Taxes General Forum

ACA MAGI and rules?

We have relatively significant assets, and low income. We would like to stay out of the Medicaid system, for what I thi...

5 comments posted 11yrs

posted by gbeccles

5 comments posted 11yrs posted by gbeccles

Good News For US Citizens/Residents With Certain Canadian Retirement Accounts

Revenue Procedure 2014-55 provides that eligible U.S. citizens and residents with certain Canadian retirement plans wil...

0 comments posted 11yrs

posted by tempuser

0 comments posted 11yrs posted by tempuser

Cash Gift Rules / Forms

My wife and I plan on giving* our daughter $15,000 or $20,000. Is it mandatory that any IRS forms be filed out? Years a...

1 comments posted 11yrs

posted by nojunk

1 comments posted 11yrs posted by nojunk

TIN for grantor trust

I am the grantor of a "grantor trust" that has a savings account at a local bank. I have provided the bank with my SSN...

3 comments posted 11yrs

posted by stevens744

3 comments posted 11yrs posted by stevens744

Form 1116: No foreign capital gains for U.S.-based mutual funds?

For my 2013 Form 1040 (U.S. Individual Income Tax Return) to be filed by October 15, I am currently preparing my Form 1...

7 comments posted 11yrs

posted by frenchguynyc

7 comments posted 11yrs posted by frenchguynyc

Sale of partial interest in PTP

Taxpayer sells 50% of his holding in a publicly traded partnership. What is the correct method for handling this on the...

0 comments posted 11yrs

posted by ira.smilovitz

0 comments posted 11yrs posted by ira.smilovitz

Donation of Rugs

Client has 4 oriental rugs to donate to an organization. They were last appraised in Dec 2012 and valued, jointly, at a...

1 comments posted 11yrs

posted by michaelhbratt

1 comments posted 11yrs posted by michaelhbratt

Deduction for allowing charitable use of real property?

Taxpayer owns a home in Florida, her personal residence. She is underwater on the mortgage. She intends to move out of...

8 comments posted 11yrs

posted by dommanno

8 comments posted 11yrs posted by dommanno

3 topics in one: collectibles, stepped up basis, installment sale

Client's husband died in 2013. He had no will and she said the only paperwork she did was to be named as personal rep t...

1 comments posted 11yrs

posted by linda.in.nd

1 comments posted 11yrs posted by linda.in.nd

Negating Real Property Deed

Couple A deeded real property (which was and is their personal residence continuously for 30+ years) to Couple B, for n...

1 comments posted 11yrs

posted by afn02552at

1 comments posted 11yrs posted by afn02552at

Consolidating 401k plans?

My son has two 401k plans; one with a former employer and one with his current employer. They are both at Fidelity, and...

6 comments posted 11yrs

posted by *

6 comments posted 11yrs posted by *

Maryland "Limited Divorce"

Maryland does not have a status of "Legally Separated." However they have a status called "Limited Divorce" which is es...

10 comments posted 11yrs

posted by dontspamme

10 comments posted 11yrs posted by dontspamme

Anything to be done with money leftover in a 529?

The unexpected upsurge in stock prices looks to be leaving me a surplus in a 529. Is there any way to access it other th...

5 comments posted 11yrs

posted by *

5 comments posted 11yrs posted by *

Are legal fees on trust funds received tax deductible?

I am about to receive funds from a pretty big trust. The funds are about half capital gains, and I am responsible for p...

4 comments posted 11yrs

posted by *

4 comments posted 11yrs posted by *

a new tax record keeping nightmare on the horizon?

Cap value of tax exclusion for retirement benefits The value of itemized tax deductions and employee contributions to r...

0 comments posted 11yrs

posted by PicoRico

0 comments posted 11yrs posted by PicoRico