Latest threads in Taxes General Forumshow only best voted threads

Subject Author Posted Replies
 
sale of vacant land
TXPYR bought a vacant lot to build a home on. The home never got built and sold the lot at a loss. Can TXPYR claim the loss as a capital loss on his return? tks all bw
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Adjustments to basis on land?
I finally sold some undeveloped land after 7 years. There is a covenant that all the properly owners would split the cost of road maintenance. That cost me $1,000. Does that affect my basis? If so,...
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Simple or Complex trust
I am the fiduciary of my fathers trust. He died in 2006. In this trust is a land lease that receives $4500 a month in rental income from a gas station that sits on the land. I give my sister $2400 a...
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NYS Estate Tax Cliff?
If you go over the exemption amount, NYS charges estate tax on the entire estate; not just the amount over the limit. I googled on it, but everything is at least a year old. Is there any reason to...
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PTIN Class Action Law Suit.
I received a post-card this week indicating the existence of this suit. I assume that some other participating practitioners here may have also received such a notice as well. Any comments?
 
RMD's
Still working 71 yrs old, has a 401K that he contributes $8500 to, the RMD is $11500 from the 401K acct, does he have to withdraw the $3,000 to satisfy the requirement? In other words does the...
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Sav Bond Interest
If TXPYR cashes in a bond in December, will taxpayer be penalized for not sending in estimated taxes on it as it was cashed in January? In other words, does it matter on date of interest paid? tks all
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Moving exp
If I move to a hospital area out of state in order to be closer to my transplant hospital, is that a deductible medical expense? bw
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Question on working in 2 states
My son worked for 6 months in Mass and then transferred to work in CA for the last 6 months of the calendar year. He is still working in CA after the first 6 months. For filing his taxes in CA....
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Covered California Health Insurance Subsidies
For the 2017 tax year, the California state program "Covered California" offers qualifying persons a monthly healthcare insurance subsidy against qualifying health plans. The subsidy program only...
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Gift from parents who are not US citizens
Hi, My parents are non-US citizens. I am a US citizen now. They would like to give me some money. I was browsing through the US tax laws regarding receiving gifts from foreign people. This is the...
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Liability of Incorporator for unpaid Franchise taxes
How does an incorporator of a never activiated C corp avoid personal liability for the years that entity did not file tax returns or make payments of the minimum California frachise tax? Gary
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IRS Non-Acquiescence (AOD 2016-03)
The IRS has non-acquiesced to the Third Circuit decision in Giant Eagle, Inc vs Comm'r, 822 F.3d 666 (3rd Cir. 2016) rev'g T.C. Memo 2014-146. This case dealt with deductions for anticipated customer...
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Refinancing: "lender contribution"
Sorry for wearying you with yet another question about tax consequences of refinancing, but I'm very grateful for the answers I get from this group. The lender's latest plan, which makes sense given...
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Reporting Interest Income on Federal Tax Returns for foreign CD
I am planning to have foreign CD accounts which will mature after 10 years. When should I report the interest earned from such accounts? Should I report it at the end of 10 years?The bank does not...
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