Latest threads in Taxes General Forumshow only best voted threads
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How are Long Term Capital Gains taxed relative to regular income?
Hey there tax community. I am really having a mental road block attempting to figure out how Long Term Capital Gains (LTCG) are taxed at 15%. Here is mental block. It appears that once LTCGains are...
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11 years ago
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2007 Self Employment Income reported as "Other Income"
61 year old female just returned from the social security office estimating her future SS benefits. The SS agent realized she had zeros in 2007, with taxable SS earnings in all other years. She...
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11 years ago
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Roth IRA without proof of income?
Party A is a home music teacher and officer in a local area music teachers association. Party A pays Party B (age 12 years) in cash for doing various office-type activities such as handling...
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11 years ago
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rental refinance
I had financed a rental property. I had incurred loan origination and misc fess for about $2000 and was amortizing them over the 30 year loan. Last year I refinanced the loan. The loan was essentially...
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11 years ago
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Question about allocation of mortgage prepayment
Suppose that my current mortgage balance is $150K. Then I do a cash out refinance of $300K on March 31. I recognize that interest payments are now broken up into - Home acquisition debt (150K) 50% -...
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11 years ago
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H & R Block tax software question
While installing this, my sister ran into a question about installing "AT HOME CONNECT". There was nothing on the box that told her what that was, and all I could find online was that it was part of...
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11 years ago
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When are K-1s due?
I am not a tax professional, so I don't know where to go to look this up :-( When are K-1s supposed to reach the beneficiaries? Mine seem to come later and later.
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11 years ago
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RMD calculations for IRA and 401k
I am turning 70 1/2 this year. I have two 401k accounts, a traditional IRA and a ROTH. I would like to figure out what my total RMD is so that I can decide which account(s) to take it from. There are...
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11 years ago
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IRA rollover by surviving spouse when IRA owner dies before completion
IRA owner took a distribution of his entire IRA by transferring it to a checking account that is joint with his spouse. She then wrote a check to herself out of the joint checking account and...
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11 years ago
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Rink V CREF
Last fall I asked about how to handle a check from the settlement of the Rink v CREF class action suit. Following the advice from here, I rolled the entire amount of the check into an IRA account,...
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11 years ago
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How to fill out 1040X Part I
I am filing a 2008 1040X, but not changing my exemptions or line 4. As I read it, I don't put anything in Part I; but TaxCut automatically fills in a bunch of zeros, and puts my original exemption in...
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11 years ago
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Has Anyone Seen This: Transfer of Inherited IRA
A client inherited an IRA from a parent. Client was receiving MRDs using her life expectancy (Appendix C Table I in Pub 590). Client had the IRA trustee transfer the IRA to a life insurance company...
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11 years ago
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RTRP & Rebates for Testing & Loss of Clients
I thought this topic would be humming in here. Okay. I never wanted to go through the hoops, thought that after 20 years of preparing returns almost without error, I felt the Competency Testing,...
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11 years ago
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recovering property via foreclosure
Taxpayer sells real estate, and takes back a first mortgage. Buyer then defaults,and the taxpayer takes back the real estate via foreclosure. What are the tax implications of: 1. taking back a first...
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11 years ago
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Sale of home by widow
Husband dies in 2010, widow sells home in 2012 after jointly owning it for 33 years. Does she get the $500K tax exclusion or the single rate $250K? tks all bw
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11 years ago
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