Best Rated threads in Taxes General Forum | latest threads

Subject Author Posted Replies
 
Quick claim deed OR joint tenant with right of survivorship OR ???
Have young relative whose elderly surviving parent is imminently near death. Parent owns a condo. Don't know if parent's will needs to go to probate. Relative will be executor. If property transferred...
2 weeks ago 3
 
Partial DC Local Income Tax
My daughter continued to live with my wife and I in Maryland after graduating college in May 2019, started working for a company in Washington, DC in June 2019, until January 1, 2020. On January 1,...
1 month ago 14
 
Stimulus payments -- subject to state tax?
Of course we all know that the stimulus payments are not subject to Federal income tax because they are tax credits. But are any _states_ considering this $1200 as taxable income? (I'm personally...
1 month ago 4
 
My decedent got a letter
I got a letter from the IRS addressed to DECD % Take a look at and see what it said. Funny, my wife and I got our money, direct deposit, and that letter about...
3 months ago 3
 
Stimulus Payment to Dead Person
I am the personal representative of an estate. The decedent died in August, 2019. I distributed all the known assets and closed the estate in March 2020. But the Probate Code where I am states that...
3 months 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...
4 months ago 1
 
COVID-19 Relief Checks
How will the delivery of the COVID-19 relief checks work? I've seen a number of articles suggesting that the government will direct deposit the checks into taxpayer accounts directly, but how can they...
4 months ago 3
 
Questions about Shared Custody Agreement
My daughter was divorced last year prior to the end of 2019. She and her ex-husband have only one child (age one at the end of 2019) and there are no other dependents. State is Florida. Her divorce...
5 months ago 26
 
Is payment for medical study participation considered taxable income?
I received a $150 "stipend" for a one-time participation in a medical study. I do not expect to receive any other such "stipends" in 2020. Is the $150 payment considered taxable income? If so, should...
5 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...
5 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...
5 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...
6 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...
6 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...
6 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...
7 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...
8 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...
1 year 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...
2 years 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...
2 years ago 5