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All Recent Activity
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Forum Post: Statute of limitations
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Forum Post: Reduce Tax liability
In response to jjames555's comment: [QUOTE] We are a family for 4 and our income last year was 175k. We paid a total tax of 51k ( fed+ State + SS )as we have nothing much to deduct. We are renting a more »
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Forum Post: Kiddie Tax
In response to Forte77's comment: For his 2011 return, my 14 year old paid $1500 in Mass state tax because of interest, dividends and cap gain income from an account given to him by his grandfather. O more »
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Forum Post: Energy Star Home Credit
In response to Randomposter's comment: I am purchasing a home soon and am looking into buying new construction. The properties nowadays have either an energy star rating or use so many energy efficie more »
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Forum Post: Rental property - depreciation
In response to CP321's comment: Situation - I own a rental property which I acquired in 2006. Accountant at the time started depreciation using a 27 year useful life S/L method reported on Form 4952 more »
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Forum Post: Bankruptcy
In response to rvd71's comment: Thank you. Follow up: Does the $60K 1099C income reduce the basis of the abandoned rental property? Dear rvd71: Sorry, but the reference in my answer, above should be more »
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Forum Post: Bankruptcy
In response to rvd71's comment: Taxpayer owns rental real estate with adjusted basis of $185,000. Taxpayer has first and second mortgages secured by this real estate discharged in Chapter 11 bankruptc more »
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Forum Post: 1099-C For rental property
In response to Knead2no's comment: The taxpayer received a 1099-C related to rental property that was taken by the mortgage holder for non payment on the mortgage. The rental house was worth less tha more »
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Forum Post: SEP IRA
In response to Maldenlady's comment: [ My boss started an IRA for me. I'm not sure how to report that on my 1040. I'm just putting that money directly into the IRA "for the benefit of Maldenlady". more »
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Forum Post: Use Test - Home Sale
In response to 2FP's comment: Hello, We are trying to figure whether we meet the use test, on the sale of our house. We purchased our house in September 2009. It really was not inhabitable so we had t more »
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Forum Post: Mass Tax Still Due on Irrevocable Trust?
In response to bcbw's comment: Hi, we are trying to determine if we have to file a Massachusetts tax return on an irrevocable trust. The trust was created while the beneficiary was a resident of Mass more »
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Forum Post: Gift Tax on joint accounts - help
In response to thehub's comment: My Dad came into some money when he was placed on an account with a friend who was passing away. He died one month after adding him to his checking account. The amount more »
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Forum Post: Calculating cost basis for Conoco Philips - Philips 66 Spinoff
In response to slr2's comment: In response to MASocietyofCPAs' comment: In response to slr2's comment: Hello Mark, Many thanks for your reply. Your comments are helpful. I follow and understand your more »
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Forum Post: Calculating cost basis for Conoco Philips - Philips 66 Spinoff
In response to slr2's comment: Hello Mark, Many thanks for your reply. Your comments are helpful. I follow and understand your statement: "The value of the company's one whole share at the date of the more »
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Forum Post: Calculating cost basis for Conoco Philips - Philips 66 Spinoff
In response to slr2's comment: Hi, I have a DRIP for Conoco Philips and in 2012, it had a spin off Phillips 66. I got a 1099-B for the partial share of Philipps 66 that was sold during the spin-off an more »
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Forum Post: 1 Residence, 2 State Returns
In response to H_in_Newton's comment: Hello. Iâm a Massachusetts resident, but half-way through 2012 (on July 1), my company moved our team from Boston to a town in Rhode Island. (I did not move.) more »
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Forum Post: Non-pensionable compensation
In response to MerlinMA's comment: I work for a university that has a union. The union reimburses members for a portion of their commuting expenses and puts it in the university payroll system. I ha more »
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Forum Post: Related Party Rentals
Dear rvd71: Congress, being skeptical of transactions between related parties, has typically limited or denied tax treatments that would otherwise apply to the transactions executed between related pa more »
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Forum Post: SEP Contribution?
In response to randy07's comment: My brother is a really estate agent who uses a Schedule C. He is over 70 and has to take a MRD from his SEP. But since he is still working, can he also still contri more »
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Forum Post: Guaranteed payments to partners
In response to dehcpa's comment: [QUOTE] Multi partner partnership has a few partners that receive payments from the partnership for services rendered. The partners are looking for 1099s as consultan more »
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Forum Post: Tax Attributes in Bankruptcy
In response to rvd71's comment: S-Corporation shareholder granted debt discharge in Bankruptcy Chapter 7 Liquidation. Both corporate and personal debts discharged. Amount of corporate cancellation o more »
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Forum Post: Non Retirement fund tax advice
In response to packy's comment: Is there a tax penalty or rate on a Capitol Appreciatoin Fund A if I decide to withdraw thw money Dear packy: As these are mutual fund shares held outside of a retireme more »
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Forum Post: Lump Sum payout of DB pension plan.
In response to keane5050's comment: [QUOTE] I am 54 and due to a layoff I will be beginning my pension shortly. I have the option of taking my DB pension plan as a lump sum or an annuity. I also have more »
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Forum Post: Gifting to son
In response to JOSEPHTK's comment: Good morning Mark, et al: Parents want to gift their son a sum of money. The scenario is as follows: Son is selling his home and will be moving into his parents home more »
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Forum Post: Deductibility of Legal Expenses
In response to rvd71's comment: Taxpayer invests money in partnership. Taxpayer not involved in management or operations of partnership, just a financial investor. Partnership business fails. Taxpa more »
In response to dehcpa's comment: [QUOTE] Good Day: Are you aware of a way to go back more than 3 years to claim a refund? Taxpayer made significant bookeeping errors for 10 years essentially doubling more »