Latest Taxes General Forum

Subject Author Posted Replies
 
IRC Section 1033 questions
This is a long shot but I can't find any IRS guidance in the form of Regs or PLRs. A client, organized as an LLC, wants to know if they can purchase two buildings to meet the threshold to avoid taxe...
6 months ago 3
 
Turbo Tax 2016
Hello, Does anyone know where I can buy/get a copy of TurboTax 2016? Thanks! --
6 months ago 2
 
Capital Gains On Inherited Stock
SWIMBO and I are reviewing and updating our estate plans and I'm wondering what the latest rules are regarding inherited securities. I've got a goodly amount of a US company's stock which has incr...
6 months ago 7
 
1031 stretchout - what is this?
I have seen websites touting this, some stating "convert almost any appreciated capital transaction into a deferred sale. Take 100% of the income or let the principal grow for your family's future...
7 months ago 9
 
Re: Pay Sales Tax Twice ?
Katie, states like Hawaii may choose not to have a sales tax because the costs of goods that have to be imported and can't be made locally (nearly everything) is going to be high because of the cos...
7 months ago
 
Revocable trust and tax ID
Can a Revocable trust has its own tax ID? If yes, mechanically (or procedure-wise) how does the owner report that trust's income under his SS#? Does a form needs to be filed so that the IRS will kn...
7 months ago 6
 
Donee's Cost basis when gifting securities to an individual
I understand the cost basis to the recipient is the lower of donor's cost basis or FMV at time of gift. My securities are enrolled in DRIP which means a stock position of 512 shares could consists o...
7 months ago 4
 
Sale On eBay
I received a compliance question, and I'm not aware of the best way to deal with it. X inherits an object and sells if on eBay for less than the tax basis. But eBay sends a 1099. This apparen...
7 months ago 4
 
LTCGs vs Roth Conversions, how one affects the other?
Looks like our income will be about $12k of qualified dividends. I want to take LTCGs and/or do Roth conversions. I have enough cash to live on, so all LTCGs or Roth Conversions will be reinvest...
7 months ago 5
 
Health Care Subsidy
I got a question about the health care subsidy, and I haven't been able to find anything about this. The person qualified for the subsidy, and paid the amount required for insurance through th...
7 months ago 5
 
Was My Return Received
I just want to know if my 2018 return has entered the system. What is the easiest way? --
8 months ago 2
 
trust made a section 654 election with estate
During year 2, the trust had k-1 with passive activity losses and 1099s with capital losses.Now the election period has ended. What happens to the passive activity losses and capital losses that occur...
8 months ago
 
SS RMD
I will soon be 70 1/2 and I will have no need for my Social Securty RMD income. Is it possible, like I think to be true for an IRA RMD, that I can request a direct SS payment to a recognized char...
8 months ago 1
 
IRS Refund Reduced
My neighbor had has refund reduced by $200. He said he never received a letter explaining why. Is there a way to find out why on the internet? bw --
8 months ago 5
 
Are capital gains & QDI subject to AMT?
Are capital gains & QDI subject to AMT? e.g. let's assume a total income of $150 bond interest and $1 mil LTGC and std deduction of $13K. Is any portion of the LTCG subject to the 28% AMT? TIA ...
8 months ago 1