Death

Taxes After Death

April 30, 2012

Today TaxMama® hears from Darlene in the TaxQuips Forum with this question. “A couple has filed married filing separately for at least 4 years. About 3 years ago he went into a nursing home. She continue to file married filing separately, preparing his return for him also. The nursing home took just about all his [...]

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Personal Residence Exclusion after Death

March 20, 2012

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Today TaxMama® hears from Tina in the TaxQuips Forum with this convoluted question. “A person has resided in the same one-family residence in for the last ten years without any children or wife. This person was bound into an estate contract to sell his residence for $800,000 in November, 2011 when his tax basis in [...]

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Surviving Spouses to Benefit from Portability Election

October 7, 2011

Courtesy of IRS. [TaxMama note: IRS issued this announcement on Sept 29, 2011. Not quite enough time to post this, much less for you to use this information by October 3rd. If you missed the deadline and didn't get to file for an extension, try to get the extension anyway. The rules for last year [...]

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IRS Offers Filing and Penalty Relief for 2010 Estates

September 16, 2011

Courtesy of the IRS [TaxMama Note: As you will see, the form you need, Form 8939, is still in draft form. We still cannot use it. Perhaps that’s why IRS is offering this additional time? And no, they still don’t say when the form will be available. Basis Form Now Due Jan. 17; Extension to [...]

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Deeded in Life or Death

August 1, 2011

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Today TaxMama hears from Mary in the TaxQuips Forum, who needs clarification. “My mother-in-law put her house in my husband’s name with a quitclaim Deed, which states it would be hers until her death; and he could not sell it as long as she was alive. Now she has passed away and the house is [...]

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TaxMama’s Tax Roundtable – February 2011 Session

February 18, 2011

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Note: TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. Don’t you wish you were here? REPLAY today’s session below – you can listen and SEE the session and forms. It will load slowlyperhaps slowly. But [...]

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Is This Taxable Income

August 19, 2010

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Today TaxMama hears from Karen in California in the TaxQuips Forum, who tells us. “My father died from lung cancer that was determined to be caused by job conditions. My brother and I may be receiving a one-time survivors benefit compensation check for a large amount of money. Will this be taxable income?” Share this:

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Step Up Basis Adjustment

August 10, 2010

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Today TaxMama hears from Rob in the TaxQuips Forum, who couldn’t get IRS to answer him. “I am adjusting a 2006 return using the 3115 Form per your guidance. The Real estate is 1974 property where we used ACRS, 125% and 20 years. For the step-up do I have to use MACRS lives and methods?” [...]

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TaxMama’s Tax Roundtable June 2010

June 24, 2010

REPLAY today’s session – you can listen and SEE the session Today’s topics included: Introductions of some participants Testing of microphones ;~) Questions about the new PTIN Registration Brief overview of the new Testing issue for “Registered Tax Preparers”. NAEA’s survey about the Enrolled Agent title – and changes. Discussion of IRA or 401(k) to [...]

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No Profit in Waiting For God

February 26, 2010

After a major storm, a flood had overtaken the town. As the flood waters were rising, a man was on the stoop of his house and another man in a row boat came by. The man in the row boat told the man on the stoop to get in and he’d save him. The [...]

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