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Can I Claim Home Office Deduction For Square Footage Occupied By Top Shelf Of A Bookcase If That Is Only Space In Home That Is Exclusively...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The home office deduction is for square footage of floor space. The shelving is not a part of the house, so you cannot take a home office deduction based on the information you have provided.   Read More
User Photo Mary Beth Lougen EA USTCP
Tax Professional Level: Tax Enthusiast

The line 15f instruction means is that you cannot reduce or offset 1291 gains with 1291 losses, and that there is no mechanism in the PFIC regulations to deal with a loss on the sale of 1291 shares. Proposed...   Read More
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 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
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 Gerald Nordland
Tax Professional Level: Tax Enthusiast

The IRS will make ONE attempt to directly deposit your refund. If you’re lucky, no one at that bank will have that account number, the bank will reject the deposit and the IRS will send a check to your address....   Read More

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