Best Rated threads in Taxes General Forumshow all threads
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Charitable contributions
If a taxpayer makes a donation in excess of $50.00 to a 501(c)(3) organization, it's my understanding that the organization is supposed to document that donation in the following calendar year, by...
10
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3 years ago
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10 | |
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Minimizing taxes on EE Savings Bonds
Hi, I have several EE US Savings Bonds created in 1989 and 1991 in my name. They either are already, or will all fully mature by mid-2021. My kids are currently in college. Ideally, I wanted to use...
10
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3 years ago
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10 | |
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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...
3
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3 years ago
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3 | |
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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,...
14
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3 years ago
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14 | |
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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...
4
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3 years ago
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4 | |
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My decedent got a letter
I got a letter from the IRS addressed to
3
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3 years ago
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3 | |
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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...
21
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3 years ago
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21 | |
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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
1
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4 years ago
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1 | |
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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...
3
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4 years ago
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3 | |
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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...
26
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4 years ago
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26 | |
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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...
2
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4 years ago
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2 | |
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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...
4
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4 years ago
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4 | |
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If I swap stocks with my wife, it that a tax event?
"There are other outlying circumstances that can trigger the wash sale rule. If a spouse or corporation under the investor's control purchases a substantially identical security during the 30 days...
1
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4 years ago
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1 | |
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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...
3
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4 years ago
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3 | |
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Capital Gains and Tax Treaty
You first need to look at the savings clause in the convention. US treaties typically have a savings clause that says the US reserves the right to tax its citizens as if the convention had not been in...
3
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4 years ago
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3 | |
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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...
1
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4 years ago
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1 | |
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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...
11
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4 years ago
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11 | |
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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...
4
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4 years ago
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4 | |
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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...
1
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5 years ago
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1 | |
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foreign tax credit
Hello everyone, I had this discussion with my CPA a while ago, we can't seem to agree. An individual has domestic (US) and foreign earned income. Let's say 90% US and 10% foreign. The foreign country,...
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6 years ago
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