Latest threads in Taxes General Forumshow only best voted threads
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LLC filing as S-Corp wants to convert back to a single-member LLC - possible without starting fresh?
Hello, I haven't had much luck in getting an answer from the IRS on this one and I have researched around without anything conclusive, maybe someone here knows. Client of mine was a single-member LLC...
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7 years ago
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1031 exchange question
can a taxpayer relinquish a piece of real estate and qualify for 1031 treatment if the replacement property is an improvement to be constructed on a piece of real estate already owned by taxpayer?
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7 years ago
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Simple IRA and Traditional IRA
Much thanks for the explanation and tip to roll it over to a Roth. Very much appreciated. Randy
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7 years ago
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Sold 1 investment house to buy another and 1031 exchange wasn't done
I sold a 2 family house to buy a 4 family house, but the attorney didn't apply for the 1031 exchange. If the 4 family house costs more then the 2 family and is purchased within the 6 month window, or...
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7 years ago
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investment exchange
what happens when 1031 is not done on an investment exchange?
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7 years ago
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Financial advisor fees
My question concerns the miscellaneous itemized deductions on Form 1040 Schedule A. (I understand that only the part above 2% of AGI is deductible.) QUESTION 1: I understand that investment...
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7 years ago
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Substantial Presence Test
The US has a "substantial presence test" that should be used by a non US citizen to establish if they have an obligation to file a US tax return. The rule requires you to have the following...
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7 years ago
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commuting mileage
TXPYR drives from his home in his car to a WHSE where he is paid to deliver small pkgs. TXPYR is self employed and will receive his pay by the hour from WHSE owner. TXPR uses std. mileage rate for...
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7 years ago
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How The TAx Court Can Easily Make A Mistake In the T/P Favor
See Tsehay vs Comm'r, 11/3/16 997 The court ruled that the t/p children did live with him and were his qualifying children. They granted him the EITC, CTC, Addl CTC and the exempti Petitioner was...
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7 years ago
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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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7 years ago
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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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7 years ago
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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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7 years ago
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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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7 years ago
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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?
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7 years ago
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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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7 years ago
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