Latest threads in Taxes General Forumshow only best voted threads

Subject Author Posted Replies
 
Maximum contribution to one Roth IRA for married couple?
In 2005, the maximum Roth IRA contribution is $3,000 per person. My wife and I each have a Roth IRA, and we file jointly. Can I contribution $6,000 to her Roth IRA, if I don't contribute any to mine?...
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house purchase income tax question
My past income tax have been very simple, just income from work. In November 2004 I bought a house and I paid mortgage interest for 1 month (in 2004), and also 6 months of property tax when I closed...
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Corporation deduct long term care insurance - officers?
Can a C corporation deduct long term care insurance on corporate officers? Since LTC insurance is treated as health insurance for the SE health insurance deduction, it seems to me the corp could...
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J2 students and tax treaties
Hello, I came to the US with a J2 visa, and later admitted to grad school. My country and the US have a tax treaty that benefits students. Can I benefit from this treaty even though I have no F1/J1...
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CCH TAX NEWS for March 10, 2005
CCH TAX NEWS for March 10, 2005 FEDERAL NEWS Proposed Regulations Address Insolvent Reorganizations (TDNR JS-2301; NPRM REG-163314-03) Liability Issue Should Have Been Raised with Bankruptcy Court,...
 
Stepped Up Basis, Building Owned by Taxpayer and Deceased Spouse
Recently, I asked about a building owned by a partnership. My client, an individual, and his spouse together owned a 50% interest in the partnership. It looks like I may not have phrased my question...
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Travel Expense Deductions
I work a 14 day on, 14 day off rotation for an offshore drilling company in the Gulf of Mexico. For the past three years I have deducted the mileage on my car for driving back and forth to various...
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Life estate, deduction?
Client and sister (in CA) inherited parents' home in Rhode Island. House sold for $17,000 more than appraised value, d of d. In escrow, there was $80,000 reserved (into an account) for the life estate...
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401k loan tax deduction?
Last year my wife and I purchased a home. Part of our downpayment came from a 401k loan. I watched a show on CNBC this evening that said that the interest on a 401k loan is tax deductible if it is...
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Refund made to me AND ex-spouse
My ex and I were fined for late payment on our 2002 joint federal tax return. I sent a check for the full requested amount. In the meantime, the IRS collected 1/2 of the requested amount from my ex....
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I recieved 2 1099-Misc(s) after I filed...I know I need to file an Amended return but I'm very confused...
I used Turbo Tax to file taxes this year for my wife and me. We did them in Late January assuming we had recieved all of our tax documents and could think of no others we had missed. I didn't even...
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Paid personal items with business check...
I'm trying to finish up the 1120S for my wife's business and have a question: we both have corporate AMEX cards for our business and early on we were a little sloppy and charged some personal items to...
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MSA-to-HSA: California tax
California doesn't conform with federal provisions for HSAs. It looks like they're taxing an MSA-to-HSA rollover twice: - income tax (schedule CA line 21) - additional tax (form 3805P line 10) Is this...
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"Occupation" on form 1040
Does the IRS pay any attention to the "occupation" next to the signature on form 1040? TP was earlier self-employed, but had no earned income in 2004, likely also into the future. Is putting "retired"...
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rent reported as nonemployee comp. on 1099 misc
"danaThatsCauseWhy" wrote Yup, it should. Get them to fix their problem. In reality, no. You need to account for it on the proper form for the type and amount of income that it is. The issue will come...
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