Best Rated threads in Taxes General Forumshow all threads

Subject Author Posted Replies
 
Is interest from 13th mortgage payment deductible?
I made a 13th mortgage payment in December of 2008, with the intent of getting the interest applied to my 2008 taxes. Since I always pay my mortgage at least two weeks early, it was actually the...
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ADR/ADS fees add to basis?
I seem to remember somebody posting that the ADR fees, that the depositary bank charges when you get a dividend, add to the basis. Was that correct? I did a lot of searching to try to find that, and I...
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IRS Tax Payment - Third Party Check
Does anyone have any experience with making a Federal tax payment via a third party check? This is where a check payable to John Smith is endorsed "Pay To The Order Of United States Treasury" by John...
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Form 6251- Line 4 of Home Mortgage Interest Adjustment Worksheet, accounting method needed to determine a HELOC interest usages.
My understanding is that Mortgage Interest must have its uses separated in order to do this calculation properly, because if the interest is for anything else other than home related (building,...
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Computer Depreciation Three Year Option?
Is there any option to depreciate computers on a MACRS 200DB 3 Year method instead of the 5 Year? Computers typically become obsolete within two years of purchase. It would be very desirable to just...
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Joint tenancy, multiple owners, capital gains calculation
Can someone please explain what each surviving co-owner's capital gains tax calculation would be under the following scenario?: Single family home purchased for $400,000 and sold 10 years later in...
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Can a non-owner deduct real estate taxes?
If, for example, my lease calls for me to pay $100 a month (to the owner) and pay all the real estate taxes directly to the town, can I deduct them? (thw owner niehter pays them, nor deducts them) If,...
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Questions on Health Insurance for Shareholder in S Corporation
Some benefits for a major shareholder of a S Corporation cannot be deducted as expenses of the S Corporation. For example, the cost of health insurance for the shareholder - if paid for by the S...
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Estimated Tax Issue (Hypothetical)
Taxpayer has $100,000 short-term capital loss carryforward, and $100,000 long-term capital loss carryforward. In the first quarter, he gets $200,000 in short-term capital gains. How much estimated tax...
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IRS follies: form 56 fiduciary vs. form 8822 change of address
Upon sending in a Form 56 "Notice Concerning Fiduciary Relationship" for a deceased taxpayer (individual income tax, not an estate or trust), the IRS sends it back with the puzzling form letter...
 
Can I Rollover ESOP to Roth IRA?
My company was sold and the company's Employee Stock Ownership Plan was terminated as a result of the sale. All participants are, of course, required to take distributions either in the form of a...
 
What can a Roth IRA own?
Under what conditions can a Roth IRA own an LLC which owns equity shares in unlisted companies including S-Corps and closely-held corporations? The person who asked me this question wants to invest in...
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Not understanding 1099R, 401K loan
Although it is the last minute and I will probably file an extension, I am hoping someone can help explain a 1099R I received from my ex- employer. I had a 401K account from which I borrowed...
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Tax treatment of NDSEG fellowship
Recipients of National Defense Science and Engineering Graduate Fellows receive the memo posted at: . The line "As stated in the NDSEG Terms and Conditions, you are considered an independent...
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STAR Credit taxable
I receive a credit on my real estate taxes in New York called a STAR credit. I get a check each year. Is this taxable on my 1040 or IT-201?
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Should two states income on W2 sum to Federal Gross Income ?
Hi, I worked in 2 states - NJ and IL for the same employer. Following are two entries in my W2: 1. Under #1 (Wages, tips, other compensation) its 50K 2. Under #16 (State wages, tips etc) its 41K for...
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1099-B Restricted Stock Options sale...Do I need to file a Schedule D?
No, that doesn't really change anything. In fact, it makes it even more straightforward. Did you file a Section 83(b) election on these shares to treat them as 100% vested for *tax* purposes, or not?...
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401K Distributions Overseas
If a US Citizen emigrates to another country and then redeems his 401K's, does the person have a US Tax liability then? tks all bw
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Accounting for expenses for an LLC
Hello, A friend and I registered an LLC (as equal partners) in August 2007 in Texas. We spent about $1000 (split equally between us) in registration and other start up costs etc. We didn't have any...
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Tax implications of caring for elderly parent
My sister doesn't have newsgroup access, so I am asking this for her. She is caring for my mother, who has early to mid stage Alzheimer's, in her home. My mom has some retirement and interest income...
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