Description:
Tax professionals meeting place and answers to queries. (Moderated)
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Hud settlement - points
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Settlement sheet #801 has Origination charge (including origination
points $0) of $866.95 on loan of $149900. No points on 1098. We often
see origination charges here that we deduct as points paid on original
home purchase,however, this one is not an obvious % and has the
(including origination points $0) on line. Makes us think it's not... more »
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982 Discharge of debt.
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982 Discharge of debt.
A party has $50,000 in capital losses on prior years tax returns.
Party files 982 Discharge of debt.
Does this effect his capital losses.
-- << ------------------------------ ------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>... more »
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1099C cancellation of debt
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A party received a total of $32,000 of 1099C cancellation of debt
statements from various credit card companies. All charges were for
items of personal consumption over a period of 3 years.
The party is a senior and had no income but social security during the
3 years. Assets of $3000.
How will the IRS treat the senior who has virtually no chance of... more »
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30 Yr old dependent
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Single parent has 30 year old child living at home. Child made no
income and was a college student. Appears that :
- child qualifies as dependent - qualifying relative
- Parent qualifies as HOH
- Parent eligible to claim college tuition paid for child
Seems too good to be true, but keep seeing more of this with jobs hard... more »
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Form 1116 Line 3b
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Hope I'm not driving anyone mad with my slogging through this form...
but I am learning a lot.
Line 3b of Form 1116 pertains to "Deductions that do not relate to any
specific type of income." "Type of income" means, whether it is
foreign source or not.
I contributed $4,150 last year to a self-employed 401(k) plan. The... more »
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Rollover IRA for nonresident
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I have a friend who is a US citizen living in the UK. She has an IRA
left over from before she moved to the UK, and the current custodian
has told her they won't handle it any more because they don't serve
nonresidents. (From what I've seen of that custodian, no great loss.)
So she wants to roll it over to a different custodian. The amount is... more »
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divided mortgage interest deduction
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Hi All,
I recently learned that my mother in law is having tax issues. I have
her convinced to see a professional but it's going to take a few weeks
(she's visiting on vacation).
She lives in her own home with a mild mortgage in Maryland. Five years
ago, she jointly (1/3 share) bought a second home in West Virginia.... more »
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California sales tax
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I live in Minnesota. Last week, I purchased some items (DVDs, digital
downloads, and admission to a seminar) from someone in California.
The seminar will take place in California.
Payment was made when I phoned him (from Minnesota) and provided a
credit card number.
He said his accountant said that the full sale is taxable, including... more »
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ROTH CONVERSION
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I took advantage of the offer to convert from a Trad. IRA to a ROTH
IRA in 2010. I can claim 1/2 of the amount for TYrs 2011 and the
other half in 2012 . I would like to claim the entire amount in TY
2011 but software defaults for only half, how do I change it so I
claim the entire amount correctly.... more »
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