Latest threads in Taxes General Forumshow only best voted threads
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Gradual transition from business to hobby
Taxpayer started a business in 2007 as a mobile DJ, playing at weddings, company parties, etc. Taxpayer treated it as a business from the beginning, setting up a website, accepting checks in the name...
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11 years ago
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My Mother had an IRA and when she died the RMD was not finished.
I am one of the beneficiaries I need to add $3,000 to the RMD to complete it. Is it true that I can distribute the money out of my Inherited IRA (using my mothers age to calculate it) and pay the...
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11 years ago
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Best time to sell mutual fund
When is it the best time to sell a mutual fund that you are intending to sell--before or after they pay the annual dividend? I've often heard you should sell before (for tax reasons) but I never...
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11 years ago
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Tax Liability - Quit Claim Deed
I have a question regarding my situation: I own a condo property that I live in as my primary residence in CA. It is not under water, current FMV is about 300K with the loan at 211K. I have been...
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11 years ago
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How does IRS assume depreciation when selling rental property
I read that if you don't take depreciation expense on a rental, IRS will assume you did when you sell the property. My question is how/why do they do this? How do they know under what circumstances...
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11 years ago
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Debt versus Equity in a small C-Corp
I have had a one-person C-Corporation for many years. At times it has been successful, but it has had mostly losses for 4 or 5 years, which I have made up by advancing funds to the corporation. The...
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11 years ago
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NRA -- No capital gains tax and portfolio interest?
It used to be that NRA are not taxed on capital gains and bond interest. Has the rules changed? I am looking at the instructions for form W-8BEN and it states in part as follows: 1. Foreign persons...
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11 years ago
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Note: The author of this message requested that it not be archived. This message will be removed from Groups in ....
Just how special, how important, how full-of-himself does someone have to be to set this flag? I wonder if they understand that having Google not archive their posts does NOT result in their posts...
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11 years ago
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medicare tax on options is 0.9% or 3.8%?
Suppose your AGI is 250k. In 2013 you exercise NQSO options , with a profit of say 10k. Is the Obamacare medicare tax 0.9% (the rate for W-2 income) or 3.8% (the rate for capital gain income). I think...
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11 years ago
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Royalties
My childbride gets royalties from two different sources. The first are from her only published book and in a good year that will be around $200. FICA is not applicable. The second is from her late...
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11 years ago
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UBTI
On the Motley Fool and Seeking Alpha and other forums I've seen postings which imply that UBTI and recaptured depreciation are synonymous. This has been in connection with owning MLPs in an IRA. The...
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11 years ago
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Rental use change from 50% to 100% business
I currently rent one unit of a two family home, 57.5% of the home, and will now rent both units beginning in November, 100% of the home. Excluding the land I had a gross depreciable basis of 111K,...
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11 years ago
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Parent bought condo which I rent out
My Mom bought a condo on foreclosure for cheap. She told me to manage it for a few years and then she will sell it to me for the same price. So basically I collect all rent and pay all expenses like...
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11 years ago
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Sandy
Does anyone know how our fellow tax preparers up in the Maryland, Delaware, Jersey and NY fare? Just been thinking of them over the past week or so. Anyone hear anything?
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11 years ago
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Want to rent out home but stay in same area, open to many options pls advice
My current home is now too large for my needs. My husband is out of state and works there. I am thinking of moving into a smaller condo/townhome closer to amenities but would like to keep this home. I...
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11 years ago
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