Taxes General Forum

CD interest on joint account, death in family

My mom passed away end of 2011. She and I have a joint CD (5 year) that matures in 2015. She did not report taxes last...

2 comments posted 14yrs

posted by ann.t

2 comments posted 14yrs posted by ann.t

new 8949 vs 1099-B

Was just reading this article about the changes for reporting stock... http://www.smartmoney.com/taxes/income/whats-new...

4 comments posted 14yrs

posted by pschuman_no5pam_m3

4 comments posted 14yrs posted by pschuman_no5pam_m3

Acquisition Debt vs Home Equity Debt & Cash Out Refinancing

A friend wants to buy a vacation home (second home) by refinancing the mortgage loan on his main home. Here is the plan...

29 comments posted 14yrs

posted by tempuser

29 comments posted 14yrs posted by tempuser

Can my wife buy my asset so I get a capital loss?

Years ago I lent someone money, secured by jewelry. He defaulted and I got the jewelry. At the time I was covered, but...

5 comments posted 14yrs

posted by wade

5 comments posted 14yrs posted by wade

Schedule A Line 23 Deductions

I have questions on what is/is not allowed on Line 23 of Schedule A. The form itself indicates examples are investment...

7 comments posted 14yrs

posted by greekgod

7 comments posted 14yrs posted by greekgod

how does one handle tax on easement

Out of curiosity I was reading about the Keystone pipeline, as in http://www.nytimes.com/2011/10/18/us/transcanada-in-e...

4 comments posted 14yrs

posted by removeps-groups

4 comments posted 14yrs posted by removeps-groups

Gift Tax Limit

I was talking to someone who said his accountant told him that he could take advantage of the $5 million lifetime unifi...

4 comments posted 14yrs

posted by spamtrap

4 comments posted 14yrs posted by spamtrap

Speaker accepts "contributions" to church

A fellow came into my office with the following issue. He states is a speaker who speaks on a social issue. He makes th...

10 comments posted 14yrs

posted by tomchand

10 comments posted 14yrs posted by tomchand

Interest Income on Checking account opened for rental activity

I have opened an interest bearing checking account for a rental property. Should the interest on this checking accoun be...

5 comments posted 14yrs

posted by toubikat2

5 comments posted 14yrs posted by toubikat2

1099-R with a "G" in box 7

I'm doing my daughter's taxes. What does a "G" in box 7 of a 1099-R mean. After college, my daughter worked for three y...

4 comments posted 14yrs

posted by nadcixelsyd

4 comments posted 14yrs posted by nadcixelsyd

1120S Schedule M-2

What item amounts go into line Number 7 on the Form 1120S Schedule M-2 called "Distributions other than dividend distrib...

4 comments posted 14yrs

posted by jwisniaDumpThisPart

4 comments posted 14yrs posted by jwisniaDumpThisPart

Insolvency Worksheet Question

I'm trying to fill out an insolvency worksheet and I don't know what to do about the house information. We have a mortg...

1 comments posted 14yrs

posted by dandelgado100

1 comments posted 14yrs posted by dandelgado100

1099 But No Income

Consider the following (entirely realistic) scenario: 1) You create an account with Amazon Payments, enabling you to se...

27 comments posted 14yrs

posted by dontspamme

27 comments posted 14yrs posted by dontspamme

Property Disposition

We purchased a home in 1973 for $36,500 and converted it to a rental property in 1979. By 2004 the mortgage had been pa...

4 comments posted 14yrs

posted by daniel.schumacher1

4 comments posted 14yrs posted by daniel.schumacher1

how to handle income from separate accounts

If you are married and filing a joint return, how do you handle income from separate accounts (including trust accounts...

5 comments posted 14yrs

posted by removeps-groups

5 comments posted 14yrs posted by removeps-groups