Latest threads in Taxes General Forumshow only best voted threads
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Interest income form a loan to a relative
I obtained a loan from my line of credit to give it to a relative. he agree to pay me the same amount of interest that i was paying to the bank for this loan. I have received 1099- Int from relative...
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11 years ago
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Is this TurboTax/Mint Roth plan to good to be true?
In starting to do my 2012 taxes, TurboTax suggested I look at their deduction finder. They suggestion that I could make a nondeductible Roth IRA contribution up to $6000 per year. While not...
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11 years ago
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Is there imputed interest on an open transaction?
I know there is imputed interest on an installment sale. Except for treatment of the basis an open transaction is pretty much the same as an installment sale, so I presume there is imputed interest on...
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11 years ago
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Reverse Mortgage Insurance Premium
Client signed a reverse mortgage that paid off the original acquisition loan. They took a lump sum (not annuity). At closing $3,100 was charged as MIP and added to the loan balance. There is also a...
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11 years ago
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Meaning of "to date" when changing from Method 1 to Method 2 on Savings Bonds
As previously discussed here, taxpayers who own savings bonds can change their reporting method from Method 1 to Method 2 by simply reporting the accumulated interest on their tax forms. The exact...
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11 years ago
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Stock Sale and Purchase Date?
A Question? If you purchase some stock years ago and elect to have dividends reinvested in the stock and then later sale the stock - on the Tax Form, what do you use as the purchased date? The...
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11 years ago
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Trad IRA to Roth
Why does my taxable amount on a rollover to a ROTH IRA show up on line 16B and not 15B on 1040 form? tks all
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11 years ago
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Tax treatment of NPR-style contributor sweepstakes.
Oftentimes NPR (National Public Radio) stations run sweepstakes in conjunction with their pledge drives, where donating to the station enters you into a sweepstakes for various prizes. I was curious...
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11 years ago
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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? (2024 Update)
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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