Latest threads in Taxes General Forumshow only best voted threads
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Good small property owner guide to final Tangible Property regs?
I know this is a little late, given that things went into final effect 1/1/14 :), but any suggestions on a guide to the new rules suitable for a small property owner (like a multi-family or vacation...
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8 years ago
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repair expense question
Trying to wrap my head around the new regulations... In one of my buildings I did some electrical work in one unit - I added some new circuits and reworked some others because the tenant kept...
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8 years ago
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taxes when selling property and improvements made to property the same year it was sold
I have a question regarding taxes when selling property. On the California form there is a line 10 593-e stating costs of additions and improvements. We put $22,204 for that. Since we sold the...
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8 years ago
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When Return of Capital exceeds the principal in an IRA account
Say I own a CEF (closed end fund) and at some point the return of capital exceeds the original cost basis of the fund. Pertaining specifically to an IRA account, how does this get handled? Any...
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8 years ago
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Safe Harbor for Small Taxpayer question
Can I choose not to count an expense if it would put me over the 2% safe harbor amount? Example: I have a building with a basis of $200,000. The 2% safe harbor amount is $4,000. I have $4,050 of...
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8 years ago
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I never thought having too much income would be a problem
I am a 70 year old woman. I am currently working, but beginning next year I will not be. That means i will have to start taking the RMD from my 401k which is worth about $500k. I have a second 401k...
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8 years ago
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What does the term "members draw" mean on a balance sheet?
Google doesn't seem to have anything on this. I looked at a balance sheet that has members draw as a entry under equity. The proprietor tell me that it means additional money she has paid into the...
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8 years ago
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Safe Harbor for Small Taxpayer election wording for rental property
In order to claim the Safe Harbor for Small Taxpayer election, the statement must be titled, "Section 1.263(a)3(h) Safe Harbor Election for Small Taxpayers" and include the taxpayer's name, address,...
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8 years ago
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Any Penalty on Under Withholding if Under $1000?
For 2015, my monthly withholding total for all of 2015 on my 1099-R will be about $3800 but my tax due will be about $4200. The estimated difference between tax withheld and tax owed will be about...
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8 years ago
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Deceased Royalties
I'm working with a client whose spouse passed away 2 years ago. Deceased spouse received royalties for copyrighted material. When spouse was alive we reported the royalties on Sch C and paid...
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8 years ago
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California FTB demand seems unreasonable
I am a CA resident. I purchased a very small local existing business in FL. Everything is done in FL. No business whatsoever in CA or elsewhere. It pretty much runs by itself. The local FL CPA entered...
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8 years ago
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Question on 1031 exchange
I would like to do a 1031 exchange. I want to sell our rental home which is in my husband's name and mine and buy a commercial property and have it in the name of a LLC to shield us from any...
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8 years ago
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Question of Long Term Capital Losses and Gains
Question of Long Term Capital Losses and Gains I have some "large" long term capital losses accumulated from many years ago. These losses have been recorded in my 1040 federal tax returns over the...
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8 years ago
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Phone Calls About IRS Filing a Lawsuit?
I'm getting phone calls lately from someone saying the IRS is filing a Lawsuit against me and to call a provided number immediately! Anyone else getting these calls. They can't be real???? charliec...
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8 years ago
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I want to get a step-up in basis for a stock.
Earlier this year, I sold some ABC stock with a loss of $8244. I currently own some XYZ stock that has an un-realized gain of about $9000. I want to keep my XYZ stock. I could sell the XYZ and then...
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8 years ago
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