Latest threads in Taxes General Forumshow only best voted threads
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Are closing costs deductible?
I bought a 2BR condo that was a foreclosure $101k. On top of the usual closing costs, I had to pay $9000 in back assessments and $1500 additional fee to my agent. I plan to live in this condo only on...
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11 years ago
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Foreign Income Exemption (and 401k to roth rollover)
Hi, I am a US citizen that has been traveling outside of the country for the entire year of 2012. I recently got a work visa in New Zealandnand started working this month. I have not been in the US...
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11 years ago
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Everything You Wanted To Know About the Net Investment Income Tax aka the 3.8% Medicare Contribution Tax
IRS FAQs: Regulations: or Analysis of Regs: or https://s3.amazonaws.com/public-inspection.federalregister.gov/2012-29238.pdf Logo of the Internal Revenue Service (Photo credit: Wikipedia) Yesterday,...
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11 years ago
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Trust Capital ,Gain Subject To AMT?
A simple pass through trust is selling its sole asset, resulting in a mid six figure capital gain. The trust will pay all taxes and will invest the remainder. All investment income will be distributed...
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11 years ago
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Disappearing College Tax Credit?
I was playing with my wife's smartphone while she was driving somewhere and found an article that said a Tuition tax credit was disappearing this year. It recommended prepaying tuition to take...
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11 years ago
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Trust - Capital Gains
How are capital gains and Qualified Dividends taxed in a SNT Trust if they are not distributed
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11 years ago
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Withdraw IRA to pay off taxes && divorce
Wife and I are in divorce mediation. We owe approx 15k in back taxes (state and fed). During mediation we discussed paying off taxes with my IRA (converted 401k from previous employer). I have about...
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11 years ago
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Expat Tax Questions
I've been offered a job in Bermuda. A few (well more than a few) questions. The salary will be in 6 figures. 1) Assuming I take the Foreign Earned Income Exclusion, does this basically mean that I...
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11 years ago
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Best health care plan for one person sole proprietorship?
Hello, I have a sole proprietorship to do computer consulting. I was in business for decades as a Subchapter S corporation but, for various reasons, I'm converting to a sole proprietorship. I'm...
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11 years ago
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depreciating inherited house?
siblings inherit a house, and it will take them a few years to clean it up, have garage sales, etc. Siblings are busy people, so it won't happen overnight. They will hold the house until it is cleaned...
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11 years ago
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Temporary Work - Travel Expense Deduction
I am looking for some input on what I may be able to deduct fot Travel and Business expenses. I live in San Francisco but I'm currently on temporary assignment (W-2) working for a firm in Chicago and...
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11 years ago
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Tax consequences of an agreement to convey property?
Years ago (well beyond any Medicaid lookback period, at this point), Mother (M) gave her two homes to Brother (B) and Sister (S), retaining a life estate. However, B's and S's remainder interest is in...
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11 years ago
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Change cash to accrual
I do consulting. I generally work on a w-2. I worked on a 1099 about 8 years ago and used cash basis for my tax return. I am now working on 1099 again. It is beneficial to file my taxes on accrual...
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11 years ago
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Rev Proc 2012-19 and the unicap rules under 263A
is there a reasonably clear explanation of all this? I find the IRS language to be gibberish, and the couple of memos I found from the Big "N" accounting firms is both gibberish and uninformative. "N"...
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11 years ago
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RE aggregation election question
Way back when, we aggregated my rental properties by filing an election under section 469(c)(7)(A). At the time, this election also applied to future years. Now I am hearing that the rules have...
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11 years ago
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