Latest Taxes General Forum

Subject Author Posted Replies
I-Bond and Charitable donation
I have some I-Bond with substantial amt of accrued interest. If I donate those bonds to a charitable organization ("CO"): 1. who will report the accrued interest -- me? OR the CO? If CO, do they...
8 months ago 3
I want to give my house to my children
Correct me if I'm wrong. My home, purchased 1987, now mortgage free, has a cost basis of $200k and has been the primary residence for my wife and I for 32 years. It's now worth about $700k. If I s...
8 months ago 3
Nondividend Distributions
Sometimes IRS form 1099-DIV reports an amount in Box 3: Nondividend Distributions. What kind of activity behind the scenes at the payer can generate this kind of distribution? --
8 months ago 5
confused about 2018 Form 5498
Actually, two questions. My wife, who is retired, had a 401K with a company that she worked for. That company declared bankruptcy last year. We got nervous about that, so we moved the funds dire...
8 months ago 5
How does a MA reseller recover sales tax paid?
I know that in the normal course of affair a reseller would have the resales exemption certificate to show to a vendor and so would not pay any sales tax. Then when the item is resold the tax on t...
8 months ago 6
Can I rollover capital gains on sale if I buy a higher-priced replacement for my Schedule C business?
I have a question about rolling-over capital gains on my profits from a sale of a musical instrument that is used for self-employed business. I am self-employed cellist (Schedule C) with a profess...
8 months ago 3
What exactly does the "stretch" repeal in the 2019 SECURE Act touch?
The SECURE Act has passed the House 417-3 and is expected to pass the Senate and by signed into law. I've seen articles talking about how it eliminates "stretch" IRAs. However, when I look at t...
8 months ago 1
Inasmuch as I am running late with my calculations, I decided to pay a guesstimate payment using the app IRS2GO on my Android phone. When it came to asking for country of residence, it only gave a sm...
8 months ago
Can I deduct sales expenses from amounts received?
Years ago I lent a company money and they gave me gems as collateral. When they defaulted and I got the gems, I found they were much harder to sell than I expected. (yeah, it sounds like a scam to me...
8 months ago
S Corp Tax Form 1120S Line 8
Should the amount on Line 8 of Form 1120S be the gross amount paid to employees or the net amount they received after federal and state withholding? -- Jeffry Wisnia (W1BSV + Brass Rat '57 EE...
9 months ago 3
Employee Travel Expenses
According to CCH, employee commute expenses, when temporarily working away from home, are deductible for 2019. First, am I misunderstanding that? If that's correct, how and where is the deductio...
9 months ago 5
Nonprofit's basis in property
Taxpayer received a house as a gift from a charitable organization. Now he wants to sell the house. Does he have a carry-over basis from the nonprofit, or does he start from zero? I've looked ...
9 months ago 2
Liability for S-corp Penalties
A person sets up an S-corporation but doesn't transact any business. So he figures no taxes are due and he files no tax return. Now the IRS and the California FTB are apparently imposing "large"...
9 months ago 10
Missed R/O IRA RMD's
In 2011 my 88 year old father died and I inherited his Roll Over IRA. I kept Dad's financial advisor. for those inherited accounts. Most recently, as I near age 70, I have been moving all of my acc...
9 months ago 4
Savings Bond Interest
X inherits savings bonds on the death of his father. The bonds matured years ago. X has no idea whether his father paid tax on bond interest. What's the best approach here? Thanks. -- Stu ...
9 months ago 2