Description:
Tax professionals meeting place and answers to queries. (Moderated)
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remodel of rental property
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I am in the process of purchasing a tri-plex. I have a contractor who will remodel, and put in new appliances at a set price per rental unit. How do I account for this for bookkeeping purposes? I know, I can depreciate appliances like stove, washer dryer over a certain number of years, but since it is all rolled into one price per unit,... more »
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Professional Tax Preparation Software
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If not off topic for this forum, I would appreciate comments from other tax professionals about their tax prep software. I have used Ultra Tax for many years and in general have been very happy with the software. Pricing however is another issue. The program is easy to use and complete in the forms and returns area, but the pricing has just... more »
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rollover 401k to Roth IRA and withdraw from Roth IRA
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I'm considering rolling over some of my traditional 401k to a Roth IRA and then immediately taking out the money from the Roth IRA (I'm not yet age 59.5). (I'm aware of the long-term investment implications for retirement). 1. When I rollover to the Roth IRA, do I pay taxes but no 10% penalty, i.e. is the rollover considered a contribution, and thus when I... more »
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Variable Annuity Loss
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There seem to be two theories on claiming losses on the surrender of variable annuities. The conservative one says to take them on Sched A subject to 2%, and the more aggressive to take them on 4797 and lowering AGI in full. Rev Ruling 61-201 and 72-193 are referenced, and I have read them both, but they are each slightly off point.... more »
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Tax implications on settlement
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Debtor defaults on a $2000.00 credit card. Because of fees and interest, the debt nearly doubles. The credit card company sells this debt to a third party. Third party sues debtor for over $5000.00 including attorney's fees. If a settlement is reached for $2000.00, would this be considered income due to a cancellation of debt?... more »
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Energy Efficient Tax Credits
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There is an energy efficient tax credit of 30% for the last few years. Besides the $1500 per year cap, are there any other constraints such as a multi-year cap? Will this tax credit continue in 2010? Dick
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refusal to change incorrect W2
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I am receiving W2 from a disability insurance company for money they did not pay me and they refuse to change it. The situation is as follows. I was receiving long term disability payments from an insurance company until my Social Security was approved and I received a lump sum for back pay from Social Security, my son was also entitled... more »
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CCH Tax News Headlines - November 20, 2009
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CCH Tax News Headlines - November 20, 2009 Federal Headlines: 11/20/2009 - _Reid Schedules Key Procedural Vote on Democratic Health Care Reform Bill_ ([link]) 11/20/2009 - _Stock Transaction Tax Gains Backers as Way to Pay for Jobs... more »
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