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Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

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45 views

What documentation might be needed to support a rental property's depreciation basis, and under what circumstances? (IL, USA)

Last year, after moving out of our residential property, we converted it to a rental. When arriving at a Fair Market Value (FMV) for determining the basis for depreciation, we relied on an estimate ...
2
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1answer
4k views

Is FSA spending eligible if the service is prior to Plan Year but the payment is within it?

Background: My employer's Plan Year is the fiscal year, so for this issue it concerns Sep 1, 2016 through Aug 31, 2017. We were expecting a baby in mid-Aug 2016, so knowing charges would be coming in ...
5
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1answer
267 views

How do I get my student loans that were waived due to disability, not to be treated as income by IRS?

I went to college, graduated and had a bunch of student loans. I got them waived, on account of being permanently disabled. Now the loan organization is going to report this as income to the IRS. I'...
6
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2answers
891 views

Is it legal to not get a 1099-b until March 15?

It is Feb. 16 and I haven't received a 1099-b for some stocks that sold that last year. The stocks were sold because the company I had stock in (Questar) merged with another company and all Questar ...
1
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1answer
50 views

Filing for taxes as an F-1 on Stipend

I'm an F-1 Student that was on a co-op for 7 months and during this, 14% of my stipend was withheld, every month. Since this was not an employment, I will not be getting a W2, instead I'll be provided ...
3
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1answer
329 views

Could a legal settlement reported on 1099-MISC be taxed as capital gains?

I have a question regarding how a legal settlement payment should be handled for U.S. personal income tax purposes. This is a hypothetical scenario. A plaintiff agrees to accept a cash settlement ...
8
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2answers
319 views

What are these “new IRS requirements” that H&R Block refers to when forcing me to change my password?

Attempting to log into H&R Block's website to file my taxes, as I've done for the last several years in a row, I'm now being prompted to "Update your account settings so they meet new IRS ...
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1answer
320 views

Form W-8BEN income taxable in India/US

I have been living and working in US until middle of last year. I have since been in India but still working for my US employer from India. My employer decided to pay my salary in India after I submit ...
4
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1answer
3k views

Turbo Tax says return was approved, IRS refund status shows processing

After I e-filed my taxes through Turbo Tax, I signed up for the text notifications so that way I didn't have to keep checking the website/app. I got a text message saying that my return has been ...
5
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1answer
650 views

If I claim a dependent who owes back taxes, is my refund at risk?

He has had his "refund" confiscated by the IRS in past years to pay back taxes, but didn't make any money last year. He lived with me for the entire year. I want to claim him as a dependent on my ...
5
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1answer
102 views

Depreciation and capital gains on a rental condo in the US

I rent out a condo that I purchased two years ago. I make a small profit. It may be advantageous for me to depreciate the condo. This presumably will increase the capital gains that will occur when it ...
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0answers
93 views

Do I need to pay any tax for the current year?

I moved to US in Oct 2016 and was paid for 3 months. Recently my W2 form was generated with a total wages/tips of 26K. From the total income, I have 4 types of tax deducted. Federal income tax ...
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2answers
377 views

Should I file for 1040 or 1040NR if I eventually intend to petition for permanent residency?

I'm on F1 visa with OPT status working at a company in US. Normally, F1 visa students qualify for 1040-NR for at least 5 years if they do not pass the substantial presence test. However, there seems ...
2
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1answer
366 views

Keeping refund from ex spouse / child support

I currently owe back child support to my ex-husband, and typically pay this through my tax refund due to my difficult financial straits via the Federal Tax Refund Offset Program. If I instruct the ...
8
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1answer
192 views

Figuring out if I receive US income?

I'm located in the UK and sell apps through Apple App Store, Google Play etc. I have completed W8-BEN forms at the request of Apple, Google. Now I'm looking to invest in US stocks, to do so, I need ...
0
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1answer
115 views

How do I sign into the IRS to check the status of my refund?

I would like to check on the status of my refund. I have a username and password for the IRS written down, but I can't find the login page.
3
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0answers
39 views

Can I carryover investment interest expenses, if I didn't report them on a prior tax form

I just discovered some investment interest expenses from a broker statement that were not reported in my last year tax return. Can I "carry them over" into my new tax return? Its probably an ...
1
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1answer
210 views

I have not yet got my United States tax refund for 2015, don't know why

I filed taxes for 2015 and had to verify identity. I called, and they said that I proved identity, but I never got the refund. I called IRS several times. They kept telling me that nothing was wrong. ...
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0answers
35 views

Carryback losses from NOL, does the government give you refunds for prior tax years?

In the concept of carryback losses from Net Operating Losses (NOL), does the IRS go back to old prior year tax filings and give you a refund on them? If so, that is awesome! What does the process ...
11
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1answer
952 views

Paid for education in previous year, became a student in this one

Me and my wife moved to the US in the 2016 and she enrolled in the community college in the end of the 2016 for spring term 2017. So I paid the tuition in 2016, but she became a student in 2017. ...
21
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4answers
9k views

Do altcoin trades count as like-kind exchanges? (Deferred capital gains tax)

2018 EDIT: Although this post was inspirational, US Congress addressed this issue in the Tax Reform law of 2017, and any trades after Jan 1st 2018 cannot have this treatment. The few years of ...
5
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2answers
541 views

HSA distributions and tracking receipts

During a presentation regarding HSAs I was informed the IRS can audit one for an indefinite period of time. The presenter suggested we keep records of our claims for 10+ years in paper form. This ...
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2answers
235 views

Previous Employer withheld FICA taxes. Gave me W2C after I filed for taxes

Currently on F1 Visa status. Previous employer withheld FICA taxes. I realized only after filing taxes. After reaching out to them and explaining, a few months later they finally gave me a W2C but did ...
2
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3answers
972 views

401k loan limits, total or per plan

According to IRS guidance, the most someone can borrow against their 401k plan is $50,000 (or 50% of the plan, if that amount is less than $50,000) If someone had multiple 401ks, could they create ...
4
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1answer
9k views

IRS Useful Life of a Laptop Computer

I own an IT/software company. I'm getting ready to ramp up a new venture and want to purchase some new laptops for my remote employees and myself. According to IRS publication 945, chapter 4 (https:/...
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1answer
59 views

Circumstances where pre-tax trading profits can go into a Solo 401k

Can trading profits (capital gains) be contributed to a solo 401k under the employer profit contribution provisions, where up to 25% of business profits can be contributed. (some sources say 20%) ...
2
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0answers
41 views

Pre-Tax Income and Tax Liability

I'm looking over my most recent pay stub trying to figure out what my tax liability will when I file next year. Here's the current breakdown: YTD Figures Gross Pay: 109,245 Federal Income ...
10
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2answers
1k views

How To Report Cryptocurrency Earnings?

I invested in a decentralized bitcoin business and earned about BTC 0.4 this year in interest from it, but there is no official business - it's purely autonomous (very hard to explain). I also "mined"...
7
votes
1answer
190 views

Deducting moving expenses - what about item replaced after being broken in move

During a qualified move that coincided with a job change (an IRS requirement for this particular deduction), an item that was shipped arrived at the new location broken, a replacement was bought. ...
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1answer
102 views

Income Tax on per Diem (Non Accountable plan) [closed]

My Employer started giving me per diem @ of 4.50 per hour, the per diem pay check runs separately and it includes Medicare and Social related taxes, but no Federal or State tax. The pay check list ...
1
vote
2answers
130 views

401k and IRA withdrawal, current tax bracket, or do the amounts increase your tax bracket

I read that 401k and IRA withdrawals are taxed at "your current tax bracket", as in the highest tax amount you pay in progressive income tax. So for an illustrative example, if you are in the 10% tax ...
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0answers
112 views

How to limit potential web based income earned in the USA and overseas from California high taxes

I am an English Lady who has just got her green card and I want to set up a web based Life Coaching business, with Worldwide retreats 2/3 times a year. I live in California and want to keep my Tax ...
4
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1answer
6k views

Is it an issue to have different addresses on two different W-9 form?

Is it an issue to have different addresses (in two different states) on two different W-9 forms that were filled out around the same time, for overlapping jobs?
4
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1answer
160 views

W-9 address and food stamps

I am homeless and I receive food stamps (CalFresh/EBT) in California, where I live, and receive mail at friends'. I was recently offered a short-term, part time job (a handful of hours per week for up ...
2
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2answers
623 views

Section 179 vs depreciation of laptop

I am running my own business via LLC and was considering to buy a laptop for that business. At some point the CPA I consulted with mentioned that I should be expensing equipment purchases under $2500 ...
3
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1answer
197 views

How to process IRS check as a non-resident?

I used to live in the US. I filed in my tax returns, then I had to move out of the country, closed my bank account and everything. Now, my ex-roommate received my IRS check. I was wondering, how can ...
4
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1answer
89 views

How can I figure out the optimal IRA distribution before the deadline?

After reaching 70 I have always taken the minimum required amount from my IRA each year. If I understand correctly, I have to make this decision by December. I do not usually know what my other ...
2
votes
1answer
213 views

Will the IRS automatically pay me back if I paid them too much?

After the 2015 tax season, the IRS sent me a bill for my 2014 tax (because I made an amendment), which I paid immediately. A few days later, a check from the IRS for my 2015 arrived, which I ...
38
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3answers
5k views

Taxes when transferring money

I'm a US taxpayer (non-resident alien) and I'm being pushed by a friend to do the following: He will transfer 40k from a US bank account that he owns to my personal account. I will withdraw this ...
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1answer
229 views

Like a Roth IRA for intellectual property, offshore assignment?

Roth IRA's let people avoid capital gains tax completely and defer a collateralized income tax for decades. Bundling some investments and property in offshore entities in jurisdictions that ...
1
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0answers
140 views

Tax return rejected, received a check

I filed my tax return in 2015 using TurboTax and received a check from both federal government and state. I am currently applying for a loan. When I downloaded the tax return statement (from ...
3
votes
1answer
307 views

What government office can help me recover documents lost by the IRS?

In April 2016 I sent originals of several documents (including my newborn's vaccination card) to the IRS when applying for an ITIN. The IRS claims to have sent them back to me, but they have not ...
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2answers
921 views

Tax implications of transferring money from a joint account to a personal account?

My wife and her sisters have a joint bank account and want to transfer their shares of it to their personal accounts. Would such transfers be reported to the IRS?
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0answers
48 views

Homeowners tax exclusion on sale of subdivided property

My residential property currently qualifies for the IRS Federal tax exclusion of $500,000. I'm considering demolishing the house and legally subdividing the lot for purposes of building two new homes....
2
votes
1answer
2k views

How to pay IRS CP14H

I received a Notice CP14H from the IRS to pay a small amount of owed money. I want to do this online instead of mailing a check or money order. I went to irs.gov/payments and looked at my options, but ...
0
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2answers
99 views

What happens if I add money via commuter benefits to my card but don't use it all in the same month?

My work gives us $125 tax-free for commuting via the IRS commuter benefits scheme. Although I don't need to commute to and from work every day, I could use this $ to load up my commuter rail pass and ...
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1answer
261 views

US-Belgium tax treaty exemption - still valid after visa status change?

tl;dr: what does the word "Resident" mean in a tax treaty Hi, I'm a Belgian PhD Student (F-1) at an accredited US research university. My F-1 visa status officially started in July 2016. From ...
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0answers
262 views

What is the easiest way to correct a misspelled name on an IRS tax refund?

A friend of mine is Egyptian. She received an IRS tax refund for taxes she filed during her time while in the US. Unfortunately she has a rather long name and the IRS tax return misspelled one of her ...
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0answers
193 views

Filed 83(b) election in wrong IRS center. Should I file again?

I filed my 83(b) on time at the incorrect IRS center (Austin). Assuming I have enough time, should I re-file it at the correct location (Fresno) or is it OK?
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1answer
81 views

What kind of receipts are acceptable for a small drop-shipping business filing taxes?

I ran a very small business, doing drop shipments online. Since I do drop-shipping, I have one receipt for every sale, which turns out to be a quite a lot of pages of invoices. I have a credit card ...