Latest threads in Taxes General Forumshow only best voted threads
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Inter-Family Real Estate Sale
Two adult sisters inherited mother's house, following mother's death in 2010. Both sisters are married. At that time, house FMV was $340,000. They have both, alternatively, lived in the house since...
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8 years ago
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Foreign Taxes Paid On Dividends In Excess of $300
If a single person with foreign taxes paid on dividends equals $310, are you allowed to disregard $10 and claim $300 on Line 48 of the 1040 or are you forced to use Form 1116 because the amount...
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8 years ago
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Fed tax on state refund after marriage
In early 2015 my fiance and I each filed our 2014 taxes individually, as we were not yet married. She took the standard deduction and got back a significant state tax refund of $1300, whereas I...
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8 years ago
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Yikes! IRS lien notice. Short time frame?
I am involved with a 501(c)3 nonprofit and "we" (the nonprofit) apparently filed our Form 990 information return about 15 days late (according to the IRS). We received a notice that the return was...
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8 years ago
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Pub 590-A Appendix B discrepancy
I am between 66 and 70, and collecting Social Security while still working. My employer has a 401(k), and I'm having the $24,000 max deducted from my paychecks. (They don't match any of it, alas.) And...
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8 years ago
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Foreign Financial Assets
I have several clients who are retirees from the Inter-American Development Bank in Washington, DC. Just this year, they were informed that their pensions were deemed to be qualified as "foreign...
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8 years ago
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1031 exchange when I lived in my rental property
I bought a rental condo in 2013. I lived in one bedroom and rented out the remaining bedrooms. I then got married in 2015 and lived in it as my primary residence. If I sell now, does the time between...
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8 years ago
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Conversion to Joint Tenancy
In Texas, which is a community property state, my wife and I generated a document which states that all of our possssions, real estate, vehicles, and accounts of any type, whether created or...
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8 years ago
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H&R Block Deluxe removal of import this year
My sister swears that the Deluxe version of Block software will no longer import from her brokerage as it has done in previous years, and that she was told she would have to buy the Business version....
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8 years ago
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Re: 1031 exchange question. Is this illegal? (2023 Update)
Re: 1031 exchange question. Is this illegal? *********************************************** We would like to sell a rental home and do a 1031 exchange. We are under a lease with the tenant till end...
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8 years ago
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Several IRAs RMD
I have several IRAs and now have to start taking rmds. The IRS says to figure the rmd for each one and I can add them together, then take the RMD from one if I want. Why can't I just add them all...
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8 years ago
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Claiming a foreign tax credit without filing a 1116?
I have a 30% interest in an escrow account that was set up for environmental remediation on a building. I used to own 30% of the building and the escrow account was part of the sale agreement. If the...
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8 years ago
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Step-up in basis of community property
My wife and I live in a community property state and all our assets are community property. If my wife dies when I have a brokerage account in my name only, to what extent, if any, do I get a step-up...
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8 years ago
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Underwithholding of Tax
Please note that I am not a tax professional... This is a hypothetical question. Let's assume that it only became clear to me during the last quarter of tax year 2015 that the tax withheld from my...
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8 years ago
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RMD Calculation
Here is what should be a fairly straight forward question, but the answer to which is not so obvious. And maybe that is why my tax accountant refuses to warrant any answer he provides. I turned 70 1/2...
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8 years ago
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