Taxes General Forum

Underpayment Penalty (CA)

Hi, My wife (married, jointly) had a $48K windfall at the end of 2014. We knew we would receive it sometime in December...

2 comments posted 11yrs

posted by nospam

2 comments posted 11yrs posted by nospam

PS58 Income - Insurance Policy on K-1

On my K-1 Line 11 Other Income (loss) code F it states "PS 58 - Income - Insurance Policy" with a dollar amount of $132...

1 comments posted 11yrs

posted by TAXNOVICE

1 comments posted 11yrs posted by TAXNOVICE

1099-DIV reporting for Non US Citizen, not in US for 2014.

I was in US on H1B for 7 years till Sept 2013 and filed 1040 for year 2013 as I had US Source income, as in - wages, di...

1 comments posted 11yrs

posted by alokgon

1 comments posted 11yrs posted by alokgon

1031 Exchange

I have a client who has owned real property that used to be used by her family. But it has not been used for anything f...

4 comments posted 11yrs

posted by spamtrap

4 comments posted 11yrs posted by spamtrap

1099-Q's: What to do when my son and I each received one

Situation for 2015 Expenses: $22K of total educational expenses for my son. $4K of it went to computing the American Op...

1 comments posted 11yrs

posted by gindie

1 comments posted 11yrs posted by gindie

PTP K-1

My basic question is, if an MLP distribution is taxable, will this be indicated on the K-1? In more detail: I have shar...

1 comments posted 11yrs

posted by gbeccles

1 comments posted 11yrs posted by gbeccles

Business use % when renting a room in a house

Taxpayer rents a room in a house that is occupied by others in the other rooms. Taxpayer uses this room for personal us...

5 comments posted 11yrs

posted by leec

5 comments posted 11yrs posted by leec

Those TV ads that promised to reduce what one owes to the IRS.

I see these TV ads all the time. What do they do? For example ... I just saw a TV ad where this retired couple needed s...

2 comments posted 11yrs

posted by nadcixelsyd

2 comments posted 11yrs posted by nadcixelsyd

Paid state income tax on tax free bonds! What to do?

My son lives in California and had $9,000 in California Municipal bonds. He did not claim them as tax free on his CA ta...

2 comments posted 11yrs

posted by *

2 comments posted 11yrs posted by *

1099-B, First Time for Me

Hi, In the past, all of our investments have either been in 401k retirement accounts, IRAs, or things like single stock...

3 comments posted 11yrs

posted by nospam

3 comments posted 11yrs posted by nospam

Gift Tax? Treatment?

I had been helping to support my (non-live-in) girlfriend. As we rolled into 2015, she was unemployed and I had limited...

2 comments posted 11yrs

posted by dontspamme

2 comments posted 11yrs posted by dontspamme

Sale of lumber reported on 1099-MISC

I bought a piece of property 11 years ago mainly for harvesting wild blueberries. A portion of the property was foreste...

8 comments posted 11yrs

posted by nowhere

8 comments posted 11yrs posted by nowhere

Question on Section 174 deductions for two person S corporation

Hello: I own a S Corporation in California with my wife and I as the only employees in it currently (before last year w...

0 comments posted 11yrs

posted by embeddeddesi

0 comments posted 11yrs posted by embeddeddesi

ACA Penalty Calculation

I am single and worked two different jobs.(job 1 from January thru June) (job 2 July thru December) Neither job offered...

3 comments posted 11yrs

posted by waltxj2

3 comments posted 11yrs posted by waltxj2

Is k-1 tax accounting a speciality? Just got ditched by an accountant

I am livid. I had a referral to an accountant who does all the tax work for my contractor and his partner, who have mul...

5 comments posted 11yrs

posted by phillysleuth

5 comments posted 11yrs posted by phillysleuth