TaxConnections

Ask Tax Question
Debit Cancel On Mortgage On Rent Property Will Affect The Depreciation - Basis? How?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

You are required to reduce attributes in capital accounts in rank order by the amount of canceled debt via IRS Form 982. I've blogged more about it nere -> http://www.johnrdundon.com/irs-form-982-reducing-tax-...   Read More
0 0 1099c
Needing Help With Filling Out A 1041 Tax Form For A Simple Trust/decedents Estate
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

I am happy to respond to specific questions in this forum or feel welcome to hit me back off line as you see fit.   Read More
If I Have NOLs For Two Years In A Row And Elect To Carry Forward Both, Do I Enter The Sum Of Both On Line 21 Of Future Years' Return Or...
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

GrEAt question. The answer is a little bit more complicated than line 21 of form 1040. I'd like to draw your attention IRS Form 1045 Schedule A (page 3) found here -> https://www.irs.gov/pub/irs-pdf/f1045....   Read More
If Foreign Parents Make A Donation To A US Resident Child, Does Any Tax Apply?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

Gift tax is based on country of origin for the party making the gift. US Resident Aliens are not subject to tax on gifts received.   Read More
Can A Real Estate Investment Trust ("REIT") Benefit From A Cost Segregation Study?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

Another grEAt question! It really depends on the size of the REIT and the extent to which you are willing/able to invest in following the rules as this stuff can come back and bite. Check out this blog post for...   Read More
As A Touring Musician, Am I Responsible For Filing Tax Returns In Every State In Which I Perform?
User Photo Benjamin (David) Goldberg, EA
Tax Professional Level: Tax Enthusiast

The answer is that it depends upon the state in which you perform, and how that state treats the taxation of non-residents who have earnings from a source within that state.   Read More
0 0 Musician
Do I Need An Individual Taxpayer Identification Number (ITIN)?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

As in life itself - it depends. For US taxpayers that do NOT qualify for a Social Security number an ITIN is mandatory as part of your filing requirements. You must first apply for a SSN and if you get rejected...   Read More
Do I Need An Individual Taxpayer Identification Number (ITIN)
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

If you are a US Taxpayer without a Social Security Number, yes. Check out this post for more information ... http://www.johnrdundon.com/do-you-need-an-individual-taxpayer-identification-number-itin/   Read More
I Have A Home Computer With Partial Use For Home Business That Is Depreciated. I Also Have A Second Old Computer That Is Kept At House Of...
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

If the cost was under $2,500 you should be able to expense it under the new tangible property regulations.   Read More
Can I Request A Specified Amount Of An IRS Account Credit From A Prior Year Be Applied To A Subsequent Year's Taxes?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

Call the IRS and instruct them verbally to apply the credit balance in the tax year that has a credit balance to the tax year that has the assessment.   Read More

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Log into Tax Connections

Not a member?    Register Now For a Free Account
I've forgotten my password
Contact Us Today