Latest threads in Taxes General Forumshow only best voted threads
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Non-Equity Partner in Law Firm
Does a person who is a non-equity partner in a law firm always receive a W-2, or can they sometimes receive a K-1. Or, put another way, if a non-equity partner in a law firm receives a K-1 instead of...
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1 year ago
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OT: Brother HL-L2380DW or 2390DW printer
Apologies for the off-topic post; I don't see any more suitable newsgroup. My trusty old HL-L2380DW is getting near to replacement. I see some new (unused) ones, but in the $350-$400 range. The...
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1 year ago
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Nonrefumdable credits and estimated tax
A nonredundable credit for 2022 was larger than my tax on Form 1040 line 16, so total tax (line 24) was zero for 2022. I had no refundable credits. As I understand it, after reading instructions for...
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1 year ago
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IRS Deferred Payment Options
My son just realized he and his wife will owe $5000 on their joint taxes for 2022, due mainly to his wife starting a new job in 2022 and not calculating her exemptions correctly (i.e.,...
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1 year ago
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Which Year to Report
An employer paid a new employee a signing bonus in 2022 (withholding all necessary taxes). The employee didn't last to fulfill his commitment, so paid back the bonus in 2023. The employer just wants...
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1 year ago
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California tax advantage of California community property vs. Joint Tenancy
I understand that community property has a tax advantage upon the death of a spouse where no capital gains will be paid by the surviving spouse. Whereas, in case of joint tenants, the surviving spouse...
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1 year ago
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(Medical expenses, 1040)Reaching out-of-pocket maximum and including amount in medical expenses.
Suppose through work you've reached your maximum out of pocket payment insurance maximum, say, $2000, for the year, at which point the insurance company pays any amount over the two grand. Suppose you...
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1 year ago
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Fair Rental Days? - Schedule E
I changed tax preparers this year. All preparers are with large, national firms, who have also handled my investments. I've had a short term rental property from 2015 - 2022, that is rented thru VRBO...
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1 year ago
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Grantor Trust that includes personal residence
Early 2022, client set up an irrevocable trust - main purpose of which was to protect assets in the event she has to go into long-term care. Yes, she is aware of the 5 year lookback period. For...
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1 year ago
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CA state tax on capital gains from sale of treasuries
I have a 2 year t-note maturing 11/30/2024 @4.5%. It is worth about 0.86% over face value. A couple of questions: - Would that entire amount (0.86% * face value) be treated as capital gains, or is...
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1 year ago
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Itemized deductions
Starting to work on a tax return, I was going through a lengthy list of expenses to see which fit into various itemized deductions on Schedule A. The person never get to take casualty and theft...
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1 year ago
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Re: Assisted Living as Medical Expenses
This is a follow-up to a thread that started 23 years ago and a question that wasn’t quite covered by that thread. My client, a relatively healthy 69-year old single woman jointly owned a...
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1 year ago
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Catching up beneficiary IRA RMDs
Taxpayer has a beneficiary IRA inherited when father died in 2017. Never told his preparer about this until now and never took an RMD from it until now; probably assumed it wasn't necessary until he...
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1 year ago
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Does the stock wash sale rule apply here?
I sold a stock on 3/8/2022 at a very slight profit. Then, I bought the same stock on 2/11/2022 at a slightly lower price. The stock is now trading lower than the purchase price on 2/11/2022. Does the...
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1 year ago
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Medical derduction
I've been doing my taxes using FreeTaxUSA through the IRS website, and I saw that the portion of medical expenses above 7.5% of AGI is deductible on Schedule A. I thought that had gone up to 10%. Out...
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1 year ago
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