Latest threads in Taxes General Forumshow only best voted threads
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Sold land
posted: If this is truly your only income -- with no salary, no interest, no unemployment or other benefits -- then you won't owe any tax. Anyone under 65 doesn't even need to file a return if Gross...
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17 years ago
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Mortgage interest on second home
Different lenders has no bearing on the whether your interest expense is deductible. What does matter is whether the loan is secured by the land and your intention for the land. If your intention is...
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17 years ago
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Capital Gain - Excess of Distribution over Basis
Please confirm - I understand for a S Corp or LLC elected a partnership, the "excess of distribution over basis" is a Capital Gain which goes to just Schedule D of Form 1040 of the shareholder/member...
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17 years ago
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Nonprofit not llisted in publication 78
I am treasurer for a volunteer fire board who is a 501c(4). While I realize not all contributions to 501c(4)'s are tax deductible by the donees, it is my understanding that contributions to volunteer...
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17 years ago
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Life Tenency
In November, 2005 my elderly parents transferred their condominium unit (jointly owned) to myself and my brother for a "consideration" of $1. The unit had an assessed valuation of $355,000 in a town...
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17 years ago
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CCH TAX NEWS for June 28, 2006
CCH TAX NEWS for June 28, 2006 FEDERAL NEWS No Estate Tax Vote Before July 4 Recess Says Frist Receives Bipartisan Support at Confirmation Hearing; Confirmation Could Come by June 30 Closes IRS...
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17 years ago
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self-employed health deduction vs. HSA vs. MSA
So I've spent a significant chunk of time googling this, and I'm still confused. As I understand it, a self-employed person cannot contribute pre-tax dollars to an HSA: we /can/ deduct the cost of our...
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17 years ago
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CCH TAX NEWS for June 27, 2006
CCH TAX NEWS for June 27, 2006 FEDERAL NEWS Up-Front Cash for Advance Trade Discount Was Not Income When Received (Westpac Pacific Food, CA-9) Shuts Down IRS National Office Operations for Second Day...
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17 years ago
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Paid time off and tax
Hi, I found that PTO (Paid time off) was added by my employeer to my regular salary to compute total income and tax. For example, If my salary is $50000 and I have take 10 days of PTO (or vacations),...
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17 years ago
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Can Buffett do it?
According to news reports, Warren Buffett is planning to donate about $1.36B per year to the Gates Foundation Quoting from the above link: The money from Buffett, 75, comes with a significant catch....
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17 years ago
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CCH TAX NEWS for June 26, 2006
CCH TAX NEWS for June 26, 2006 FEDERAL NEWS CCH Weekly Report --What's Happening on the Tax Front: House Passes Estate Tax Repeal Bill; Conferees Still Deadlocked over Pension Provisions; IRS Extends...
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17 years ago
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Capital gains - grandmothers house passing to mother
I would like some basic pointers with regards to capital gains on an inherited house. In 1984, my grandmother changed the deeds of her home adding my mother - with the intention of simplifying matters...
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17 years ago
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CCH TAX NEWS for June 23, 2006
CCH TAX NEWS for June 23, 2006 FEDERAL NEWS House Passes Estate Tax Relief Bill, Senate Vote Expected Next 2006 User Conference Agenda Announced NEWS Arizona --Personal Income Tax: Rates Reduced...
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17 years ago
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Net Operating Loss Confusion. Please Help
An individual has schedule C income of $250K in 2005, 84K loss in 2004, 30K income in 2003 and 25K income in 2002. He did not file 2004 tax return as of now. Therefore, he missed the deadline to elect...
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17 years ago
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Inventory at Sale of Business
I am a little confused. Inventory at Sale of Business, whether it is reported as Gross Proceeds on Form 1065 as if sold in normal course of business or on Part II of Form 4797 as Ordinary Gains and...
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17 years ago
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