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House purchase - close this year or next

My first home purchase. I am in contract for a home in California and have the option to close this year or next. I wou...
5 comments posted 17yrs
posted by phelix.elsalvador
5 comments posted 17yrs posted by phelix.elsalvador

S-Corp Built-in-Gains and Capital Losses

ABC Corporation has always been a calendar C Corp until 1/1/08, when it made the election to switch to S Corp. It wants...
0 comments posted 17yrs
posted by nodak457
0 comments posted 17yrs posted by nodak457

Claiming stimulus payment on 2008 return?

It's well past the Oct. 15 deadline to file a 2007 tax return and receive a stimulus payment this year. IRS says that t...
5 comments posted 17yrs
posted by dommanno
5 comments posted 17yrs posted by dommanno

Simple Versus Compound Interest

A taxpayer's business gets a line of credit from a related party (parents). Loan terms are 10% on simple interest, but...
4 comments posted 17yrs
posted by nisha
4 comments posted 17yrs posted by nisha

IRS To Help Homeowners Refinance Or Sell Homes

IRS lien against home can be made secondary to lender lien. http://news.yahoo.com/s/ap/20081216/ap_on_go_ca_st_pe/irs_ho...
5 comments posted 17yrs
posted by wbrenner
5 comments posted 17yrs posted by wbrenner

Qualifying for Medicaid

Would the cost of legal expenses incurred to find out how to qualify for Medicaid be deductible? This advice would incl...
4 comments posted 17yrs
posted by infodata
4 comments posted 17yrs posted by infodata

Irs auditing High School Booster Organizations

A friend of mine who is a High School music teacher mentioned this issue to me a few months ago, but I hadn't heard any...
11 comments posted 17yrs
posted by hwlentz
11 comments posted 17yrs posted by hwlentz

CCH Tax News Headlines - December 16, 2008

CCH Tax News Headlines - December 16, 2008 Federal Headlines: - http://tax.cchgroup.com/news/headlines/2008/nws121608.h...
0 comments posted 17yrs
posted by TaxService
0 comments posted 17yrs posted by TaxService

Loss on IRA

Can a loss only be shown on an IRA with basis when the value of the IRA is actually zero on form 5498? My client receiv...
5 comments posted 17yrs
posted by bm30003700
5 comments posted 17yrs posted by bm30003700

Portrait of a White Elephant

Taxpayer has a lovely oil portrait of a White Elephant. Seeing that a local museum is going to be putting on an exhibit...
27 comments posted 17yrs
posted by rowdy'sboss
27 comments posted 17yrs posted by rowdy'sboss

economic stimulus 2009

Any expert opinions about whether the expected 2009 economic stimulus package will again depend upon actually owing Fed...
5 comments posted 17yrs
posted by ybotkaSMP
5 comments posted 17yrs posted by ybotkaSMP

What becomes of losses in an escrow account?

When I sold my business 2 years ago a large part of the payment was put into an escrow account to cover environmental r...
6 comments posted 17yrs
posted by john
6 comments posted 17yrs posted by john

Does it matter if it is my or spouse's income

TaxCut asks whose interest it is, but doesn't ask about capital gains. On a joint return does it matter whose interest i...
2 comments posted 17yrs
posted by jack
2 comments posted 17yrs posted by jack

Suspension of RMD

Does anyone have an idea whether the RMD temporary suspension rules apply to an IRA that received a rollover from a pro...
1 comments posted 17yrs
posted by sfeld4127
1 comments posted 17yrs posted by sfeld4127

Separation of Church and State

U.S. 9th Circuit Court of Appeals, December 12, 2008 Sklar v. Comm'r of Internal Revenue, No. 06-72961 http://caselaw.l...
19 comments posted 17yrs
posted by rdadams
19 comments posted 17yrs posted by rdadams