Latest threads in Taxes General Forumshow only best voted threads
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3 questions re. subtleties in determining one's LT capital gains rate
I have 3 questions regarding the tax tables for capital gains. I just wanted to get a "bird's eye" view for tax planning purposes, so I wish to simplify the discussion as much as possible without...
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11 years ago
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how to handle defunct LLCs?
Now that we have a feel for the general case in which LLC members are not personally liable for LLC fees, what would be the prudent thing to do to close a defunct LLC, either promptly or after a...
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11 years ago
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Taking a loan to purchase an interest in a LLC
The company I work for is going to loan me money so I can purchase an equity stake. Is the interest expense I incur fully deductible against business income?
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11 years ago
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Medical Insurance Checks: Made Out To Who ?
Hello, For some time now, I have been paying my son's Blue Cross medical insurance totally as he has been out of work for some time. I take him as a Dependent, and I also take a Medical Deduction for...
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11 years ago
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Owners of Real Estate & The 3.8% NIIT
Peter Reilly has a very good article (not too geeky) in Forbes that explains which owners of real estate may or may not have to pay the 3.8% NIIT assuming their income is above the threshold. OR
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11 years ago
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IRS preparer registration rules for doing a return for free for non-relatives?
I know all paid preparers now have to register, take a test, classes, etc. But what about someone who does a few returns for free for non-relatives? Situation: I am a TaxAide volunteer. I am *not* a...
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11 years ago
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Guaranteed Minimum Payments to wife in a husband-wife partnership to save on Social Security tax - permissable?
Okay, For the first time I have a partnership as a client, both for business and personal tax preparation. It is a husband & wife partnership, each with a 50% share, but the wife made all the money in...
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11 years ago
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Additional Medicare Tax (.9%) Proposed Regs Are Out
or This document contains proposed regulations relating to Additional Hospital Insurance Tax on income above threshold amounts (``Additional Medicare Tax''), as added by the Affordable Care Act....
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11 years ago
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Personal Liability for Franchise Tax
This concerns liability for California Franchise tax - People set up a California LLC, try to set up a business but it's a flop - no income at all. So before the end of the first tax year they decide...
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11 years ago
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What value placed on transfer of stock
This is a little complicated. Forty years ago I purchased AT&T stock under the employees stock purchase plan. The stock was put in my name and joint with my daughter. I have all records of dividend...
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11 years ago
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capital loss carry forward to 2013?
I expect to have some capital losses this year. Obviously no one here is psychic, but is there any reason to think they can't be carried over, or should I take some gains to be on the safe side?
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11 years ago
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Deduction for donation of goods
A year ago, I stock up on too much printing paper; so I decided to donate some of them to a senior center. What is the value of my donation for itemized deduction? Market value of the paper? What I...
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11 years ago
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When does the holding period starts -- for a stock acquired by exercising a call option?
I bought a call option on stock xyz on 11/1/2010. On 12/1/2012, I exercise the call option to buy the stock. The call premium that I paid is added to the cost basis of the stock. Does my holding...
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11 years ago
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Deductibility of Out-of-Pocket Expenses for Charitable Volunteer Work
Sorry, I've asked this before but didn't get a consensus answer. My college student daughter will be going on a volunteer mission with a charitable organization in January 2013, where the organization...
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11 years ago
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IRS Chat Line?
Hi, Does the IRS have an online chat line? We live in Costa Rica and phone calls to the US are expensive. They have one for their website and Google shows many non-IRS sites that claim to let you chat...
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11 years ago
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