Latest threads in Taxes General Forumshow only best voted threads
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Reclaimable foreign taxes withheld
Section 1.901-2(e)(2)(i) states: ?An amount is not tax paid to a foreign country to the extent that it is reasonably certain that the amount will be refunded, credited, rebated, abated, or forgiven.?...
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13 years ago
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401k - excess contribution
If a client had 2 jobs and contributed more than the max of $16,500 to their 2010 401k, what is the proper procedure to handle this excess contribution (they have already filed their 2010 tax return)?
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13 years ago
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CCH Tax News Headlines - March 21, 2011
CCH Tax News Headlines - March 21, 2011 Federal Headlines: 3/21/2011 - _President Signs Three-Week Continuing Funding Measure_ ( 3/21/2011 - _Applicable Federal Rates for April 2011 Released (Rev....
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13 years ago
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changes to Schedule B?
I noticed that the instructions for Sch B have changed since the last time I looked. It used to be that you were to list all interest income on it, then subtract off the nontaxable interest. The...
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13 years ago
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elect to not use negative loss for state tax return
A California taxpayer owns property in Colorado. They file a Schedule E, which has a federal loss. As their AGI is under 100k they get to take a loss, so page 1 of 1040 has a loss for rental, which...
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13 years ago
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Sales tax and reimbursable expenses claimed as compensation on 1099-MISC
A couple of my clients have included sales tax I collected and reimbursable expenses in the total of the Non-Employee Compensation on the 2010 1099-MISC form. The advice I got was to file based on the...
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13 years ago
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Confused about this K-1 within my IRA
I am confused. I have a Rollover IRA with Ameritrade. I have traded stocks and options within this self-directed account. I have not withdrawn any funds. One of my transactions involves some shares of...
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13 years ago
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Capital Gains for Simple Trusts
A "Simple Trust" distributes all income to the beneficiary of the trust each year. I read however that capital gains are not considered income. Does this mean that the trust must file a separate tax...
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13 years ago
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CCH Tax News Headlines - March 17th & 18th 2011
CCH Tax News Headlines - March 17th & 18th 2011 Federal Headlines: 3/17/2011 - _Ways and Means Panel Approves Multi-Year FAA Reauthorization of Excise Taxes_ ( 3/17/2011 - _Cooperative Housing...
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13 years ago
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UNG k-1 retirement account reporting
Hi,all, I just read last year's post that said the ung does not generate ubt for a retirement account. How was that determined? If it did generate ubt in a retirement account, would both gains and...
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13 years ago
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Refinanced after original loan sold, deducting remaining points
Hi, I received some mixed responses over on the unmoderated board; hoping I might be able to get more of a consensus here. Last year I refinanced my home mortgage with the same company who financed my...
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13 years ago
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Foreign Tax Credit Carry Forward Confusion...
In each of 2008, 2009, and 20010 I paid foreign taxes of about $2,000 on dividends. I could not been take the credit because in 2008 I had no income and in 2009 and 2010 I was heavily into AMT. I know...
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13 years ago
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Are closing costs for refinancing a mortgage on a rental property deductible?
We have a rental investment property, and we refinanced the mortgage on it in Dec 2010. Can I count the closing costs as an expense for 2010? Or does it count as a depreciable expense? Or something...
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13 years ago
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zero coupon bond UGMA interest
I purchased a taxable zero coupon bond for my daughter under the UGMA/ NV and paid any interest since it just accrues. I never included it on my tax forms since I thought it was at my daughters tax...
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13 years ago
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legal fees paid by ex-employer which issued 1099
The short story is that the client sued a former employer and won. The back wages were paid after all relavant taxes were withheld (Soc. Sec., Medicare, Fed, & state). The former employer was ordered...
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13 years ago
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