in 2012, the estate consisting of savings distributed via a pourover trust to the heirs, the heirs being several adult children and charities. As far as anyone involved knew, there w... Read more »

Resident for several years in Florida, has IRA in Maine bank - State Tax li...


September 30, 2018, 2:35 pm

Several years residency in Florida, wants to withdraw funds from a savings & loan bank in Maine. No state income tax in FL, but there is in ME. Will Maine be entitled to state income tax on the di... Read more »

Failure to file Gift Tax return form 709 25 years ago


September 29, 2018, 4:49 pm

In about 1998, my mother-in-law passed and her apartment was willed to my wife. 6 months later my wife put the apartment in my daughter’s name. The apartment is located in a foreign country and wa... Read more »

AMT tax and LTCGs


September 29, 2018, 12:28 pm

When calculating AMT taxes, does LTCG retains its preferential rates? e.g. Let's say I have a $2 mil. LTCG and have no other income. Will I be paying 0-20% + 3.8% (NII) tax on the LTCG? Or 26-28%?... Read more »

Failure to file gift tax return


September 25, 2018, 2:51 pm

In another thread I started, someone said that filing a gift tax return is a pain in the neck. What is the penalty for not filing form 709. In the case of income taxes, the penalty is purely a func... Read more »

Postponing / avoiding capital gains tax.


September 19, 2018, 2:24 am

This is more than hypothetical as it involves a relative. Adam, age 71, is single without offspring. Adam has recently had some medical conditions in which it is estimated that he has less than 24 ... 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 »

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 »

529 Withdrawals, Support Test, Exemptions or Tax Credit

rating: 5

Daughter is in college. Tuition last year was $45K, $30K was paid by 529 withdrawals paid directly to the school. I control the 529, but the 1099-Q was in daughter's SSN Daughter earned roughly $9... 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 »

taxation after a corporate acquisition event: unexercised but vested stock...

rating: 5

Consider the following scenario: 1. Company A buys company B. 2. Employees of B hold some vested, but un-exercised incentive stock options (ISO). 3. As part of the buyout process, these options get ... 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 »

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