Description:
Tax professionals meeting place and answers to queries. (Moderated)
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1099-Misc question
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I have a retail shrimp store.
I buy shrimp directly from the boat.
I read the 1099-Misc instructions as saying I need to
give a 1099 to the boat owner, his accountant disagrees.
What do you say?
Also I put the dollar amount in box 5, I think that might
be the wrong box, I think that is for when the capt" is treating... more »
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Value of Frequent Flier Miles
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There's a raging controversy over this, as Citibank gave American
Airlines miles as a promotion for opening new accounts, then sent
customers 1099's valuing the miles at 2.5 cents per mile.
Assuming (as seems sensible) that the miles are considered bonus
interest on an account, what should the value be.... more »
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rental cash out refinance
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I have single owner LLC (disregarded entity) that deals in rental
properties.
My LLC paid cash for a rental property (property A) acquired in
2009. In 2011, I pulled cash out of this property by financing it
using a loan. The cash was parked in a bank account owned by the LLC
and used for expenses the LLC incurred for managing rental properties... more »
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Late Estimated taxes for last three quarters
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I forgot to pay last three quarters of estimated taxes amounting to
$6000. What will be neater to send IRS last three coupons along
with $2000 each or just send IRS the last coupons with a $6000 check.
I guess by default, IRS will average the outstanding estimated
amounts across quarters anyway.... more »
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Tax credits for gas water heaters
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My daughter bought a new gas water heater for her house in 2011. She wanted to know if she could get a credit on her taxes. It looks from my research that she can get up 30% up to $500 as she hasn't had any other claims "during the lifetime of the credit". She would need to file form 5695, is there anything else she needs to... more »
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Taking Savings Bonds OUT of a Trust
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Elderly relative has many U.S. EE bonds titled to her as trustee of
her revocable trust. No taxes have been paid on accumulated
earnings. My understanding is that the bonds will need to be cashed
in and the earnings reported and taxes paid by the estate after she
passes and that the tax rate paid by an estate is much higher than her... more »
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Finding out what part of mutual fund income is foreign income?
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Annoyingly, we're over the $600 of foreign taxes withheld (all on
1099-DIV from mutual funds) threshold for the first time, which means
for the first time we'll have to do Form 1116 for real. (Thankfully
we qualify for the adjustment for qualified dividends exception, at
least.)
Looking at the form, I see it wants gross foreign income. So how do... more »
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generator purchase - Federal disaster area
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We purchased a generator after last year tornado, after 10 days
without power. Heard we could deduct because Federal declared
disaster area. Any truth to this?
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<< 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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Employee business expense tools
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Employee - mechanic - must purchase own tools. I understand if small
tools it's deducted on schedule A subject to 2%. What if they are
large tools - $500+? Depreciate? Sec 179? and bring also to sch A?
This mechanic makes 60,000 and spent 3200 on tools. Thanks
-- << ------------------------------ ------------------------- >>... more »
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Police officer on duty meal allowance
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Police officer has on-duty meal per diem included in W-2 wages. Can
this same amount be deducted on 2016 and thus schedule A? thanks
-- << ------------------------------ ------------------------- >>
<< 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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