Description:
Tax professionals meeting place and answers to queries. (Moderated)
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Which section of 4797 to use?
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My daughter and SIL bought a house in 1999 for $XX,XXX.00. They lived in it for one year before buying another house and renting out the 1999 house. The value of the 1999 house in 2000 and 2001 was exactly the same as in 1999 as the area it was in was stagnant. So, the cost basis is $XX,XXX.00. They have to subtract the total claimed... more »
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CCH Tax News Headlines - November 24, 2009
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CCH Tax News Headlines - November 24, 2009 Federal Headlines: 11/24/2009 - _Lawmakers Try Out Themes for Upcoming Health Care Debate_ ([link]) 11/24/2009 - _Proposed Regs Address Reporting Requirements for Credit Card and Third-Party Network Transactions (IR-2009-106; NPRM REG-139255-08)_... more »
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Two member LLC.....one member buys out the other.
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I have a client who has been a member in a two member LLC for a couple of years now. He just recently (10/31/2009) bought out his partner. There are no employees, and they have filed a form 1065 partnership return since their inception. The remaining member (my client) wants the LLC to continue with its... more »
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Inherited IRA and Estate Tax
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In 2000 my wife inherited a traditional pretax IRA, along with other assets. The IRA was modest ($12,000 in value) and we are planning to make a complete distribution of the IRA this year (we are in a low tax bracket for one year only, and this makes sense for us). I recently read that estate taxes paid can be used as an income tax deduction... more »
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Estate FMV Dates
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My M-I-L died in July. We are just learning of her stock portfolio. I know we need the FMV at the sate of death. Under what conditions can use the date of six months later? Dick
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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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