Latest threads in Taxes General Forumshow only best voted threads
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Temporary Sales Tax Permit in Connecticut?
Looking for help from someone familiar with CT sales tax regulations. Doing self-employed art and crafts business in PA, I have been invited to an art show and sale in CT this month. I realize that I...
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11 years ago
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Parents selling me their condo for same price they paid
My parents bought a condo for 100k that they agreed to sell me after a year for the same price. Since I am buying for the same price, will I owe any tax on the sale? Or is there another way to...
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11 years ago
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Can I max. out a 401k and SEP?
I 16,500 to my 401k in 2011. Outside this day job, I have a side-business that earned 40k profit the same year. So can I contribute an additional 8k to a SEP on top of my 16.5 401k contribution?
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11 years ago
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I sold my trucking business in Dec for 359k. Got a payment for 80k then. Sale is trucks and good will. How do I calculate basis?
My client sold his trucking business for $359,000. with a cash lump sum received on Dec. 23 2011 of $80,000. The sale consisted of trucks and trailers, goodwill, customer accounts and non compete. The...
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11 years ago
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Bank stock owned by IRA
Client has some local bank stock he directed his IRA to buy (some years ago). He had sent the stock certificate to his Schwab IRA for them to hold. Schwab is telling him they are going to start...
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11 years ago
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1099-OID for Defaulted Bonds
As I understand it, when a bond is *issued* at a discount to fair market value it possesses "original issue discount". This OID then lives with the bond during its entire lifetime. Various questions...
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11 years ago
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Tax Planning Software
I am looking for tax planning software for a 1040 that can handle Schedule K1 and real estate investments. An ideal package would let me: 1) Create "accounts", such as a brokerage account and identify...
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11 years ago
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When is a "gift" (like a restaurant tip) considered income to the recipient?
In the case of the priest who received $300K over 5 years, shouldn't the amount over $13,000 have been reported each year and either (a) tax paid by giftor or (b) a deduction against lifetime...
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11 years ago
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HSA and med deductions
Does an HSA distribution reduce medical deductions? It looks to me like I can make a contribution to the HSA, turn around and take that as a distribution for medical expenses, and still deduct those...
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11 years ago
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how can massachusetts keep the sales tax charged on a cell phone I returned for a full refund?
I returned a cell phone and was told that Massachusetts does not refund the sales tax on a returned phone. How can they keep the sales tax when the sale was voided? Isn't it like all other merchandise...
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11 years ago
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IRA rollover 1 year rule
This is the Rule: One-Year Waiting Rule Within one year, after you distribute assets from your IRA and rollover any part of that amount, you cannot make another rollover from the same IRA to another...
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11 years ago
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Consequences of doing no record keeping?
I have a small retail business with 50% cash transactions of small values. Can I just what I think I owe the IRS, instead of doing complicated and time consuming detailed record keeping? My idea is...
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11 years ago
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Do I have to report a personal r/e transaction sold at a loss
I purchased a 50% interest in a condo in 2007. I sold it in 2011 at a small loss. I just realized that I forgot to put it on my 2011 tax return. But was it required? There was no profit and it was not...
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11 years ago
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Federal Carryover Worksheet, how can you have a payment and a refund at same time?
TurboTax did something and I am wondering if it is possible. After importing 2010 return into 2011, on the Federal Carryover Worksheet 2011 on top is a table of 2010 State and Local Income Tax...
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11 years ago
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Looking for inexpensive federal payroll tax electronic filing software - any suggestions?
Hello, My clients are all individuals working a regular job, 1-person businesses with no employees or 1-person businesses that have occasionally paid independent contractors and issued them a 1099....
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11 years ago
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