I need a hospital bed, and a lift to move from wheelchair to
I need a hospital bed, and a lift to move from wheelchair to bed to portable toilet. Are these medical expenses I can itemize on my taxes? I have a condition like ALS. Do I need a doctor to write a order?I need a van to put my wheelchair in, Can I deduct modifications for a wheelchair van?
My wife was a shareholder in an S-corporation. Paid $500 to
My wife was a shareholder in an S-corporation. Paid $500 to get in, mandated by her work. After 5+ years, the basis grew to $70K, as she was only paid a portion of the income every year such that we can pay the taxes on the "income" from the S-corporation. She sold the ownership and got out effective on 12/31/2015, but stock repurchase agreement indicated that she could only get $500 for the shares. That resulted in a loss of ~70K.Company accountant firm mentioned that: " Generally this would be characterized as a capital loss on her individual tax return, but due to an exception in the rules, she would be able to characterize this loss on her tax return as an ordinary loss up to $50,000 if filing single or $100,000 if filing married filing jointly."I couldn't find this rule and the treatment of these stocks in any online search. Can this be treated as a section 1244 stock? Or is there some other rule due to this "forced" loss through an agreement?
I checked the box for Section 645 election when applying for
I checked the box for Section 645 election when applying for the trust's TIN after the settlor's death, and got a letter from the IRS stating that, based on the information provided, a Form 1041 is due on October 15, 2016. As it turns out, the Trust may not be able to distribute within two years and the Section 645 election is of no value -- i.e., there will never be $600 gross income or any taxable income within any calendar *or* fiscal year. If I fail to file a form 8855 by October 15, 2016 will that undo the "mistake" I made in checking the Section 645 box when I applied for the TIN? In other words, will the IRS just treat the Trust as if a valid election was not made. NOLO Press seems to suggest that the checking the box was all that was needed to effect a proper election, but IRS materials seem to suggest that the Form 8855 must be filed. Just to be clear, I would prefer not to have made or to make the Section 645 election.
My siblings and I are preparing a form 1041 for the first
My siblings and I are preparing a form 1041 for the first year. The only income and expenses are from a Schedule F. It shows a loss but the software we are using does not carry it to the 3 K1's. I tried to read all I could about this (IRS and others). From what I could determine, that is correct and the NOL is just carried forward by the estate until the final return is filed or until there is net income to distribute. Is this correct? If not, what do we do with the net loss?
JD, MBA, CFP, CRPS
I am a graduate student and received research money to be
Hello,I am a graduate student and received research money to be used on travel, equipment, and supplies. Under IRC Section 117, it is clear that only qualified expenses (tuition and related expenses) can be excluded from gross income. However, under ECFR §1.117-1(b), travel and research expenses are also excluded from gross income subject to certain limitations. How do I know which guidance applies to my situation? Does the IRC overrule the ECFR?Thank you for your help.Rachael
I set up a irrevocable living trust, funded it with tax free
i set up a irrevocable living trust, funded it with tax free munis, question do i have to pick up the interest from the trust, tax free interest, on my personal 1040 .... for AGI purposes for medicare payment amount.... or is this tax free interest just that tax free reflected on a 1041 sch B and thats it
I could potentially inherit real estate property which is
I could potentially inherit real estate property which is located in India. what are the taxation surrounding such inheritance? I reside in Massachusetts?Are there any inheritance tax, income tax or estate taxes when I inherit it and what are taxes when I sell the property and bring the money back to USA?Can I continue to hold the property in India and do I have to show such property when filing tax return in USA? Also when I sell the property I will be paying taxes in India do I have to pay taxes in USA as well if the taxes are already paid in India? if so what kind of taxes do I incur?
Vocational, Technical or Trade School