Best Rated in Taxes General Forum

Subject Author Posted Replies
 
Stimulus Payment to Dead Person
As folks here may have heard, the IRS is sending checks to deceased individuals. I checked the IRS "Get My Payment" site for the decedent. The IRS states that it is sending a check on April 24 to the ...
1 month ago 21
 
MFS Status Stimulus
Brothers filing status, 18 and 19 is MFS, will he and spouse receive a stimulus check? If so, please leave a link to review. Tks all bw If brother has filed 2019 and has AGI under $75K, he'll receive ...
1 month ago 1
 
COVID-19 Relief Checks
I've seen a number of articles suggesting that the government will direct deposit the checks into taxpayer accounts directly, but how can they do that? They don't have any way of knowing everyone's cu...
2 months ago 3
 
Questions about Shared Custody Agreement
ex-husband have only one child (age one at the end of 2019) and there are no other dependents. State is Florida. Her divorce settlement provides for 50-50 custody until the child is 18 and finishes hi...
2 months ago 26
 
Is payment for medical study participation considered taxable income?
Is the $150 payment considered taxable income? If so, should it be reported on the tax return, even if I do not receive a 1099-MISC? (I do not know whether or not I will.) That is, is there a payment ...
2 months ago 2
 
Depreciation of home office
Daughter-in-law has photography business in operation for several years. She has never qualified for home office as she didn't have any place that was used exclusively for the business. Now they have ...
3 months ago 4
 
If I swap stocks with my wife, it that a tax event?
My wife and I have individual accounts with the same brokerage. We each have many of the same holdings. I would like to transfer stuff around so only one of us has a particular item. My understanding ...
3 months ago 1
 
401-K Rollback?
Hi All - I received a question about "rollovers" from a 401-K. The client wants to take money out of his 401-K and then return it to the same plan, within 60 days. And he would like to do that much mo...
3 months ago 3
 
Capital Gains and Tax Treaty
I am a U.S. citizen currently residing in a country which has a tax treaty with the USA. It specifies that capital gains, regardless of in which country they occur, are to be treated as having taken p...
3 months ago 3
 
Officer Salary
Scenario: An individual owns 100% of S-Corp A and draws no salary during the year Same individual owns 51% of S-Corp B and draws weekly salary (annual salary exceeds the social security earnings maxim...
4 months ago 1
 
Annual Exemption
Re: Annual Exemption We want to use the annual gift  exemption and give our kids a few dollars. Our children are over 21 years of age. Is there a way we can open an account with their name on the acc...
5 months ago 11
 
Home Sale Exclusion
Hi All - I got an inquiry about the home sale exclusion. This person left his primary residence 3.5 years ago for a new job in another location - more than 50 miles away. Based on Publication 523 it l...
5 months ago 4
 
1031 stretchout - what is this?
I have seen websites touting this, some stating "convert almost any appreciated capital transaction into a deferred sale. Take 100% of the income or let the principal grow for your family's future ben...
10 months ago 9
 
IRS Notice 54
I filed taxes earlier in the year, owing around $60, which I paid with the filing. Then I got a Notice 54 with a check for $14, stating I would "be receiving a notice in a few days that explains why t...
1 year ago 1
 
Gift value for illiquid asset
With the talk of tax reform, I am researching a particular aspect of the gift tax. I understand the $5.49M exemption on the death of an individual, the ability to retain that amount when one half of a...
2 years ago 9
 
gift tax consequences of Coverdell ESA transfer to 529 plan
I have a Coverdell ESA with my child as a beneficiary. The Coverdell custodian recently announced to me that they're dropping support for the account, so I need to liquidate the account. I'd like to m...
2 years ago 5
 
Wash sales on a liquidated account
I'm having problems finding a tax code or IRS statement on point. Is it accurate to say that there is no wash sale when you liquidate your holdings even if you bought a "replacement" security days bef...
3 years ago 2
 
Kiddie Tax, Foreign Parenta
With the recent question of the kiddie tax, I recently had an inquiry from a student who comes under the kiddie tax. The glitch is that his parents are Canadian, and have no US source income. I told h...
3 years ago 4
 
Can a sale of private stock with a fixed amount held back in escrow for 1 year and made "available to the buyer in certain situations to cover indemnification claims" be reported using "open transaction" method?
Background. I owned series A and series B preferred stock in a private company that merged with a public company in 2015 giving rise to large merger closing date occurred in September 2015 at which ti...
3 years ago 1
 
Post-dated check, mobile deposit & constructive receipt
December 31. I used my bank's mobile app to "deposit" the check and received a confirmation email that same day. December 31, 2016, wasn't a business day, so the effective date of the deposit (per the...
3 years ago 8