Latest threads in Taxes General Forum | best threads

Subject Author Posted Replies
 
HSA
Re: HSA My husband will be signing up for Medicare in April 2020. He has been a tag along on my HSA for a few years ie contributing $1000 every year. My question is:  Can he contribute the usual...
7 months ago 2
 
Calculating imputed interest on installment sale??????????
12 years ago I sold my 30% interest in a building to the 70% owner. Unfortunately there were environmental problems that needed remediation. I agreed establishing an escrow account to pay for the...
7 months ago 8
 
What form, sale of depreciated business assets- sole proprietor- closed business
Our business was destroyed by Hurricane Michael in Oct 2018. No business conducted in 2019. We sold about $2,500 of assets from the business in 2019. The business was a sole proprietorship. I have a...
7 months ago 8
 
Annual Exemption
Re: Annual Exemption We want to use the annual gift  exemption and give our kids a few dollars. Our children are over 21 years of age. Is there a way we can open an account with their name on the...
7 months ago 11
 
SS-4 Line 10
Hi - I just had a question about SS-4 line 10. If the reason for applying for an EIN is "Started a new business," it then ask for the business type. What do they mean by "type"??? Line 9a already...
8 months ago 4
 
Home Sale Exclusion
Hi All - I got an inquiry about the home sale exclusion. This person left his primary residence 3.5 years ago for a new job in another location - more than 50 miles away. Based on Publication 523 it...
8 months ago 4
 
Is the Calif part of 2019 TurboTax Premier accurate for 2019 yet?
Does anyone know if the Calif part of 2019 TurboTax Premier is accurate for 2019 yet? It is after hours, so I cannot chat with a TT rep. And frankly, I'm not sure I would trust the answer from the...
8 months ago 2
 
Dealing with a bad debt...
I lent someone's LLC $25,000 18 years ago. He gave me $35,000 of gems in collateral, and a jeweler I knew was to sell them off to pay back the debt. For 3 years it went well; she sold a quarter of the...
8 months ago 1
 
QCD - how a charity qualifies
I'm on the board of a small local 501(c)3 charity, about to start our annual giving drive. Since a number of our donors and friends are past age 70½, and thus compelled to take a Required Minimum...
8 months ago 8
 
1031 stock exchange 2017
I received an exchange 12/29/2017 per share I received $222.93 a share and .5077 shares in stock. i still own the stock. the IRS claims the total amount is taxable. Am I still covered by the old...
8 months ago 6
 
Question on the new tax laws exemptions
The tax reform legislation raised the estate tax exemption thresholds. This increase expires at the end of 2025. Does it mean for sure that the exemptions are fixed till 2025? What if another...
8 months ago 2
 
Seeking practical advice about wash sales
I know what IRS Pub 550 says about wash sales, but it just is not practical, IMHO. For the most part, my potential wash sales arise when my quarterly asset allocation adjustments might cause sales for...
8 months ago 2
 
Installment Sale/Gift
Father wants to transfer ownership of his corporation to his children. To avoid gift tax it will be a purchase for fair market value, on an installment sale with payments due that are under the gift...
8 months ago 11
 
Sale of primary residence
This took place in California, a community property state. Taxpayer and spouse were divorced, and spouse transferred his ownership interest in the house to Taxpayer. Taxpayer sold the house in 2018...
8 months ago 1
 
Changing Accounting Year for Estate's Form 1041; When To Pay Executor
-- Death was in August, 2019. - Estate is around $650,000 in cash, earning interest. -- Income post-death to the estate is expected to be about $13,000. Most of the post-death income is due to...
8 months ago 4