Latest Taxes General Forum

Subject Author Posted Replies
 
What business code to use on 5500-EZ when running two businesses?
Relative of mine has been a writer for years and has used the business code for writing on both the Sched C and the 5500-EZ for the relative's solo 401k. But in 2018 the relative started another, ...
3 months ago 2
 
1099 Filing Service?
Hi all - Is there a 1099 filing service that you particularly like or recommend? Thanks. -- Stu http://DownToEarthLawyer.com -- This email has been checked for viruses by AVG. https://ww...
3 months ago
 
Tax Basis of Roth IRA distribution in kind
My Roth IRA holds only marketable securities -- some with gains and some with losses. If I close out my Roth IRA by distributing/taking over the securities in kind, what would be the basis of the se...
3 months ago 4
 
Multi-Year Projection
I am 62 and mostly retired. I am also on Obamacare until Medicare kicks in. I live mostly off withdrawals from my assets. I have a mixture of appreciated and non-appreciated securities outside reti...
3 months ago 9
 
Administering a Trust
As my mother in law got older, we went to an attorney and set up a living trust. i.e. A trust that is set up using her social security number, for which, I am the trustee. For the last 3 years, ...
4 months ago 6
 
401-K Loan - Repayment on Job Termination
Here's one I know nothing about. Apparently when someone properly borrows from his 401-K, and then leaves his job with that employer, the loan is considered a distribution unless some arrangemen...
4 months ago 4
 
Involuntary withdrawal from 401(k)
My question is how to avoid the consequences of a 401(k) distribution in cash that I didn't ask for. Background: traditional (non-Roth) 401(k) with Principal Financial. I'll reach age 70 this ye...
4 months ago 4
 
non-qualified use before 5-year period (principal residence gain exclusion)
Suppose a rental property becomes a principal residence, and is sold more than 5 years later. IRC ยง 121(b)(5) seems to say that a portion of the gain must be allocated to the period of non-qualifie...
4 months ago 3
 
What is the trust's tax basis upon funding?
Normally, the basis to the donee is the lower of donor's cost basis or FMV at time of gift. If an irrevocable trust is funded with securities, does it work the same way -- lower of cost or FMV? TI...
4 months ago 3
 
Payment to Foreign Worker
A US company has hired a foreign (non-citizen/non-resident) worker (probably independent contractor) to do work, but not in the US. Is any withholding required? Unless the worker ever comes to wo...
4 months ago 3
 
401-K Rollover
Have the rollover rules changed for 401-K's? Someone told me he's over 59? and has taken a distribution from his 401-K, but he wants to put some or all of it back. As far as I can tell this w...
4 months ago 3
 
QBID for rental properties
In my opinion I qualify for the QBI deduction for my rental properties. I have a couple of questions maybe someone can answer. 1. The QBID is applied to enterprise groups. I want to lump all of my...
4 months ago 2
 
Out of State Employee
I received an inquiry and I don't know how to deal with it. A person is employed by a company in one state, but he works remotely in another state. The employer is not qualified to do business in...
5 months ago 5
 
Home Sale Capital Gain: Estate Tax Return or Decedent's Tax Return?
Purchase Agreement signed on August 4, 2019. Home owner Bob Doe dies on August 6, 2019. All attorneys (Bob's; the realtors'; the buyer's) agree that the purchase agreement is binding on the estate. ...
5 months ago 9
 
what if I don't have basis info for a stock?
Years ago I was gifted stock. I distinctly remember giving the basis info to my broker and seeing it show up in my account. But now it shows $0 and the broker says they never got the information. ...
5 months ago 4