Latest threads in Taxes General Forumshow only best voted threads
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How to satify the IRS and protect myself?
I did a reverse 1031 exchange and purchased a property in FL. The 1031 exch company formed a Single Member LLC in FL to hold the property till the relinquished property was sold. The property that was...
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7 years ago
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Musician Friend bought 7K new instruments.
Musician friend bought $7000 worth of new instruments to replace his old ones in 2016. He is semi retired in the 10% tax bracket and had some income from being a band member but thinks it is not worth...
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7 years ago
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MFS spouse repaying subsidized health insurance
I'm wondering if there is a loophole in the rules for paying back health insurance subsidies, or more likely, if I'm tripped up by my incomplete understanding of the topic: Suppose that a married...
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7 years ago
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State Gift Tax?
Tom gives Mary a large gift. The state Tom lives in has no gift tax, but Mary's state does? Is there any state gift tax on it? (or any need to file a state gift tax return with anyone?)
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7 years ago
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RMD
Taxpayer forgot to take his RMD for 2016, he took the 2016 on January 3, 2017 and then took RMD for 2017 on Jan. 6, 2017.. Will he report both RMD's on his 2017 return? Or does he have to amend, etc....
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7 years ago
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Year End Payment Messup
I receive a pension due on the first of each month. During 2016 each direct deposit was done on the first business day of the month (if the first fell on a weekend the direct deposit was done on...
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7 years ago
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TNC (Uber, Lyft) Expenses
Hoping the group can clarify some things for Uber/Lyft drivers (of which I am one), and I'll communicate the information in the taxes section of the Uber drivers forum. 1) If you have a vehicle used...
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7 years ago
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Post-dated check, mobile deposit & constructive receipt
One of my tenant's January rent check (due January 1, 2017) arrived on December 31. I used my bank's mobile app to "deposit" the check and received a confirmation email that same day. December 31,...
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7 years ago
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Effect of Trust on Step-Up Basis
Hi, my husband and I have a "standard" A/B Trust. We are both the trustees. It is set to divide into 2 trusts when the first one of us dies, split evenly, with the surviving spouse as the trustee of...
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7 years ago
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R/E taxes & joint ownership. One owner subject to AMT
Is this allowed? Anne and Bob, brother and sister, inherit vacation property from their parents. Each owns 50%. They decide to keep the property, share the usage and expenses. Real estate taxes are...
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7 years ago
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Missing Refund - Fishy
I've been asked to help a friend with a missing refund. This is becoming extremely fishy, and I'd appreciate comments. B was arrested in February 2016, and I got to know her because my ex-girlfriend...
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7 years ago
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wash sale query
On 12/20/16 I sold short say 400 sh. Of XYZ and covered that day, for a $200 loss. On 12/29, I again sold short 400sh. Of XYZ. So, at the moment, the wash sale rule is in effect and I cannot take the...
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7 years ago
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Municipal bond amortization
I've just had a bond redeemed early. The brokerage shows a loss which, I assume, will be reported on the 1099 for 2016. Shouldn't they have reported a $0 gain/loss because of amortization over the...
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7 years ago
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Is this taxable income?
My daughter worked over this past year as a research intern through a REU (research experience for undergrads) program. She received a $5,000 stipend for her work. Is this taxable income? Can she...
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7 years ago
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2017 IRS Nationwide Tax Forum.
Dates and locations announced. Note that there are only 5 occurrences this year. Registration will probably open about March 1, 2017. URL: 2020 IRS Nationwide Tax Forum
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7 years ago
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