Latest threads in Taxes General Forumshow only best voted threads
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Reimbursement After Medical Deduction
I paid a doctor for services ($500) in September before it could be determined if my Medicare Advantage would pay for the treatments. The treatments were later approved and the doctor was paid by my...
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12 years ago
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Question on Wash Sale
If you sell a stock to take a tax loss you cannot buy it back for 30 days. This includes purchasing within an IRA account. What are restrictions on related persons and entities buying back the stock?...
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12 years ago
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Tax payment question
Last year I found a large accounting error I made several years ago in computing the basis of a mutual fund I sold in 2009. What I had thought was a capital loss turned into a large capital gain and...
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12 years ago
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economic substance 7701(o)
What are examples of transactions lacking economic substance? Searching on the internet did not give me actual examples. BEGIN QUOTE Clarification of economic substance doctrine (1) Application of...
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12 years ago
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Who gets the tax deduction?
My Christmas gift from Tim was a card: "This Christmas, a $300 donation has been made in your name to the Children's Alliance". Assuming the charity is recognized, who gets the tax deduction, Tim or...
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12 years ago
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Claiming the Sec 179 deduction after termination of lease and purchasing the vehicle
A client leases a truck over 6000 pounds for 3 years (FMV $40000) and claimed actual expenses for the entire lease period at 100% business use When the lease terminated on 1/1/2011 he purchased the...
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12 years ago
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Installment Agreement, Calculating Disposable Income
My client owes about $75K for 2010 tax, and we're looking into installment agreement with IRS, and completing Form 433 to do so. He has negative equity in his home, and monthly mortgage and property...
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12 years ago
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IRS Acquiescence in Gambling Case
The IRS filed an acquiescence (AOD 2011-06) to Mayo vs Comm'r, 136 T.C. 81 (2011). The IRS agrees that a professional gambler is able to deduct his ordinary business expenses even though his gambling...
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12 years ago
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Gift Limit for 2012
Can someone tell me the limit for family gifts in 2012? I know it was $13,000 per individual in 2011 but I am not certain if it has changed for 2012. Thanks in advance. John Baker
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12 years ago
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Are unemployment payments earned income for Federal tax purposes?
Are unemployment payments earned income for Federal tax purposes? Maybe more helpful is the reason I ask. A friend is receiving unemployment payments but also owns some stock in Borders. She would...
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12 years ago
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IRS Issues Temporary, Proposed Rules Relating to Repairs of Tangible Property
The IRS released T.D. 9564 and proposed rules (REG-168745-03) regarding the deduction and capitalization of expenditures relating to tangible property. They will appear in the 12/27 Federal Register....
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12 years ago
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Bonus depreciation and residential rental real estate
For Tax Year 2011, for taxpayers NOT in NYC or the Gulf Coast, what are the current bonus depreciation rules (if any) that apply to rental residential real estate? (Specifically in the area of...
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12 years ago
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Electronic copies of tax returns
The last discussion in this group that I could find was in 2000. The newer issue regards providing copies of tax returns to clients electronically. 1. Does the return have to be signed (either...
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12 years ago
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RAL's almost extinct
Given the many past (vitriolic?) discussions here, I'm surprised this has not come up, or is it simply that I could not find it in a search of recent posts to this newsgroup? RAL's (refund...
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12 years ago
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Delaware Corp issue
I wanted to post this actual question from my client; we're in Mass., and see what feedback I might get. Since the Sec of State's MA office never had an incorporation, I don't know if there's a...
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12 years ago
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