Latest threads in Taxes General Forumshow only best voted threads
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VAT Required?
Client is a US-based artist. Client is about to enter into a transaction to sell three pieces to Netherlands resident. Sales price might be about $140k US. Historically, sales have gone through...
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2 years ago
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Navigating the Gray Area: How to Report Cryptocurrency Trades on Your Tax Return (2023 Update)
OK, in 2020 I started minimally dabbling in Crypto. So, I had a crypto exchange and a crypto wallet. BTC would go into my wallet from my exchange at varying times and leave my wallet, turning into...
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2 years ago
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Entering 1099-B data into TurboTax
Hi. The financial brokerage gives a 1099-B summary for all transactions and then lists every transaction with its specific details. Is it possible to just enter the 1099-B summary data sums up all the...
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2 years ago
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Navigating the Tax Implications of Below-Market Family Loans: A Breakdown from the IRS (2023 Update)
Can anyone provide links to __IRS__ explanations of the rules that govern required interest rates for family loans? Also, for calculating and reporting taxable interest income for "below-market"...
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2 years ago
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Seeking free software or spreadsheet to convert cryptocurrency buys/sells to gains/losses (2023 Update)
I have a variety of buy/sells (crypto) on an exchange and a wallet. With stocks I can upload the files to TT. I need to render this information to gains/losses. Is there some kind of software free or...
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2 years ago
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IRA Required Minimum Distribution Situation
A taxpayer's husband died in 2019 at age 79. The husband had not taken an RMD for 2019 yet. He took RMDs starting at age 70.5. The taxpayer inherited the husband's Traditional IRA. The taxpayer turned...
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2 years ago
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IRS say ignore CP80 for 2020 (2023 Update)
Well, after my Dad got a CP80 letter for 2020 return and he dutifully mailed off a new copy of his return, I see IRS is now saying: "Due to processing delays for 2019 and 2020 tax returns, the...
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2 years ago
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Issue with crypto capital gain/loss via TurboTax Deluxe Desktop (2023 Update)
I use TT Deluxe desktop. I've never had problems with capital gains/losses as I can always import the 1099 from my brokerage firm. However, I also did some BTC purchases/sales via PayPal. They just...
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2 years ago
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Can you move a stock out of an IRA and sell it
Is it possible/legal to have a stock which is under water moved outside the IRA as a redemption and sell it to claim a loss?
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2 years ago
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ROC taken from a Traditional IRA
If I take out ROC payments from my traditional IRA, even though ROCs aren't taxed until your cost basis is zero, I would still pay taxes on the payout because its money "withdrawn" from my IRA, right?...
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2 years ago
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Short- and Long-Term from DRIP
I was in a firm's dividend reinvestment Program (DRIP) for many years, leading to a total of 63 purchases over fifteen years. Last year, they executed a reverse split, which left me with a non-integer...
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2 years ago
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Form 709 U.S. Gift Tax Return
If I made a $30K gift to an individual, do I put $30K on Form 709? Or 30K less the annual gift exemption ($15K?)? If I made a $30K gift to a trust, do I put $30K on Form 709? TIA
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2 years ago
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PSA: IP PINs updated
The Identity Protection PIN (IP PIN) prevents someone else filing a fraudulent return under your name and getting an undeserved refund. If you had an IP PIN in the past, the IRS issues you a new one...
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2 years ago
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CP80 Form Received re 2020 taxes, and Re-Sending Of: What Is It, Please
Hello, I just received a CP80 form for my 2020 taxes saying that I have a credit, but that I must send them a newly signed copy with copies of any documents sent with the original back in March 2020....
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2 years ago
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Last year filing 943 with no payroll
So, I'm working on closing out a small Sch. C business that had no employees or income in 2021. I know there is a provision on the 943 to mention that this is the businesses last year. Wondering if...
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2 years ago
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