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My e: wait my 2L year tax course is coming back to me and now I'm thinking that gifts aren't "earned income" because you don't do any work to receive them? 
pig slut lisa fucked around with this message at 03:09 on Nov 13, 2014 |
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Nov 13, 2014 03:05
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There's a guy in A/T who claims to be a professional thief, stealing less than $1,000 a time from big box stores. I'm curious about the tax implications of this but am probably not knowledgeable enough to ask the questions to figure out how well he's covering his rear end w/r/t the IRS. Maybe a couple tax smarties are curious and want to move the conversation forward over there? Here's been the discussion so far: pig slut lisa posted:What kind of federal tax return(s) do you file each year? TheresNoThyme posted:You mention saving money and paying taxes. Do you have an actual plan for how to declare + save your fencing income or are you just winging it by declaring it as like gifts or something that you hope the IRS won't care about? LeoMarr posted:1. I claim 40k a year taxable income as capital gain. pig slut lisa posted:Wait so you fill out a 1040 and the only income you report is on line 13? Do you fill out a Schedule D with that?
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Jan 7, 2015 14:36
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I thought I saw this discussed earlier in the thread, but I can't find anything about it so here goes: Is there any good tax prep software put out by companies that don't lobby against return free filing? I'd like to stop throwing money at Intuit if possible. Illinois resident if that matters.
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Feb 3, 2015 07:04
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smackfu posted:Avoid anyone in the Free File Alliance: Thanks. Do you know of a prep software that isn't made by a firm that lobbies?
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Feb 5, 2015 01:57
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If my capital account under a limited partnership is $600,000, and I sell my entire share (held for more than one year) to another partner for $215,000, have I incurred a long-term capital loss of $385,000?
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Apr 8, 2016 06:55
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AbbiTheDog posted:It depends. You need to see a professional ASAP on this. Admiral101 posted:Yeah this is an incredibly complicated question and outside the scope of the thread. Would depend on whether the cap account is on tax basis on gaap, whether there's outside basis, among other things. silvergoose posted:Yeah as a layperson that sounded like "I should really hire a really good accountant and/or lawyer to make sure this is done right". OK, thanks. I already...kinda (?) have someone? This is an incredibly messy partnership; the partners are family members who own my grandparents' estate and do not get along particularly well. As in: my aunt was making unpurposed cash withdrawals until we noticed and called her out on it, plus she's already incredibly BWM on her own. There are also horses involved, for those of you who follow the BWM thread. The attorney for the partnership is largely non-responsive, and the accountant can't manage to get us our K-1s before April 10th every year. Anyway, things have gotten so bad that my side of the family finally got fed up and negotiated a buyout of our shares. We should all be getting out well under whatever our original basis is, but what exactly that number is none of us knows. The financial records are in some disarray and the accountant is kind of crap, but we're at a point with my aunt where things are relatively peaceable right now so we need to stick with this guy. Not to mention every time we've asked for an actual accounting/audit of the past few years' finances we've been blown off. So it's this very weird situation where we're dealing with a lot of complexity, we can't get the information we need, we need to balance pushing for that info while not sending my aunt into a crazy illogical rage, and most of all we just want to be loving out. So we're sticking with this accountant for now, even though he kind of sucks, simply because if we try to change things we're going to get bounced back to square one or worse.
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Apr 9, 2016 05:22
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AbbiTheDog posted:Ooohhh.....poo poo. You also need to consider code section 267, disallowed related party losses. Ahh, thanks for this. To confirm I'm reading this correctly: My aunt is buying out me, my sister, my brother, and my dad. My dad would be excluded from claiming a capital loss under the 267(c)(4) definition of family, since he is being bought out by his sister, but my siblings and I can claim a capital loss because our aunt is not included in that definition. Right? e: Also we've been notified by the attorney that our capital accounts are equivalent to our respective bases, so we will all be selling at a loss. pig slut lisa fucked around with this message at 03:57 on Apr 12, 2016 |
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Apr 12, 2016 03:51
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AbbiTheDog posted:Extend and hire a professional in three weeks. Sorry for the confusion. The sale hasn't occurred yet, so I wouldn't need to file for an extension for this year's tax cycle.
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Apr 12, 2016 20:00
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Weird situation re: Federal tax refunds When I submitted my return through Turbotax, I elected to receive my $610 refund via direct deposit. Last week, I received a check from the IRS made out to my wife and me for $400 or so. The check states that it is a tax refund. "Huh," we thought, "why did they send a check instead of DD? And a smaller amount too? Oh well." Today I checked my bank account and discovered a direct deposit from the IRS of $610. Any idea what's going on? More importantly, what would be the best way to sort this out with the IRS? We aren't going to deposit the check until we know it's OK. Thanks 
pig slut lisa fucked around with this message at 02:51 on Apr 28, 2016 |
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Apr 28, 2016 02:42
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sullat posted:There are any number of situations that could cause that, but it would be best to set a few hours out of your day to call them, because if it is a mistake they will want the money back, with interest. Oh man, you weren't joking about the "few hours" thing. Yesterday I spent about 1.5 hours on hold--and I'm pretty sure that 45 minutes in I got switched to the Spanish language hold queue, and then 20 minutes after that to the business tax hold queue--before I hung up, realizing that I was a few blocks away from a walk-in office. Then I spent an hour there before I gave up and went back to work. Next week I'll show up to the walk-in office when they open and hopefull get to work by 9:00 AM.
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Apr 29, 2016 13:18
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Thanks to all the big tax brains for helping goons this season 
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Apr 25, 2017 04:59
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My daughter was born last year and my in-laws bought her an individual bond. I am the UTMA custodian. The bond administrator recently mailed me a W-9 Request for Taxpayer Identification Number and Certification, on which I'm supposed to put an SSN. The back of the sheet says to put the minor's SSN for an UGMA account but does not say anything about an UTMA account. I assume it's the same deal though, right? Put the minor owner's SSN rather than the adult custodian's?
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Jan 13, 2020 22:39
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Similar question to the previous poster. I am an Illinois resident, and will remain an Illinois resident upon beginning a new remote job with a New York employer. The New York employer will be my primary source of income (~$75K gross), but I will also gross ~$15K as a W-2 employee from an Illinois public university. I also have a spouse who works for an Illinois employer. From what I can gather online, it appears I will be subject to New York state income tax on income from my New York employer. I can't figure out if/how Illinois taxes that income though. I don't think my second smaller job or my wife's job play into this at all, but I included them in case they're relevant. Thanks!
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Aug 19, 2022 21:29
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Sounds simple enough to me, and glad to hear I'll only get taxed by one state on this income. Appreciate it
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Aug 21, 2022 05:33
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Good to know about the potential preparer issue. We'll just be a few W-2s and a handful of 1099-DIVs and -INTs even after adding a second state, so my hope is that's simple enough for TurboTax to manage.
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Aug 23, 2022 06:08
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In 2023, I started a consulting business as a single member LLC electing to be taxed as an S Corp. This is my first time filing a tax return for any entity besides my own household. Recently, I realized one of my clients made out their 1099 form to my personal SSN rather than my LLC's EIN. I have been unable to get them to amend their 1099 to include the LLC's EIN. What's the easiest course of action here: claim income and business expense deductions from this client on my personal tax return, or do something (?) on my end to associate this income with my LLC? I'd prefer to do the latter, FWIW. Wish I had realized this earlier...that's what I get for not getting the taxes done before our second child was born.
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Apr 9, 2024 04:01
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Telegnostic posted:File your own 1099 redirecting the money from yourself to the business. List your SSN as the payer and the business's EIN as the recipient. That sounds straightforward. Thank you!
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Apr 10, 2024 21:17
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