Best Rated threads in Taxes General Forumshow all threads
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J2 students and tax treaties
Hello, I came to the US with a J2 visa, and later admitted to grad school. My country and the US have a tax treaty that benefits students. Can I benefit from this treaty even though I have no F1/J1...
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19 years ago
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Levy on a 1099
I am an owner of a small business, a C Corp, and we received a form 668-W(c): Notice of Levy on Wages, Salary, and Other Income from the IRS. Apparently someone who does work for us, as an independent...
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15 years ago
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29 | |
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Re: Acceptable form of NDA for CPA
That's ironic, because I wouldn't hire anyone-- tax preparer or otherwise-- who'd give pause about signing a NDA if asked. And if someone who declined tried to feed me a line like that about having to...
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7 years ago
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IRS Letter 4464C
Client received IRS letter 4464C which seems to be a random review of her 2017 tax return for no specific purpose. The return has nothing particular controversial or unusual, although her refund is...
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6 years ago
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[SOLVED] hairdresser employee or subcontractor?
Should a hair dresser be paid as a subcontractor or an employee? They will be paid hourly and receive comissions on cuts. They provide all their own supplies, and work their own hours, and obviously...
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15 years ago
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8 | |
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Gifts from joint accounts... single or double?
My wife and I have a joint checking account. We want to give my future daughter in law money for her wedding. Can we each give her $14,000 from the account ($28,000 total) or would it be restricted to...
3
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7 years ago
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3 | |
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Rent from a live-in boyfriend , no mortgage on property
So I am probably going to be moving in with my girlfriend soon, and she owns a home clear and free but I will probably pay her "rent" anyway, until possibly we get married. Anyway, I know it's...
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8 years ago
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29 | |
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Depreciation schedule for doors and windows
I've looked through publication 946 and a number of other IRS advice, and I can't find anything clearly defining the depreciation schedule for doors and windows in residential rental property. A good...
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12 years ago
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Minimum required distribution on Keogh?
Engineer retires at age 67 with retirement savings in various IRAs; begins taking minimum required distributions (MRDs) from all these IRAs at age 70 1/2 per the rules. He also begins doing some...
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13 years ago
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5 | |
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What to do with "new" asset of closed estate
Unusual situation here. Decedent died in 1993. Estate Tax return filed and relevant taxes paid (taxable estate was over $600K) and estate closed in mid-1990s. In 1999, evidence was uncovered that a...
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16 years ago
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5 | |
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federal carryover worksheet
I had a state overpayment in 2010, and I allocated that overpayment (as a credit) to my 2011 state estimated taxes account for the first quarter of 2011. According to my accountant, that amount should...
2
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12 years ago
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Reporting of Bond premium on noncovered security
My 1099-int lists a bond premium for a covered security in box 11, and I can match it with the security in the details that follow. Within these pages of details they also list a bond premium for a...
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9 years ago
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Gifts from a joint account?
My wife and I both want to give our son a $14,000 gift. All we have is a joint checking account. Can we each write him a $14,000 check from it? Can we simplify and write him a $28,000 check?
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6 years ago
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5 | |
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Is Retainer Deposit Always Income When Received for Cash Basic Company?
I am a consultant and operate a small Cash Basis company. I received a retainer deposit from a client for work that was to be done in 2015, but has now been delayed to 2016, with the a strong...
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8 years ago
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7 | |
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Is the first result of idverify.irs.gov the controlling one?
This is either a tax question or an HTML question. After an unusually long one-month wait for a refund, I get a letter from the IRS asking I go to a site of theirs: The site asked a few...
5
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10 years ago
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5 | |
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Deemed Premium and Basis Adjustments?
One of my brokerage account 1099s has listed under "Supplemental Information, Fees and Payments Received" amounts for "Deemed Premium" and "Basis Adjustments" I'm guessing that the Basis Adjustments...
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11 years ago
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Imputed (unstated) interest on Installment sales?
Topic 705 says "If the installment sales contract does not provide for adequate stated interest, then you may be required to recharacterize part of the installment payments as "imputed" interest" Pub...
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12 years ago
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Any consequences to not filing a Form 6252?
A friend tells me he made an installment sale and has so far paid taxes properly on the revenue he has received; but did not file a form 6252. Are there any consequences to that? I have heard that it...
7
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12 years ago
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7 | |
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rental income tax reporting
I am a bit confused by various IRS instructions and advice I got. Hopefully I can get a bit more information/clarity here ... To simplify, let's say I own 2 rental properties through a LLC...
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12 years ago
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22 | |
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Front foot fee
Normally in Maryland Property tax charged by county consists of Front foot fee in addition to normal property taxes. These are tax deductible as it comes as part of 1099 issued by Mortgage company....
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12 years ago
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