Best Rated threads in Taxes General Forumshow all threads
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Medical expenses incurred one year, invoiced and paid the next
Which year can the 1040 deduction take place (assuming the 7.5% threshold has been met?) I'm guessing the year they were paid.
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13 years ago
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Athletic Scholarships
My nephew received 100% athletic scholarship for 2010. No out of pocket expenses except for minor things. Anyway, each time I search I come up with the room and board part is taxable to my nephew, is...
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13 years ago
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Sold stock on Dec 31, settlement date is 2011, when is tax date
I sold stock on Dec 31, in a brokerage account. The settlement date is in 2011. Since I had the $$ available for trading in my account in 2010, I plan on taking Dec 31, 2010, as the selling date and...
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13 years ago
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CCH Tax News Headlines - November 10, 2010
CCH Tax News Headlines - November 10, 2010 Federal Headlines: 11/10/2010 - _Lawmakers Pledge 2010 AMT Relief _ ( 11/10/2010 - _IRS Provides Safe Harbor Accounting Methods for Motor Vehicle...
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13 years ago
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Homebuyer credit subtracted from cost basis?
This may have been discussed previously, but I couldn't find the answer here or at the IRS web site. Should taxpayers who receive the first-time or long-time homebuyers refundable credit (not the 2008...
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13 years ago
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interest while on form 9465
When on an installment plan through form 9465, what is the interest and penalty? Is it a total of 0.5% of the remaining balance every month?
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13 years ago
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Contract work - what is deductible?
I found some temporary work as an independent contractor in a city 900 miles away. However, I am only going to be working two days per week. On the two days I work, they give me a $60 per diem, to...
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13 years ago
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How Important for Officers to Take Salary in C Corporation?
Taxpayers want to buy some Nevada real estate, so he (or they) form a Nevada C corporation to purchase the real estate. All of the rental income and expenses run through that corporation. One Nevada...
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13 years ago
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Bond fund distributions to NRA
As I understand it, U.S. sourced interest income is tax free to NRA. But dividends from U.S. companies are taxed. How about "dividend" from bond funds whose distributions are sourced by interest...
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13 years ago
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Questions about Form 5471
------------------------------------- Hi! I have a question about Form 5471. Back in 2004, along with my mom, dad, sister, and brother, we all bought stocks in foreign company. Each owning about 6% of...
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13 years ago
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LLC and Self Employment Tax
There's a single member LLC. The member is married, but his CPA recommends that he be the sole owner so that his wife won't be required to pay self employment tax on her community property share of...
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13 years ago
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modified tax return
How many years back can I file an amended tax return. I always filed timely for years but recently discovered issues that will provide me a substantial reduction in taxes.
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13 years ago
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Schedule M
Did we get $250 / $500 checks last year and I just forgot about it? Or perhaps a direct deposit? Or was there just a cumulative (small) reduction in payroll taxes? I honestly don't know if I'm...
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14 years ago
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Gain on Brokered CD Purchased at Discount- Is Gain Taxable at Maturity?
In my brokerage account, I had two CD's that matured in 2009. Both were purchased at a discount below face value and generated a gain (long term) of over $1000 at maturity. I would have thought a...
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14 years ago
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IRS Letter saying I owed exactly what I showed on my 2009 return
I received a mystery letter from the IRS last Saturday that said I had a mistake on my 2009 return. The income, deductions, taxes, and refund due numbers on the letter were exactly the numbers on my...
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14 years ago
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Covered by employer sponsored plan for PART of a year...
My wife and I file jointly and expect to have a 2010 MAGI of roughly $210k. We participate in our employers 401k and will continue to do so until retirement. Ordinarily we can not make deductible IRA...
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14 years ago
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How does one make the 65-day election w/ respect to distributions from complex trust?
How does one make the 65-day election w/ respect to distributions from complex trust? TIA
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14 years ago
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Taxation of Municipal Bonds
I find this topic to be very confusing and I get lost quickly in the jargon. Is there a web site with a calculator that lets you enter all the relevant information so that you can determine the cost...
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14 years ago
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? on loss on sale of residential rental property - Form 4797
My daughter and SIL sold a house they owned and rented out for the past 8 years. In filling out form 4797, I am assuming they are under the 2nd option in Line 7 referring to "Individuals, partners,---...
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14 years ago
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How to handle return of Social Security benefits paid
I plan to pay back the benefits received in order to receive a higher benefit at age 70. How would I report that on my tax return(s)? Is it just treated as a deduction for the year in which the refund...
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14 years ago
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