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Working On Form 8621 For A Client Who Owns Some Canadian Mutual Funds In Her Investment Account. She Has Not Made The Mark To Market Or...
User Photo Mary Beth Lougen EA USTCP
Tax Professional Level: Tax Enthusiast

The calculations to determine the correct Form 8621 Line 15b are often overlooked for two reasons. First, there is no clear explanation of what is needed and second, the number needs to be adjusted any time there...   Read More
User Photo Mary Beth Lougen EA USTCP
Tax Professional Level: Tax Enthusiast

The short answer is no. Foreign mutual fund holdings and ETFs have different reporting requirements than similar U.S. funds and must be reported on Form 8621. Although there is no monetary penalty at this time...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

It is too late to make a correction once the return has been accepted or mailed. It will be an inconvenience, but you shouldn't have anything to worry about. If the number given is invalid then the IRS will simply...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Loss on the sale or dissolution of a business would be treated as a capital loss. However, if the loan was made to protect your job it may be classified as a business debt status is allowed if your dominant motive (...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The SSI program provides benefits to disabled people who don't qualify for regular disability benefits. The benefit amount is a flat $733 a month as of 2016, but SSI is a means-tested program. The person's...   Read More
0 0 1099-MISC
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

That line should reflect the correct value, but it may not be the fair market value. You should use your cost basis or the fair market value as of he date you began use as a home office, whichever is lower. Either...   Read More


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