I'm filing a 990ez schedule B and listing contributors. They contributed cash, but I'm showing an error on the Type of contribution. The choices are only person, payroll or noncash, but they were cas...
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I'm filing a 990ez schedule B and listing contributors. They contributed cash, but I'm showing an error on the Type of contribution. The choices are only person, payroll or noncash, but they were cash contributions. Can anyone explain this to me? It's for a 2018 return.
It's in Box 3. I did about 6 years of taxes for him last year and he owed for the first 3 or 4 years, so I wouldn't be surprised that he hadn't paid his full debt yet. He probably got letters from th...
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It's in Box 3. I did about 6 years of taxes for him last year and he owed for the first 3 or 4 years, so I wouldn't be surprised that he hadn't paid his full debt yet. He probably got letters from the IRS, but he doesn't correspond well enough that he would have sent them to me unsolicited.
I understand that a husband and wife who have a Partnership can file as sole proprietors if they are in a community property state and file 2 schedule C's . My question is do they need to write a l...
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I understand that a husband and wife who have a Partnership can file as sole proprietors if they are in a community property state and file 2 schedule C's . My question is do they need to write a letter to the IRS to inform them of their intention or can they just file their first tax return on a 1040? Thanks, Ky
A SSA-1099 includes an amount for “Treasury Benefit Payment Offset, Garnishment and/or Tax Levy” Do I need to include this in the tax return? If so, where? I think it may be due to taxes he owed ...
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A SSA-1099 includes an amount for “Treasury Benefit Payment Offset, Garnishment and/or Tax Levy” Do I need to include this in the tax return? If so, where? I think it may be due to taxes he owed from previous years. Thank you for your help... Ky
Well Gang, Our friend at the brokerage worked hard today and got me the information I needed. It's not "no basis" and it's not "full proceeds = basis." It depends on whether the "bonds" were purch...
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Well Gang, Our friend at the brokerage worked hard today and got me the information I needed. It's not "no basis" and it's not "full proceeds = basis." It depends on whether the "bonds" were purchased at a premium (higher than par value) or at a discount (lower than par value). This could result in a tax advantage to the tp. I'm still sorting through all this and it's 5:00 now, so I'm write more when I get it straight. There is a good web site and specific page for this if you want to check it out. http://costbasis.com/gnmas.html
I talked to the broker myself and that's where I learned that there is no basis for this income because of the reasons stated above. It could be possible that I talked to someone who didn't really un...
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I talked to the broker myself and that's where I learned that there is no basis for this income because of the reasons stated above. It could be possible that I talked to someone who didn't really understand the situation though. Maybe I should try again.
Are you saying that he paid for the loans for the same amount as the principal that he is now collecting and therefore there is no gain (other than the interest that is reported on a 1099-INT or 1099...
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Are you saying that he paid for the loans for the same amount as the principal that he is now collecting and therefore there is no gain (other than the interest that is reported on a 1099-INT or 1099-DIV) ?
It's many thousands of dollars. About $30,000 for one year. And it doesn't seem right to enter the basis equal to the proceeds because what actually seems to have happened is that the income was pai...
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It's many thousands of dollars. About $30,000 for one year. And it doesn't seem right to enter the basis equal to the proceeds because what actually seems to have happened is that the income was paid to tp without any sale happening. So he didn't buy anything to sell, he just made that income. Therefore it seems like the total amount of the proceeds is the gain. I'm posting here because I'm hoping this isn't true. I would need to know why it isn't true. Thanks, Ky
that's what I was thinking at first, but I called the Security company - Hilltop Securities - and they said that there was no sale made (so no basis) and that the "principal payment" notation referre...
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that's what I was thinking at first, but I called the Security company - Hilltop Securities - and they said that there was no sale made (so no basis) and that the "principal payment" notation referred to the fact that the revenue came from people paying down the principal of their mortgage. What do you think?
I know that's where they usually go, but I wanted to check on these: They are Fanny May mortgage based securities and the income has nothing to do with sales of stocks or bonds. They are payments ma...
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I know that's where they usually go, but I wanted to check on these: They are Fanny May mortgage based securities and the income has nothing to do with sales of stocks or bonds. They are payments made to the taxpayer when the mortgage's payments (on their principle) are made. So there is no indication of any of them being short or long term and there is 0 basis listed for all the transactions. Any thoughts about those?