Latest Taxes General Forum

Subject Author Posted Replies
 
Annual Exemption
Re: Annual Exemption We want to use the annual gift  exemption and give our kids a few dollars. Our children are over 21 years of age. Is there a way we can open an account with their name on th...
2 months ago 11
 
SS-4 Line 10
Hi - I just had a question about SS-4 line 10. If the reason for applying for an EIN is "Started a new business," it then ask for the business type. What do they mean by "type"??? Line 9a a...
2 months ago 4
 
Home Sale Exclusion
Hi All - I got an inquiry about the home sale exclusion. This person left his primary residence 3.5 years ago for a new job in another location - more than 50 miles away. Based on Publication ...
2 months ago 4
 
Is the Calif part of 2019 TurboTax Premier accurate for 2019 yet?
Does anyone know if the Calif part of 2019 TurboTax Premier is accurate for 2019 yet? It is after hours, so I cannot chat with a TT rep. And frankly, I'm not sure I would trust the answer from the ...
2 months ago 2
 
Dealing with a bad debt...
I lent someone's LLC $25,000 18 years ago. He gave me $35,000 of gems in collateral, and a jeweler I knew was to sell them off to pay back the debt. For 3 years it went well; she sold a quarter of t...
2 months ago 1
 
QCD - how a charity qualifies
I'm on the board of a small local 501(c)3 charity, about to start our annual giving drive. Since a number of our donors and friends are past age 70½, and thus compelled to take a Required Minimum...
2 months ago 8
 
1031 stock exchange 2017
I received an exchange 12/29/2017 per share I received $222.93 a share and .5077 shares in stock. i still own the stock. the IRS claims the total amount is taxable. Am I still covered by the old rules...
2 months ago 6
 
Question on the new tax laws exemptions
The tax reform legislation raised the estate tax exemption thresholds. This increase expires at the end of 2025. Does it mean for sure that the exemptions are fixed till 2025? What if anothe...
2 months ago 2
 
Seeking practical advice about wash sales
I know what IRS Pub 550 says about wash sales, but it just is not practical, IMHO. For the most part, my potential wash sales arise when my quarterly asset allocation adjustments might cause sales f...
2 months ago 2
 
Installment Sale/Gift
Father wants to transfer ownership of his corporation to his children. To avoid gift tax it will be a purchase for fair market value, on an installment sale with payments due that are under the g...
2 months ago 11
 
Sale of primary residence
This took place in California, a community property state. Taxpayer and spouse were divorced, and spouse transferred his ownership interest in the house to Taxpayer. Taxpayer sold the house in ...
2 months ago 1
 
Changing Accounting Year for Estate's Form 1041; When To Pay Executor
-- Death was in August, 2019. - Estate is around $650,000 in cash, earning interest. -- Income post-death to the estate is expected to be about $13,000. Most of the post-death income is due to di...
2 months ago 4
 
Where does this go to on the federal tax return?
Where does this income go to on the federal tax return? 1. My husband and I  invest small amounts of money in many Trust Deeds. (These are loans to buyers to acquire Real Estate). We are  thinkin...
2 months ago 3
 
Do noncollectable judgements have any tax benefit?
My daughter in law was badly injured in an auto accident. The other driver was entirely at fault, but has minimal insurance and no assets. So she can probably win a substantial damage award, but can...
3 months ago 2
 
an easy wash sale rule query
Suppose I buy XYZ and sell it at a loss, in the regular account where my wife and I are joint owners. Now if I buy XYZ back within 30 days in that joint account or in my own IRA, that loss is elim...
3 months ago 2