Best Rated threads in Taxes General Forumshow all threads
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NY City Unincorporated Business Tax (UBT) on real estate
Client had to close his business years ago. The neighborhood changed to a residential one from mostly industrial. Realizing he couldn't sell the building as is for any worthwhile amount, he took on...
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9 years ago
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Capital Gains Exclusion on Contract for Deed
If I sell my house for $800K using a Contract for Deed and have a $500K basis and a $500K capital gains exclusion, is it permissible to report the principal payments received on a monthly basis...
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9 years ago
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Can I not report some foreign taxes paid?
According to my brokerage statements I paid $2,700 in foreign taxes that I could get a credit for; but I am way into AMT and lose it all when I file a 1116. Can I not report $1,700 of the taxes paid?...
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11 years ago
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1099S & IRS Form 8949
I am a California resident and sold an inherited residence in 2012. I received form 1099S that indicates the gross price I received but no indication of expense items related to sale (real estate...
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11 years ago
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Having No S.S. Number (yet) For Adopted Youngster: How To Handle on Tax Returns ?
Hello, My son and daughter-in-law adopted a baby boy last year. With all the excitement, etc., they have finally just put in for a S.S. card/number for him. Knowing the "speed" of the local S.S....
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12 years ago
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More constructive receipt fun - direct deposit screwup
You may remember me from past posts on getting a 1099-MISC in year N but not receiving the check until year N+1, etc. This year we managed to have a new, non-hypothetical twist. Back in the fall my...
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12 years ago
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How do you pronounce MAGI?
How do you pronounce MAGI? Maggie? majee? M-A-G-I (as separate letters)? Something else? Thanks. Bob Sandler
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12 years ago
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Basis, depreciation, and life estates in real property
Person A deeds a residential real estate property to remainderman B, with A retaining a life estate. A receives no compensation of any kind for this. Presumably the value of the transferred remainder...
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12 years ago
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2011 Calif tax rates?
I thought the 2011 Calif tax rate table would not be determined before August as usual(?); that is, some time after the budget is passed, which is usually later than its June 30 deadline. Right? And...
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12 years ago
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Omitted IRC Section 754 statement
On rereading the instructions on the K-1 for an MLP I purchased in December, I see that I was supposed to file a small statement: IRC SECTION 754 STATEMENT The taxpayer is a transferee partner in...
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12 years ago
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1099 R for deceased taxpayer's IRA
The deceased taxpayer was a 80 year old widow taking minimum required distributions from her $200K IRA. Upon her death, and at the request of the executor of her will, the IRA was rolled into equal...
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13 years ago
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Empty rental property that I sold, need to file Schedule E?
My rental property was empty in 2010 and sold in August '10 . Can I just lump all my expenses when I file Form 4797 ? Or I do have to also file a Schedule E ?
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13 years ago
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Estate 1041 Beneficiaries Sch. K-1
I am preparing the final 1041 for a small estate where the parent's home was sold at a loss. The estate made no income. I've prepared the Sch. D and planned to divide the loss between the 4...
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13 years ago
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How long does it take for a recently filed return to show up on an IRS Transcript
Here's the situation: Client lived out of the country for seven years and didn't file any tax returns during that time (2003-2009) Client has repatriated back to the USA Client wants to get caught up...
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13 years ago
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telecommuting to california
Hi I am a full time employee at a California company and worked in California till Aug 2009 I am a US citizen Moved to India and telecommuting from there for the same job as full time employee I...
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13 years ago
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1099-c, insolvency and joint returns
If the spouse that received the 1099-c is insolvent (to the extend of the canceled debt) but the other spouse is solvent, does this affect the ability to exclude canceled debt from income. What about...
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13 years ago
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joint return, order of names, husband deceased
I know the general rule is that the same filing names and order should be maintained from year to year. Does this hold when the husband has been listed first for years in a joint return but he dies in...
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14 years ago
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s-corp salary/bonus strategy
I've just formed a single-shareholder S-Corp.* My business income is very irregular - I may have no income for several quarters, and then $60k in a single quarter. Expenses are also variable, as they...
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14 years ago
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Form 709 after funding a 529 College Fund (QTP)
HELP! I just can't figure out how to fill out Form 709 after funding a 529 College Fund. The instructions are less then clear for QTP and split donations. SCH A: (for ref: it says I need to attach an...
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14 years ago
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How to correct an incomplete Form SS-8?
As a worker, I mailed a Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding, to the IRS last week. After mailing, I noticed that I listed...
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14 years ago
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