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CCH Tax News Headlines - March 24, 2011
CCH Tax News Headlines - March 24, 2011 Federal Headlines: 3/24/2011 - _Rules Relating to Qualifying Advanced Coal Project Program and Qualifying Gasification Project Program Updated (Notice 2011-24)_...
 
How to report taxes paid online?
There is a website that lets you pay your federal taxes online with credit card. Say I use it to pay $5k. How then do I tell my tax software I already made a $5k payment?
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when did CA RDP community rules begin?
When did community treatment of RDP income and community-acquired assets/debts begin? 2000? 2005? 2007? I think this is the chronology... can anyone confirm? * 2000 - CA RDP's (California registered...
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Double dipping on property tax expenses in Form 4797
I sold my rental property and notice property tax is included as one of the expenses of the settlement costs. I already deducted property taxes in my filing of schedule E. What's to prevent someone...
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Any point to claiming depreciation on sold rental property?
I sold my rental property in August 2010. Is there any point to claiming depreciation for those eight months on schedule E. Don't I have to pay tax again on all the depreciation I claimed in Form 4797...
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Converting AMT foreign tax credit carryover to regular tax credit carryover
Let's say in 2009 you were subject to the US AMT and had a foreign tax credit as computed by Form 1116. In that year, you would prepare two 1116 forms, one for regular tax and one for AMT. If these...
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Zero DNI and Withholding taxes on foreign dividends
Distribution was made to a trust's sole beneficiary. The trust's expenses far exceeds its investment income -- no DNI and no taxable income on K-1. The investment income includes some dividends from...
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CCH Tax News Headlines - March 23, 2011
CCH Tax News Headlines - March 23, 2011 Federal Headlines: 3/23/2011 - _IRS Provides Update to Issuers of Qualified Mortgage Bonds, Mortgage Credit Certificates on Average Purchase Prices for U.S....
 
canada real estate 27.5 or 40 years
is real estate property used in Canada 27.5 or 40 year property? Publication 946 says Required use of ADS. You must use ADS for the following property. * Any tangible property used predominantly...
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Can individual health policy qualify for SE tax deductions?
My sister is a one-person sole proprietorship (no employees) in the legal field. Her husband is a separate one-person sole proprietorship (also no employees) in the construction field. She has an...
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CCH Tax News Headlines - March 22, 2011
CCH Tax News Headlines - March 22, 2011 Federal Headlines: 3/22/2011 - _Short-term Capital Loss Deduction Properly Disallowed; Profit Motive Not Demonstrated; Refund Claim Based on Net Operating Loss...
 
Need Opinion On Charitable Contribution Deductions
Three individuals form a corporation under the Nonprofit Corporation Act of their state. The corporation has no members. The three individuals are the officers and directors of the company as state...
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ROTH IRA
Wage earner makes $5300, what is maximum amount spouse can contribute to a ROTH IRA? Total income is under $65,000 as most comes from investments and Social Security and both are over 50.
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Reporting Sec. 179 deduction from a K-1
As an individual, I received a form K-1 showing moderate passive income and a small Sec. 179 deduction. I have no other Sec. 179 amounts to report. How do I report this? I think the appropriate way is...
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1099 R for deceased taxpayer's IRA
The deceased taxpayer was a 80 year old widow taking minimum required distributions from her $200K IRA. Upon her death, and at the request of the executor of her will, the IRA was rolled into equal...
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