Latest threads in Taxes General Forumshow only best voted threads

Subject Author Posted Replies
 
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...
 
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...
2
2
 
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...
7
7
 
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...
2
2
 
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...
11
11
 
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...
2
2
 
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...
4
4
 
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...
2
2
 
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?
3
3
 
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...
 
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...
7
7
 
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...
1
1
 
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...
1
1
 
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...
2
2
 
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?
1
1