Latest threads in Taxes General Forumshow only best voted threads
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Delaware Statutory Trust (DST)
Client exchanged rental property for another rental property and a property held in a Delaware Statutory Trust (DST) in 2021. My job is to record everything on the books so I may prepare the...
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1 year ago
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Form 8938 and real estate
I have read in many places words similar to: "foreign real estate held by an individual is not reportable on Form 8938" However, based upon what I read (in just one place), I believe that should read:...
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1 year ago
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IRS Form 8938, line 6
On IRS form 8938, is the total on line 6 done day by day? Suppose I have USD 200,000 in one bank for January and February, and I have USD 300,000 in another bank for April and May. If the total is...
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1 year ago
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Joint CDs and gift tax
I have quite a few CDs with my daughter as co-owner. I did that because I thought that she should have easy access to money in case I end up in assisted living. I am in my late 70s. I just read...
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1 year ago
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Proving You Don't Owe Taxes
I have moved overseas, and am trying to transfer money from a U.S. bank account to an Israeli one. Because of the money laundering rules, the local bank wants a statement from a local CPA or lawyer...
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1 year ago
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Lump Sum Distribution From Swiss Retirement Account
Back in the 80s I worked for six years in Switzerland. (I have dual US-Swiss citizenship) I was employed and paid by a Swiss company; I was not a tranfer employee from a U.S. company. During that...
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1 year ago
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Capital loss carryover
On the capital loss carryover worksheet for the 2021 tax year, line 4 says "Enter the smaller of line 2 or line 3b" (The worksheet is at <> in HTML, and this line is the same in the PDF instructions.)...
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1 year ago
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moving loss into next year--will this work
Suppose I have a stcg loss in XYZ, realized in late Dec., 2022. I don't want that loss in 2022. I prefer it in 2023. Can I just buy XYZ, and then sell it,say in early Jan., 2023? In that way, the wash...
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1 year ago
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Trust Charitable Donations
In general, a trust is allowed to make charitable donations so long as the trustee has been granted the power in the trust document. Further, my understanding is donations would be allowed as a...
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1 year ago
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8283 question
Here's something that doesn't seem to be covered by the literature, although one would think it's a fairly common situation. Client is a member of a church which is basically just struggling to stay...
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1 year ago
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Marriage Annulled
Does anyone know the tax consequences when a marriage is annulled rather than terminated by divorce? I'm looking at a situation where people were married for years, but the marriage was actually...
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1 year ago
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Filing Electronic if no refund for paper return filed on 2-22-22
I am waiting for a refund that was filed as noted on 2-22-22 and have heard nothing back from the IRS. Would it help to file electronically now?
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1 year ago
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POD or TOD accounts and inheritance tax
POD/TOD accounts goes directly to the beneficiary upon the account owner's death. If that considered a gift or inheritance to the recipient? If a state like NJ has an inheritance tax, is that transfer...
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1 year ago
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Signs the IRS Logjam Is Breaking Up for 2020 Amended Returns
-- One friend e-filed her amended 2020 return in mid-April, 2021. Almost exactly a year later, in mid-April 2021, she received the refund she was due. Strangely, one week later she received a snail...
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1 year ago
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Amending NYS return for Misc. Deduction
I use TurboTax and it states that legal fees for Estate tax planning -- fees related to tax planning is a Misc. Deduction. I have legal fees relating to estate planning -- setting up trusts, etc. Is...
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1 year ago
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