Latest threads in Taxes General Forumshow only best voted threads
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Interest and Penalties for IRS Payment Plan?
Hi Everyone, I expect to owe a lot in taxes this coming April from stock I sold to make a down payment on a condo in 2015. The IRS offers a payment plan of up to 6 years but does not say what interest...
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8 years ago
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Renting LLC building to LLC Business
Hello to all, and thank you in advance for any opinions you share. Facts: Client (Husband) has SMLLC (disregarded entity) for a consulting firm, reporting all income and expenses on schedule C. We...
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8 years ago
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Monetary gifts from parents
Hi, so I am married in Illinois. My parents are also still married. My understanding is we can receive $14,000 x 4 from them. To make it kosher, would it require them to write four separate checks, or...
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8 years ago
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Interest On HELOC of $110,000 Deductible?
I understand that the interest on a Home Equity Loan is deductible if the loan is less than $100,000. So the questions are: 1. If the HELOC goes to $110,000 does that mean all of the interest...
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8 years ago
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Which Line (8A or 21) to Report Interest Received on Family Loan?
I will have interest income from a family loan (5 years) and the total interest will be under $800 a year using a 3% rate of interest. Should the interest income be reported on line 8a or line 21? If...
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8 years ago
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Can a nonprofit pass through consulting income to its officers?
I'm the president of a small 501(c)(6) non-profit. Our budget is under $50K, we have never paid our officers or directors. A Canadian entity wants to hire the non-profit to do some consulting that...
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8 years ago
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Taking a deduction for an Expense Paid by Someone Else
30-year old taxpayer incurs a deductible expense in late 2015 but doesn't have enough funds to pay the expense. His parents pay for the expense in 2015 using their credit card, and then he repays his...
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8 years ago
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Unusual filing status
Niece, 4 kids who live with her, all under 16. She has lived apart from father for 18 mos. Father provides all support, pays mtg. plus child support, but niece was awarded custody and kids live year...
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8 years ago
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Yet another gift tax question?
I am going to transfer $14,000 worth of securities from my account to my sons. I presume there is no gift or income tax involved, and that his basis will be what mine was. Is that correct? I realize...
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8 years ago
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Medical Expense Deduction for Qualifying Relative
Pub 502 states a taxpayer can take a deduction for medical expenses paid on behalf of a Qualifying Relative "For whom you provided over half of the support in 2014." I have two questions about the...
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8 years ago
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Gift tax and bequeaths to charities?
Do bequeaths to charities in a will reduce the estate for estate tax purposes, or do they come after the estate tax. Although I am fine now, there is hopefully a possibility I will break into having...
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8 years ago
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A couple questions about avoiding gift tax.
My wife and I can each give $14,000 to each of our 2 sons, so a total of $56,000. We have individual investment accounts, but a joint checking account. Can I transfer $56,000 from my investment...
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8 years ago
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Attacking Tax Avoidance
Here is how the shop keepers of one town in the UK are attacking tax avoidance by large multi-nationals. aka When independent traders in a small Welsh town discovered the loopholes used by...
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8 years ago
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Custodial account or 529 plan?
Custodial account or 529 plan? I want to set aside some college money for my newly-born grandson. Assuming he has a custodial account (with my daughter as the custodian) and my daughter has opened a...
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8 years ago
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SS File and Suspend Confusion
I am confused, maybe having read TOO many sources? It seems to be a No Brainer, that I should file for the SS "File and Suspend" benefits. Further, I am aware of the recent change, ending that option...
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8 years ago
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