Latest threads in Taxes General Forumshow only best voted threads
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Reinvesting most of this year's RMD
I have a taxable account and a traditional IRA at Vanguard. Both have index funds in Vanguard ETFs. For ease of discussion, let's say my RMD is $20,000 but I need only $4,000 of that for living...
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1 year ago
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LLC for EAs?
I have a question for the EAs out there. Is it permissible for an EA to set up his or her business through an LLC. Here in California many professionals who are licensed by the state are only allowed...
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1 year ago
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Is this a wash sale? (2023 Update)
Scenario: * Taxpayer has three separate accounts. * Prior to any of this taxpayer has zero shares in XYZ anywhere. * On the same day, taxpayer buys some XYZ in all three accounts. * On a later day --...
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1 year ago
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Qualified Opportunity Zone Investment
A friend's father passed away and she is selling the inherited house which was used as a rental property. She has 2 siblings, so my round numbers are gross, and 1/3 flows to her. The house was bought...
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1 year ago
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Mixture of 3 kinds of IRAs
I have a regular IRA a SEP IRA an inheritied IRA from my mother Next year I have to take my first RMD(s). Can I add the year end value of all 3 kinds to determine the total RMD amount and then take...
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1 year ago
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Roth Conversion As A 60-Day Rollover?
For some accounting reasons I would like to do the following, if possible: 1) Make a monthly withdrawal from an existing traditional IRA (I am over age 59 1/2). 2) Within 60 days, deposit the money in...
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1 year ago
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Renting an Apartment to Somebody in Switzerland
The following message was posted on another forum that I read: "I am Swiss, living in USA, Permanent Address, Green Card, married to an American man with only American Passport. I plan to rent to...
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1 year ago
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Reporting a payment on behalf of another on 1099-MISC (2023 Update)
Is anyone familiar with circumstances in which payments of monies received on behalf of another are reportable other income payments in box 3 of Form 1099-MISC off the top of his head? Reg...
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1 year ago
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Roth Withdrawals
I am helping my newly self-employed nephew set up retirement plans. Am I correct that: a) You can withdraw contributions, but not earnings, from a Roth IRA free of tax and penalty as long as the...
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1 year ago
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Is state refund a nonbusiness income?
As the title says, is state refund a nonbusiness income?
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1 year ago
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Grants from Nonprofits
When a nonprofit makes a gift within its exempt purpose, is that subject to income tax in the hands of the recipient? Does anyone have experience with this? Thanks.
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1 year ago
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Where to download Publication 536 for 2020?
I did a Google search on "publication 536 for 2020". The first result was a link to IRS. I opened that link and got publication 536 for 2020. However, it's a draft. The word "draft" was showed on...
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1 year ago
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File 1120?
TP organized as non-profit LLC, filed SS4 and obtained EIN. TP checked non-profit on SS4, but does plan to request determination letter. Does TP file 1120? Best Bill
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1 year ago
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net operation loss -1st step
The first step to calculate net operation loss is to subtract standard deduction or itemized deduction from AGI. Let's say my AGI is -12000 and the standard deduction is 12000. What's the result of...
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1 year ago
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Form 1099-NEC
I was planning to attend a concert but got sick, so sold the tickets using an online ticket resale service. That company now insists they need to send me a 1099-NEC form as the amount was over $600,...
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1 year ago
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