Latest threads in Taxes General Forumshow only best voted threads

Subject Author Posted Replies
 
State Tax Deduction for Estate Tax Paid to Another State
My brothers and I are the beneficiaries of my father's estate. The estate paid about $30,000 of estate taxes to the federal government, and some smaller amount to the state (Washington). Most of my...
15 years ago
 
K-1 from an S-corp
We have an S-corp and therefore TurboTax outputs a K-1 form for both my wife and I (we are the only two shareholders). The K-1 indicates a positive amount of money in the corp, but we have not taken...
15 years ago 1
 
Some simple trust tax law questions
I am the successor trustee of an irrevocable trust. It was set up by my father and my mom is the beneficiary. 1. How can I distribute the corpus of the trust, if needed, without it being taxible...
15 years ago 1
 
SEP Conversion/Merge with Roth or Traditional IRA?
Hello. A question regarding IRA (SEP-IRA) conversion to Roth. I have always been a W-2 employee, however last year (2004), I was laid off and worked as a 1099 consultant for about 9 months. I am now a...
15 years ago 1
 
1031 Exchange on Rental & convert to personnal residence later
I am in the process of doing a 1031 exchange with an apt with some profit and depreciation. I will be exchanging it for another rental (a single family residence). I then will move into the SFR in 2 -...
15 years ago 1
 
CCH TAX NEWS for March 14, 2005
CCH TAX NEWS for March 14, 2005 FEDERAL NEWS Guidance Provided on Claiming State Sales Tax Deduction (Notice 2005-31) Sec. 1221: Hedging Transaction Losses Resulted in Capital and Income (TAM...
15 years ago
 
how to file electronically
I am writing a program to help you figure out your taxes. How can I file the result electronically? Where can I find resources on how to do this? Thanks. What's next? Reinvent the wheel? The IRS has...
15 years ago 5
 
What does "Enter any gain from your 2003 Schedule D, line 16" mean?
What does "Enter any gain from your 2003 Schedule D, line 16" mean? Meaning 1: Just enter the value from 2003 Schedule D, line 16. If line16 is a positive number enter a positive number; if line 16 is...
15 years ago 5
 
home rehabbing as a business
A father and son are planning to buy a "fixer upper" home which they're going to rehab and sell (flip) at a higher price, and split the profits. The son is in a high tax bracket and the father is...
15 years ago 1
 
Crafting a 204(h) Notice to Self
I have a Money Purchase Plan that I want to terminate, like thousands of others have done after EGTRRA, to consolidate into an existing Profit Sharing Plan. I have read many articles on the required...
15 years ago
 
Series I savings bonds and CDs
I recently started saving and I have 2 investments 1. Series I savings bonds (30 year) 2. CDs (1 year, not over yet) My question is, when am I supposed to pay Federal and state tax on these. Every...
15 years ago 2
 
Tax consequences for buying and selling a home
Let's say you are over 55, married, no kids at home, and you sold your home in State "C" for $589,000 in September 2003. What would be the tax consequences for the following scenario: * After selling...
15 years ago 3
 
Joint Tenants with Rights of Survivorship (JTWROS)
If someone has a stock acct thats Joint Tenants with Rights of Survivorship (JTWROS), and it goes from $50,000 to $2,000,000 does it make it a gife( and taxed at gife rate)if one of the persons on the...
15 years ago 3
 
sell of tree on land
I just got a house in portland Oregon last week, there is about $50,000 of tree on the land I wish to sell the tree (Black walnut), is it better to wait till I have owned the house for a year before I...
15 years ago 2
 
Tax declaration
Working on TN1 Visa in US as Canadian Citizen, how my Tax declaration should going to work? I am a bit confused. I have to pay Uncle Sam W2/W4 I guess and do I have declare my T4 income in Canada at...
15 years ago 2