Description:
Tax professionals meeting place and answers to queries. (Moderated)
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Foreign Tax Carryforward...
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I have several thousand in foreign tax credits I haven't been able to use because I haven't had enough income. I know I can carry it forward for 10 years; who knows maybe someday I will have enough income. Not likely, but possible.
I am thinking of getting rid of all my foreign stocks and going with a ETF instead. Among other things, I will never have foreign tax credits I can't use again.... more »
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Investment Interest Deduction
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I know that to deduct interest on a loan obtained to buy a person's residence, the loan must be secured by a mortgage.
But if this is rental property, never used as the owner's residence, is there an issue in buying the property with a loan that is not secured by mortgage?
Thanks for any insights.... more »
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Any tax consequences to swapping accounts with my wife?
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My wife and I have accounts at Fidelity, and I have an account at Etrade. I want to move everything from her Fidelity account into my Fidelity account and move everything from my Etrade into a new account in her name at Etrade.
The companies say it is fine with them and there is no cost involved.... more »
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Lump Sum SS Correction
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In 2011 my wife, who has been on SS disability for many years and is
now on retirement, received a rather large single payment check from
Social Security. The best she could find out from them, as there was
little documentation with the check, was that it was to correct long
time underpayments which were discovered. When she called, she was... more »
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trust K1 questions
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If a trust owns rental real estate that has an operating loss for the year, and other income (interest, dividends) are they netted out before determining numbers for the beneficiaries' K1s? Or is line 7 "net rental income" a negative number? or something else? Is such a loss passed on to the beneficiaries subject to the beneficiaries' limit on passive loss... more »
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Citizen Married to Non-resident Alien
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A US citizen living overseas, with two citizen children and a non-resident
alien husband. The husband supplies over half the household expenses. Is a
tax status of Married Filing Separately the only tax filing status allowed?
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<< The foregoing was not intended or written to be used, >>... more »
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Take all my unrealized capital gains this year?
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I have no income other than investment income.
In bad years I generally pay no tax.
In good years I fall into AMT and pay horrible taxes because I lose my considerable deductions.
This year will be a good year. (unless the market continues to crash). I used up all my capital loss carryforward last year, and have considerable realized capital gains.... more »
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winding up trust with loss carry forwards
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a trust has had net losses for several years, primarily due to commercial real estate. The trust will be wound up, either distributing the real estate and few other assets to the beneficiaries, or selling the real estate and distributing the remaining assets of the trust. If the real estate is sold, the loss carry forward may be reduced, but will not... more »
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Taxes on Lawsuit Settlement Income
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In 2010 I received $10,000 from a lawsuit which was settled out of
court. The payment was from a real estate firm that sold us a condo
with defects and other misrepresentations related to the amount of
condo fees. The $10,000 partially paid for the remediation of the
defects.
Legal fees incurred related to this event in 2009 were $5,000.... more »
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Trivial Question -- Completely Unimportant
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If one makes a mistake, either in arithmetic or copying from source documents,
in filling out 1040 and schedules A,B, and D, but the mistake does not change
the bottom line of payment or refund due, will the IRS let you know?
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<< The foregoing was not intended or written to be used, >>... more »
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