Latest threads in Taxes General Forumshow only best voted threads
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How do you adjust for disallowed passive losses from partnerships on schedule NR
The instructions to Schedule NR indicate to sum up various amounts from Column B per Form k-1-p received from partnerships. A portion of the Federal loss from the partnership is disallowed on the...
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11 years ago
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Ordering IRS Forms by Mail
I went to the IRS Web site and tried to order some forms by US mail. I could order form 1040, but it did not recognize Form 2555. It would, however, let me download Form 2555. Does this mean that I am...
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11 years ago
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Date acquired for rental property?
I bought a condo in 2005 which has been my priimary residence since. In 2012 I rented out one room of it. So I want to deduct half of all my expenses . For depreciation, it asks "Date acquired". Do I...
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11 years ago
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Tax loss on not getting paid...
Say I sold a business for $1,000,000, getting $600,000 immediately and $400,000 in 5 years if contingencies are met. Inexplicable I put the entire $1,000,000 on my income tax return, and in 5 years...
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11 years ago
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Security deposits on real estate LLC - recourse debt?
A colleague insists that security deposits in a real estate LLC are recourse debt. She says the managing member has a fiduciary responsibility to safeguard the deposits of tenants. I have never...
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11 years ago
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401K Withdrawal
I have around $22000 in a company 401k company that I want to take out as a distribution. I am gone from the company and am 62 years old. The company will not let me take the money as a cash...
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11 years ago
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Another Savings Bond Question
This is a different question from the one in my other thread. My mother died back in the 1990s and left a small amount of money (approximately $4500) to my son, who was then 5 years old. My wife and I...
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11 years ago
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Changing from Method 1 to Method 2 on Savings Bond Interest
I have paper EE savings bonds purchased in 1992 which have been accumulating interest every year. The original purchase price was $35,000 and the total accumulated interest through 2012 is roughly...
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11 years ago
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Another Dumb Estimated Tax Question
I know I'm supposed to pay estimated taxes on 4/15, 6/15, 9/15, and 1/15. I get paid monthly. Am I supposed to pay 3 months' worth of taxes on 6/15 even though I only got paid for two months?
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11 years ago
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Are there penalties in letting an annuity mature after the death of owner?
My father had a $100,000 annuity for the term of 5 years. He died the year it was invested. My name is listed as POD but it was with the understanding that it would be divided among his other three...
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11 years ago
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1098-T and W2 for scholarship amount
Our son, a full time student, received a token scholarship to work last summer at UW/Madison for $2,500. It's interesting that we received a 1098-T with the usual tuition boxes, along with the recent...
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11 years ago
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tax treatment of distribution from Country Wide class action litigation
I received $276.41 as a result of a class action suit against Countrywide Financial which was finalized last year. My "recognized claim" was $1090. The "pro-ration Factor" was .2535834977 (if that...
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11 years ago
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Questions on Purchase on a Small Business
I am in the process of buying a few outlets of a franchised business from the franchisor company directly. We had come to an agreement on price. The price was to be split between 1. Fixtures, Fittings...
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11 years ago
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Amending basis on Form 8606 for prior years - 1040X required?
I recently discovered an error on my 8606 for 1994. I erroneously reported a nontaxable distribution of $92 on line 10 of the 8606 even though I didn't receive one. It was my first year using TurboTax...
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11 years ago
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I depreciated the roof replacement on our rental home using the wrong method
I used The MACRS 7 year 200DB method not knowing I needed to use the 27.5 year. I've been doing this for 5 years. What should I do to correct this? Should I start using the correct method?
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11 years ago
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