Latest threads in Taxes General Forumshow only best voted threads
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question about K-1
Last tax year (2011) I received a K-1 because I traded an ETF. I no longer hold any shares, but there are suspended losses that seem to be carried over for this tax year. Do I need to retain this...
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11 years ago
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HUD-1 as 1099-S? How to "map" HUD-1 numbers to 1099-S?
This is sort of a follow-up to my earlier post about when a RE transaction should be reported. I talked to the closing agent about the missing 1099-S and they sent me another copy of the HUD-1. When I...
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11 years ago
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Return of initial Investment in a 529 Plan
Scenario - In 2005 I put $40 K into an out-of-state 529 plan, no tax ramifications/deductions. Now, the plan is worth $80K. My understanding is that I can withdraw my initial $40K without any tax...
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11 years ago
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Question about a tax implications of a foreign CD, with interest payable at a later date
In 2012, I opened a CD in India (NRE fixed deposit) for a term of 10 years. I elected to compound the interest, and not receive quarterly interest payments. My question is: Do I have to report the...
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11 years ago
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A deceased spouse gets a 1099 1 year after death in his name. How to report?
A widow gets a 1099 for income earned by her husband, 1 year after his death. 1099 is reported under his name and soc sec number. Does she have to report it and if so, how?
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11 years ago
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Land Titled to LLC, But Note Still In Individual's Social Security Number
Client quick claim deeded 160 acres to his LLC in December of 2012. The note for this land remains in his personal name and social security number, therefore the 1098 comes in his personal name and...
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11 years ago
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Calculation of "Suspended Loss Carryover From Prior Year" on K-1?
I imported a MLP K-1 (No 1) into turbotax and turbotax made all of the calculations including the one for "Suspended Loss Carryover From Prior Year" There was no sale of any part of this MLP. I then...
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11 years ago
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Contributed too much to Roth IRA -- what to do?
My daughter was doing her income taxes using TT. When she put in her ROTH IRA information, her taxes suddenly went up by $30. Further investigation showed she contributed about $450 too much based on...
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11 years ago
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Confused by TT question
So, I bought my car new in 2007 but it was not new when I started using it for my business in 2012. How do I answer this question? Did you Purchase Your Honda Civic Hybrid New? Tell us if you bought...
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11 years ago
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Attorney and settlement fees in discrimination case
Taxpayer owns two family rental property and was sued for discrimination by a prospective tenant...and lost. Attorney fees were $7500. and the settlement was $25000. Are any of these deductible?
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11 years ago
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Inherated a house as part of my parent's estate and have received a 1099 for the sale.
Inherited a house as part of my parent's estate and have received a 1099S for the sale. The house sold for $370. (Half to me half to a sibling) Should I consider this as part of the untaxable estate...
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11 years ago
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K-1 Questions
Hi, I have two K-1s for some rental property my sisters and I own. One has "no reportable income" written above Part 1 and Part 3 is blank. The other has the following in Part 3: 1) 0 2) -2480 (net...
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11 years ago
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What year is a RE transaction reported in?
Several years ago I inherited some investment property (raw land) in another state and have been trying to sell it. Finally got a buyer, documents were FedExed back and forth and the final documents I...
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11 years ago
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Have to give 1099 to someone who is a conduit to a 3rd party?
Scenario: A bunch of friends want to co-locate servers in a datacenter. It's a lot cheaper to rent an entire rack at once vs. each person renting their own 1U or 2U of space. Some people will be...
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11 years ago
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Changing partial rental back to full personal
Taxpayer buys a house for personal use as primary home, but rents out the top floor to two tenants. The tenants are allowed to use the kitchen and common areas downstairs as well as the pool and...
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11 years ago
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