Latest threads in Taxes General Forum | best threads

Subject Author Posted Replies
 
Depreciation of home office
Daughter-in-law has photography business in operation for several years. She has never qualified for home office as she didn't have any place that was used exclusively for the business. Now they have...
5 months ago 4
 
H&R Block Software Won't Let me File electronically
Has anyone else run into this? I entered all my data into H&R Block software and got to the final steps of preparing to file electronically. I entered all my checking account information, scheduled...
5 months ago 6
 
Section 199A
I recently received a 1099-DIV from a mutual fund company and found that I have something called "Section 199A dividends". The form says "See Box 5 instructions". The Box 5 instructions say "See the...
5 months ago 1
 
entering 1099-B into Turbotax 2019
Hi. When trying to add a new 1099-B for my spouse, it shows my tax ID when I open the form. On other 1099s, TurboTax allow to choose if its for you or your spouse. My question is how do you enter the...
5 months ago 2
 
Depreciation of Rental Home/Capital Gains on Sale ?
I have a second home that I inherited in late 2013, and which I've been renting out as an AirBnB type rental since 2015. I (my CPA) has been taking depreciation on the home since 2015 against gross...
5 months ago 2
 
If I swap stocks with my wife, it that a tax event?
My wife and I have individual accounts with the same brokerage. We each have many of the same holdings. I would like to transfer stuff around so only one of us has a particular item. My understanding...
5 months ago 1
 
2 claiming same dependent
Sister is claiming her grand daughter(GD) for past 4 years. She satisfied IRS requirement for being able to claim her. Grand daughter moved out in August of 2019 to live with aunt in another state....
6 months ago 1
 
1041 and 1116
I am using a tax program to do a 1041 trust tax return. The trust has some tax exempt interest of 66 ordinary dividends of 3177 qualified dividends of 2759 section 199a dividends of 59 foreign tax...
6 months ago 2
 
401-K Rollback?
Hi All - I received a question about "rollovers" from a 401-K. The client wants to take money out of his 401-K and then return it to the same plan, within 60 days. And he would like to do that much...
6 months ago 3
 
Capital Gains and Tax Treaty
I am a U.S. citizen currently residing in a country which has a tax treaty with the USA. It specifies that capital gains, regardless of in which country they occur, are to be treated as having taken...
6 months ago 3
 
Roth and Loan Forgiveness
Hi All - I just got an inquiry from someone who is in the public loan service forgiveness program. His accountant has had him set up a backdoor Roth IRA. But now he has run accross information that...
6 months ago 2
 
Is this interest taxable?
I was issued a 1099-INT by the Commonwealth of Massachusetts Office of the Comptroller. My mother died 35 years ago. Last April, while scanning my state's unclaimed money list, it seems that the state...
6 months ago 3
 
Cost basis
Stocks sometimes do splits and reverse splits; and brokerage firms charge a reorganization fee. Is that fee added to the cost basis? Or is that just an investment expense? TIA I treat it as being no...
6 months ago 2
 
Can sole proprietor use their SSN to issue 1099-Misc
Photographer pays others to edit some photos. She has w-9 information for the one person she paid more than $600. She is sole proprietor who is not otherwise required to have an EIN. But just double...
6 months ago 4
 
What is a "partial" IRA deduction?
I must be doing something wrong. A client inquired about how much of an IRA deduction he can take if he's covered by a 401(k) plan at work. All over the IRS website it says that up to a certain income...
6 months ago 5