Latest threads in Taxes General Forumshow only best voted threads
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Reusing FBAR
The FBAR form seems basically (except for some headers) unchanged for years. I don't want to copy all the information about the places about which I have to report. I tried cut-and-paste from last...
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1 year ago
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How best to structure a part-time business
How best to structure a small business and pay the least taxes. I’ve retired. In my spare time, I’m about to convert a hobby into a part-time business. I estimate that the business will have...
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1 year ago
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Permanent Resident Spouse and Gift Taxes
I am a US citizen. My wife is a permanent resident. We moved to the US roughly 15 years ago and established a joint bank account. We funded the account with shared funds. We have both deposited money...
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1 year ago
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Substantial Tax Understatement Penalty Waiver
Not having any dealings for 50+ years with the IRS other than filing taxes each year I now find myself receiving a nice letter last Thursday stating I owe $7559 in tax and interest plus $1453 for a...
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1 year ago
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IRA annuity and RMD
I know that, in computing the RMD, I can aggregate the value of all traditional IRAs and the total of my withdrawals must be at least the RMD on that aggregate. The basis in my traditional IRA is...
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1 year ago
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Wash Sale Mistake
I wanted to take a tax loss so I sold ABCD at a loss, planning to buy EFGH, but I mistakenly bought back ABCD. I bought more than I sold. Say my cost basis in ABCD was $35,000 and I told it for...
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1 year ago
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IRS thinghy revisited
Paul: So, I posted this, which started another discussion: >>>>>>>>>>>>>>>>>>>>>> I'm VERY surprised the IRS lets it slide. This means you can wait. Especially if you foresee a huge drop in income....
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1 year ago
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Rejection of e-filed Federal 1040
Using H&R Block to e-file two of my last client's returns and both were rejected. Both were filed 'Married Filing Jointly' and the reason given for the rejection was 'Your spouse's 2020 adjusted gross...
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1 year ago
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Query about savings bonds beyond final maturity
A few questions about a savings bond that is over the 30-yr final maturity thresshold. Assuming one has not declared any interest to date: 1) Am I correct that the total interest must be declared in...
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1 year ago
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8 | |
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Deposit Check into ILIT Account
I have a question regarding depositing a check into my ILIT checking account to pay the insurance premiums for the policies in the ILIT. For years, I (the Grantor) have mailed a check to my son, he's...
4
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1 year ago
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Pandemic Backlog
The Treasury Department and the IRS announced an aggressive plan to end the pandemic inventory backlog this year. Deputy Secretary of the Treasury Wally Adeyemo and IRS Commissioner Charles P. Rettig...
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1 year ago
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Is it on a transcript?
Someone failed to file returns for a number of years, and lost the 1099s and W-2s sent during that time. Is it possible to get that information from the IRS? It doesn't look like a transcript would...
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1 year ago
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Extension Payment
Efiled extension with payment to IRS and state 2 weeks ago. Date of w/d from acct was 4/15. State grabbed their share but IRS received efile but payment has not been withdrawn as pf 4/18 AM Any...
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2 years ago
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Stepped-Up Basis
A family member is inheriting a mutual fund from her father, who died in January. The father's account is managed by, let's say, XYZ Investments. The account is invested 100% in a bond fund which has...
3
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2 years ago
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FinCEN 114 & escrow accounts
I (a US citizen) have signed contracts to buy foreign: real estate (completed); waiting on due dilegence real estate (being built) shares of company (once it is formed) I have paid a small deposit /...
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2 years ago
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