Latest Taxes General Forum

Subject Author Posted Replies
 
Currency Exchange
Client has a rental property in Argentina. The economy has been bad for years and is worse now. She converts Argentine pesos to US dollars and had been valuing all her rental income and expenses at ...
5 months ago 6
 
Form 1040-ES
I am not a tax professional... It has only become clear to me recently that I will owe quite a bit more tax for 2019 than what is deducted from my paycheck. (I have sold some mutual fund shares.)...
5 months ago 2
 
Will a large refund trigger an audit?
We filed an extension for 2018 to the IRS. During the year we sent the IRS more money than we should have via the 1040ES and form 4868- extension to file taxes. For 2018 based on our 1040 return, i...
5 months ago 2
 
Frivolous report
The IRS has notified me that it considers my 2018 return frivolous and will soon write me about it in more detail. I'm shocked and have no idea why this would have happened. I've reviewed my return as...
5 months ago 4
 
Depreciating new HVAC unit
I recently replaced the HVAC unit (condenser, coil, and furnace) in a residential rental property. Looking at the depreciation schedule, I was quite surprised to discover that this is apparently cl...
5 months ago 11
 
How to report hobby income
I've looked around and haven't found a clear answer to this. So suppose in addition to their regular job someone makes a relatively small amount of income from what the IRS would classify as a hobby. ...
5 months ago 18
 
California Unclaimed Property
I suggest y'all check to see if the state is holding some of your dough: https://ucpi.sco.ca.gov/ucp/Default.aspx Don't immediately think this comment is meant for someone else. One or more fre...
5 months ago 1
 
Query on Schedule E
My husband and I have an LLC and thru it we lease out a small commercial property. (2 member LLC) Can we add the income and expenses of this property to Schedule E as part of our 1040 taxes? (inst...
5 months ago 21
 
Tax Refund Humor
I paid my 2018 taxes a bit late. I guessed at the interest, and paid the whole thing with IRS2GO. I guess I forgot to put in bank details for a refund, because today I got at check for $1.67. Since ...
5 months ago 1
 
Travel expenses on a law suit tax deductible?
My daughter in law lives in WI and was rear ended in WA. She hired a lawyer and had to travel there to meet with him. Would her travel expenses be tax deductible? I suspect not, as her payments wi...
6 months ago 2
 
Health Ins premium question
We have a small business. We file a joint (H+W) 1040, 1065 with K1s. No employees. Where is the health insurance premiums for us (H+W) entered in our tax forms? Should it be in the 1065 or 104...
6 months ago 1
 
possible to have tax refund check sent to addresses other than home address?
Is it possible to have tax refund checks, both Fed and state, sent to addresses other than the home address? I believe my last refund check was stolen. --
6 months ago 4
 
Depreciation question on Luxury autos
In the past our Husband and wife partnership business has been doing fine. We file IRS form 1065 and K-1s. We are filing our 1065 for 2018. We have an extension. Based on this business doing OK...
6 months ago 1
 
Sold rental property deadline to deposit taxes
I sold a rental I had for 25 years. I sold it last week. I have a capital gain of 150k. How do I pay taxes on this? Do I just deposit as estimated taxes. Is there a deadline to deposit the tax or I ca...
6 months ago 5
 
capital gain strategy (basic query)
Let's suppose I have a net short term loss of $2500 in late 2019. I also can take a long term capital gain of $2500. Am I correct that I would be better off taking the gain in 2020.? The idea is I ...
6 months ago 3