Taxes General Forum

Trust Return Requirements?

Background: Final Grantor of a Family Trust, created under California law, and resident in California, dies in January...

2 comments posted 10yrs

posted by daniel.schumacher1

2 comments posted 10yrs posted by daniel.schumacher1

What to do with RMD?

I was just notified that I will be losing my job the end of the year. I am 70 years old and that means that beginning n...

4 comments posted 10yrs

posted by jblatz2

4 comments posted 10yrs posted by jblatz2

Interest and Penalties for IRS Payment Plan?

Hi Everyone, I expect to owe a lot in taxes this coming April from stock I sold to make a down payment on a condo in 20...

2 comments posted 10yrs

posted by burt.demchick

2 comments posted 10yrs posted by burt.demchick

Renting LLC building to LLC Business

Hello to all, and thank you in advance for any opinions you share. Facts: Client (Husband) has SMLLC (disregarded entit...

0 comments posted 10yrs

posted by mmurrellcpa

0 comments posted 10yrs posted by mmurrellcpa

Monetary gifts from parents

Hi, so I am married in Illinois. My parents are also still married. My understanding is we can receive $14,000 x 4 from...

4 comments posted 10yrs

posted by odiegoogle

4 comments posted 10yrs posted by odiegoogle

Interest On HELOC of $110,000 Deductible?

I understand that the interest on a Home Equity Loan is deductible if the loan is less than $100,000. So the questions...

9 comments posted 10yrs

posted by njoracle

9 comments posted 10yrs posted by njoracle

Which Line (8A or 21) to Report Interest Received on Family Loan?

I will have interest income from a family loan (5 years) and the total interest will be under $800 a year using a 3% ra...

3 comments posted 10yrs

posted by njoracle

3 comments posted 10yrs posted by njoracle

Can a nonprofit pass through consulting income to its officers?

I'm the president of a small 501(c)(6) non-profit. Our budget is under $50K, we have never paid our officers or directo...

10 comments posted 10yrs

posted by johnl

10 comments posted 10yrs posted by johnl

Taking a deduction for an Expense Paid by Someone Else

30-year old taxpayer incurs a deductible expense in late 2015 but doesn't have enough funds to pay the expense. His par...

4 comments posted 10yrs

posted by rick

4 comments posted 10yrs posted by rick

Unusual filing status

Niece, 4 kids who live with her, all under 16. She has lived apart from father for 18 mos. Father provides all support,...

10 comments posted 10yrs

posted by bh2os62

10 comments posted 10yrs posted by bh2os62

Yet another gift tax question?

I am going to transfer $14,000 worth of securities from my account to my sons. I presume there is no gift or income tax...

3 comments posted 10yrs

posted by *

3 comments posted 10yrs posted by *

Medical Expense Deduction for Qualifying Relative

Pub 502 states a taxpayer can take a deduction for medical expenses paid on behalf of a Qualifying Relative "For whom y...

2 comments posted 10yrs

posted by xyz

2 comments posted 10yrs posted by xyz

Gift tax and bequeaths to charities?

Do bequeaths to charities in a will reduce the estate for estate tax purposes, or do they come after the estate tax. Al...

2 comments posted 10yrs

posted by *

2 comments posted 10yrs posted by *

A couple questions about avoiding gift tax.

My wife and I can each give $14,000 to each of our 2 sons, so a total of $56,000. We have individual investment account...

1 comments posted 10yrs

posted by *

1 comments posted 10yrs posted by *

Attacking Tax Avoidance

Here is how the shop keepers of one town in the UK are attacking tax avoidance by large multi-nationals....

2 comments posted 10yrs

posted by spamtrap

2 comments posted 10yrs posted by spamtrap