I have treasury bills in a taxable account and the interest is exempt
from California state income tax. I also have treasury bills in my IRA
and was wondering if it's possible that this interest income could also
somehow be treated as exempt from sta...read more
ssr025Posted Sunday
| Latest post yesterday by
ssr025
Hello. I am in the process of purchasing a second home in my hometown,
and I am going to let my recently widowed mother reside there rent free.
We have very few reservations about this arrangement in light of our
overall relationship. We do have one ...read more
Hi! Background:- California resident & US citizen- 1099 contractor &
have a CA Single Member LLC- Plan to relocate family and myself to Spain
on the Digital Nomad Visa- Still trying to decide what's better -
keeping the CA LLC or closing it down- Pla...read more
I'm thinking of capitalizing costs under 266 this tax year (2018) for a
rental property that will be vacant when I list it. I will be painting,
refinishing floors, refinishing sinks and replacing countertops. I
understand these are not deductible if ...read more
I sold 2 rental properties one in December 2020 and another in March
2021, used a QI who bought the replacement property also in March 2021.
I understood that I had to file the entire exchange as if it happened in
the year I sold the first property. ...read more
I am familiar with inherited stock having its cost basis based on the
date of death. I am also familiar with taking the high and low on that
day to determine the average as the new cost basis. I have kept detailed
and accurate records in this regard....read more
ThemushjPosted Wednesday
| Latest post Thursday by
rjs
My wife and I own 2 rentals in WA state (community property). As part of
estate planning and asset protection, I am going to move the ownership
under saparate LLCs. Now it will be disregarded from IRS perspective.
Guessing this is by default. Questio...read more
rmjeevesPosted Wednesday
| Latest post Wednesday by
Carl
I already entered my 1099-INT information. In another section it asked
me if I was collecting payments and now it is asking me to enter in
Installment Sales Summary. So I have to do both?Thank you!
TaxLuPosted a week ago
| Latest post Wednesday by
TaxLu
I have a large capital improvement to a multi-unit apartment building.
Costs were incurred in 2022 (engineering, permits, etc.), but the
project won’t be completed until 2023. I plan to depreciated this asset
once the project is complete and it can b...read more
Virginia just adjusted my father's 2022 return that I did for him on
TurboTax. The problem was caused by an error in the VA state tax
program. Line 7 of Schedule OSC should pull from line 18 of Form 760.
Instead, it pulls from line 16, thus overstati...read more
Hi All I'm working on my mom's taxes. Her and my father owned rental
property for over 11 years and he passed away this summer. We had the
property appraised for date of death value and ending up selling the
property at the end of the year. My mother...read more
dplewPosted February 22, 2022
| Latest post a week ago by
dennis_b