Best Rated threads in Taxes General Forumshow all threads
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Re: Tax on core charge...
Trade-ins and Core Charges (Maryland) If you accept trade-ins or require the exchange of a used item or core when making sales, you must charge tax on both the cash paid and the value of the trade-in...
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6 years ago
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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...
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6 years ago
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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...
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6 years ago
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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...
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7 years ago
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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...
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7 years ago
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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...
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7 years ago
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Post-dated check, mobile deposit & constructive receipt
One of my tenant's January rent check (due January 1, 2017) arrived on December 31. I used my bank's mobile app to "deposit" the check and received a confirmation email that same day. December 31,...
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7 years ago
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Amending Form 8288-A
The situation is that my client submitted a Form 8288-A with an old SSN and received a stamped copy from IRS a while ago. Then, he filed his personal tax return with a new SSN after getting VISA. Is...
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7 years ago
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Liability of Incorporator for unpaid Franchise taxes
How does an incorporator of a never activiated C corp avoid personal liability for the years that entity did not file tax returns or make payments of the minimum California frachise tax? Gary
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7 years ago
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Re: 1031 exchange question. Is this illegal? (2023 Update)
Re: 1031 exchange question. Is this illegal? *********************************************** We would like to sell a rental home and do a 1031 exchange. We are under a lease with the tenant till end...
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8 years ago
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5 | |
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Claiming a foreign tax credit without filing a 1116?
I have a 30% interest in an escrow account that was set up for environmental remediation on a building. I used to own 30% of the building and the escrow account was part of the sale agreement. If the...
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8 years ago
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18 | |
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Spousal Traditional IRA Contrib in year of 70 1/2 uncertainty
Married couple w/earned income. Non-working spouse is 70 1/2 in September (2015) and 1st RMD is due by following April (2016). Can spouse still make a contrib. for 2015 (in 2016)? Googling creates a...
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8 years ago
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Child Support
nephew's son lives with him for past 3 years, nephew claims him as a dependent, son's mother is paying full cost of college now, she wants to claim his dependency since she spends more on him and take...
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8 years ago
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8 | |
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Gifts and IRS Forms
If my wife and I want to give my son $20,000 from a joint checking account can we write two checks and not have to use a Form 709, Gift Tax Return?
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8 years ago
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Market Discount Accretion for bonds bought at market discount
Market discount accretion generally requires reporting a portion of the market discount annually as additional interest and increase the basis by the same amount. I the bond defaults or stops paying...
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8 years ago
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Rules on using HSA funds for legitimate medical expenses
Hi, I just want to make sure I am doing things according to IRS rules. Have a baby on the way, and have been paying all OBGYN bills via personal credit card. Can I do that, and then at the end of the...
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8 years ago
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Taxation of Belgium military and NATO pensions in the United States for US resident
My client lives in CT and receives both a NATO old age pension and a Service des pensions du Secteur Public (SdPSP) for military service in Belgium. He claims that 1/3 of his income went as...
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8 years ago
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A question on home sales
A friend had his house sold (or so he thought), but it fell through. The person backed out and my friend kept the earnest money. Is that income? Does it impact on the tax basis of the house? Anything...
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8 years ago
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TurboTax data importing problems?
Is it just me or has anyone else encountered errors when importing data into TurboTax from brokerage firms?? I've used Turbotax for several years and had always transferred data from my brokerage...
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9 years ago
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5 | |
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How to deal With W-2 and 1099 with Incorrect EIN
The treasurer of a small Not-for-Profit I am associated with issued a few W-2 and 1099's with an incorrect EIN for the organization. The treasurer corrected the error today and will file the corrected...
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9 years ago
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