Latest Taxes General Forum

Subject Author Posted Replies
 
Capital Gains on House after divorce
I and my ex jointly bought the house in 1998 for $220,000 in California. We lived in the house since then. We started divorce proceedings in 2004 and my wife moved out. Current value of the house is...
14 years ago 1
 
Travel deductions
While traveling out of town, when I am taking clients out to dinner to discuss business, which of the following, if any, are deductible as Travel and which as Meals and Entertainment (i.e., only half ...
14 years ago 2
 
Netherlands AOW Pension taxable?
I'm in the US. My wife (joint return) gets a small monthly payment from the Netherlands AOW pension, which is something like their equivalent of SS. The money is deposited here by an American bank,...
14 years ago 2
 
New to the 1099 world questions
I will be starting work Monday as a handyman for a local company. I will be getting paid a percentage of the total bill paid by the customer after material costs are subtracted. I will be using my own...
14 years ago 1
 
Hope credit
My children get free tuition in the University of Maryland System. They still have to pay fees. (And I mean they and not we.) Does this arrangement adversely affect their Hope Tax benefits? Also w...
14 years ago 2
 
How many times can an individual be audited ?
How many times can an individual be audited ? I met someone recently who said she was being audited again, back to back, 2 years in a row. Under what circumstances would the IRS normally do such a ...
14 years ago 2
 
S-Corp Day Care Entity Operates in Shareholders Home
The entity is an SCorp with one shareholder. The day care center is licensed and operates out of the shareholder's residence. The instructions for a day care indicate form 8829 should be used to det...
14 years ago 3
 
Alien question
Hello, I was a visitor research scolar from IOWA. I've stayed for a year in Iowa. My home country is Turkey. I'm married and my husband was in Turkey. My total wage is 15,780.97 Federal income Tax is ...
14 years ago 1
 
Can you issue more shares to cover retired shares?
This has to do with Nevada corp, if it matters... First of all, it's my understanding that in accounting practice, a share that is bought back and "retired" is removed from circulation forever. It do...
14 years ago 2
 
state taxes paid
if a taxpayer anticipates a refund on a state tax return can the amount of schedula a deduction for state income taxes paid be adjusted for the anticipated refund, so no income has to be reported on t...
14 years ago 4
 
Is this stock matching allowed?
Hello, I have heard that stocks are sold in a first in first out (FIFO) order. I also heard that you can specify the order to override the FIFO order. I have this contrived case: 2003-09-15 bought ...
14 years ago 8
 
City taxes
Do all cities in the US have income tax? How do I know if I owe city income taxes?
14 years ago 1
 
Question about taxes and Incorporation
I own an insurance agency. I was a sole proprietor with 3 employees. On Dec 19, 2003, I incorporated my business. (I did not file any elections, such as a C Corp). In all of 2004 I continued with ...
14 years ago 5
 
primary residence - intrest tax break
i am a resident of NJ and presently want invest in real estate. I have been struggling to get something decent for my budget and finding it hard. considering i am single, i was investigating the optio...
14 years ago 1
 
NOL from Tuition Deduction?
An adult supporting herself from savings while attending graduate school full-time has negative AGI because the $4000 tuition and fees deduction exceeds her small amount of income. Is this a NOL? To...
14 years ago 4