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?”
Tag Archives: fiscal follies
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 […]
Lots of people are taking off early and getting ready for 4th of July in advance. Others are taking a long weekend next week – including my Lulu. Can you imagine – she’s off to a beach party for the 4th of July in a nice secluded cove. It actually looks really nifty. They seem […]
Report from IRS Stakeholder Meeting – Los Angeles, June 28, 2012 Stakeholder Meeting Topics covered – Collections, Tax Assistance Counter, ITINs and more
Clarification of the Voluntary Classification Settlement Program for employers (Form 8952) IRS introduced this last year, and I explored how this could affect employers, and whether or not this is a good idea – or an audit trap. [See MarketWatch article.] The VCSP is for business employers , governments and exempt organizations, who have been […]
Useful English System conversions/units: 1. Ratio of an igloo’s circumference to its diameter = Eskimo Pi 2. 2.4 statute miles of intravenous surgical tubing at Yale University Hospital = 1 I.V. League
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 […]