Today TaxMama® hears from Sergey in the TaxQuips Forum, with this problem. “I started a new job with a 401k plan this year; but I had to quit after a few months. I accumulated some money in my 401k with this organization; and I want to take that money out now. Am I subject to […]
Category Archives: *Tax Quips
Today TaxMama® hears from Dennis in the TaxQuips Forum, who wonders… “Can you use a business net operating loss carryforward to offset personal gambling winnings? The business generating the NOL is a Schedule C. On the surface, it doesn’t seem right to be able to do this, but who knows?”
Today TaxMama® hears from Lori in the TaxQuips Forum with a case of wishful thinking. “I have a couple of clients that have an average of $3,000 worth of employee expense deductions. None of them itemize on Schedule A. Can I still take the standard deduction, plus a negative amount (from form 2106) on 1040 […]
Today TaxMama® hears from Todd in the TaxQuips Forum who is looking to the future. “I am transferring ownership of a sub-chapter S corporation from myself to a family trust. I have a question on IRS form 2553, in part K, where I need to list both former and current owner of the corporation. Since […]
Today TaxMama® hears from Susan in the TaxQuips Forum with a good question. “Suppose I purchase a home and keep title in my name and let my parents live in the home rent free. Is the rent-free usage of the property considered a transfer subject to the gift tax? I think not, as I have […]
Today TaxMama® hears from Judecat in the TaxQuips Forum who is helping a sick friend. Without going into detail – “Judecat is selling his personal treasures on eBay because he is too ill and doesn’t have access to the Internet. She wants to know the tax implications.”
Today TaxMama® hears from Bernice in the TaxQuips Forum who is concerned. “Are there no limits for an “active” real estate investor with even just one rental? Or is the $25,000 limit applicable to him as well? I ask because my software allowed a $31,000 loss and so far it was accepted! Now I may […]
Today TaxMama® hears from Madeline in the TaxQuips Forum with this situation. “My siblings and I just sold our family home in New Hampshire. I live in California. We each got $40,000.00. How will this affect my taxes next year?”
Today TaxMama® hears from Tony in the TaxQuips Forum with an odd problem. (Here’s the short version – read the long version on the site.) “He just got a notice that his home is about to be sold because the property taxes haven’t been paid on it. He’s never gotten the invoices – they have […]
Today TaxMama® hears from Chris in the TaxQuips Forum with a good question. “In the near future I plan to purchase a 2nd home in a different city, and move my primary residence to that property. I will rent my current home. The mortgage for my current property is underwater. The rent I can charge […]
Today TaxMama® hears from Melody in the TaxQuips Forum with an IRS notice. “If we agree partially to the CP 2000 proposed changes, how should we include any payment? The IRS proposed amount is terribly wrong. We want to pay an adequate amount to cover the adjustment. Is there a calculator for this type of […]
Today TaxMama® hears from Ninja in the TaxQuips Forum who got an IRS notice. Since her problem is universal, let me generalize her situation. “This is the time of year IRS starts sending out the CP2000 notices. These letters are computer-generated. The IRS computer compares your income to the information it has received from W-2s, […]