The Stack Overflow podcast is back! Listen to an interview with our new CEO.

Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

Filter by
Sorted by
Tagged with
1
vote
0answers
77 views

How to file stipend on ESTA Tourist VWP

I was invited for a conference/meeting to the US for graduate students organized by an US cooperation. Our costs were supposed to be reimbursed by the cooperation in a form of a stipend. After the ...
4
votes
1answer
580 views

What cost basis accounting methods are applicable to virtual currencies?

This year I began doing some small investments in cryptocurrencies (Bitcoin, etc), and turning small profits. I've been tracking my gains under each of the different cost basis accounting methods (...
24
votes
1answer
4k views

I am distributing an inheritance based on verbal bequests. Is this considered a gift that must be reported to the IRS?

Before my mother died recently she gave me a verbal list of bequests she wanted to make that were not in her will. Some of these exceed $14k. I will be paying them out of my own bank accounts with ...
1
vote
1answer
89 views

H1-B : How to invest money outside the USA

I am an H1-B visa holder in the US. I would like to start investing some money here in the US and also in India, my home country. Are there any IRS regulations I should be aware of when sending ...
13
votes
5answers
5k views

Does the IRS reprieve those who have to commute for work?

Consider someone who for either family or affordability reasons is unable to live in San Francisco, where they make their living. Their daily commute is long. The cost of the commute is nontrivial, ...
9
votes
2answers
1k views

Can yearly tax free gifts to a person in the U.S. be sent in multiple checks?

I'd like to give someone a monetary gift, well under the current $14,000 Annual Gift Tax Exclusion limit; however, I'd like to send them multiple checks throughout the year. I'd heard about this in my ...
1
vote
1answer
2k views

Can I open a personal bank account with an EIN instead of SSN?

Can an individual open a personal (non-business) checking or savings account using an EIN instead of their SSN? If so, what are the advantages or disadvantages of doing so?
1
vote
1answer
4k views

When will the 2017 US Federal Tax forms be released?

Right now we're in the middle of 2017 and I'm trying to plan out different aspects of my tax liability that will be due next April. However, as much as I try to search online, it looks like the 2017 ...
1
vote
1answer
120 views

How To Get Confirmation that IRS Credited an Account

Our nonprofit hired a non-resident in 2016 on a J-1 visa and the arrangement was that we would pay her income tax. She is now back in her home country. We filed her return. Turns out we owed money, so ...
8
votes
2answers
659 views

Claiming income/deductions on an illegal apartment

We are currently renting a basement out to some friends of ours. We are asking a fraction of the price of what its worth. I understand the risk of renting without a certificate of occupancy. The ...
1
vote
1answer
34 views

account transcript from states

I can get account transcript from IRS. But can I get the same from states? Particularly I'm interested in RI, MA and CT.
1
vote
0answers
44 views

Proper depreciation/method/duration for conversion to in-law unit, in older single family home?

IRS publication 527 covers "Basis of property changed to rental use". My question is on the proper duration for the depreciation. Imagine a home was bought for $60k in 1950, with $10k of land value. ...
0
votes
0answers
64 views

pass through tax liability

In this scenario, a single member LLC has income of $100,000 and is passed straight through to the owner, subject to income tax and self employment taxes. Single member LLC has borrowed $105,000 at ...
4
votes
2answers
429 views

Paying someone's college tuition to avoid gift taxes: how do I show the payment is applied to tuition, not other fees?

According to Section 2503 of the Internal Revenue Code of 1986, a payment made directly to an educational institution to pay for the tuition of a student does not count as a gift to the student for ...
1
vote
0answers
98 views

What is the rate for Federal Excise Tax on DSL/Cable Internet Connections

I noticed the federal excise tax on my Internet bill (DSL) go from 2.5% of the subtotal to 2.6% of the subtotal. How are these taxes figured out? I saw in an IRS publication that telephone ...
4
votes
1answer
3k views

How does the bank/IRS know whether a bank transfer over $14k is a gift or loan repayment?

Suppose I want to help a relative, an international student, pay his college tuition before he arrives in the US (let's say the amount is $20k, i.e., over the $14k tax-exempt limit for gifts). He'll ...
0
votes
0answers
135 views

I lost IRS notice for interest. What are my options?

Well, I did owe money to IRS last year and after paying all my taxes and IRS having accepted my tax returns, I thought I was done. However, I got a follow up mail from IRS saying that I owe them $18 ...
-2
votes
1answer
3k views

PayStub - What is Employee ID?

Would anyone be so kind to please explain what is Employee ID and where can I get this information online on my own? The term "on my own" means that I want to find this myself without asking/calling/...
1
vote
2answers
323 views

Estimated Tax on Unplanned Capital Gains

I would like to sell stock valued at $X for combined long-term capital gains of around $Y. The sale would be in July. I expect the tax on the gains alone to be well over $1,000. When you're in the ...
4
votes
1answer
216 views

Regarding W-8-BEN for annuity inheritance

My father worked in USA for 11 months in 1985. He made contribution to an individual retirement plan (tiaa-cref) only during that period. The money since then has grown. He expired in 2016 aged 68 ...
1
vote
2answers
264 views

What is the penalty of contributing to a Coverdell ESA while earning over $110k MAGI?

Regarding Coverdell Education Savings Account (ESA) (https://www.irs.gov) Q. Who can contribute to a Coverdell ESA? A. Generally, any individual (including the beneficiary) whose modified ...
36
votes
5answers
13k views

IRS sent me a letter…I messed up by unwittingly taking money out of a Roth IRA and reporting it incorrectly

I recently received a letter from the IRS based on my taxes for 2015. I believe I did not understand the proper workings of a Roth IRA. I was under the impression I could pull my money out and only ...
3
votes
2answers
726 views

For bitcoin, can I use specific lots instead of FIFO for IRS capital gains tax calculation?

I would like to start using specific lots, rather than FIFO, for my capital gains tax calculation as it relates to bitcoin holdings. If I sent coins to a specific wallet setup for the express ...
7
votes
1answer
103 views

Applying prior year federal refund to prior year owed tax

If I were due a federal refund in 2011 and owed in 2012 and did not file either year, can I apply the 2011 refund to the 2012 bill? I know I can no longer claim the refund for 2011. Will the IRS ...
0
votes
1answer
517 views

Selling stocks as LIFO or FIFO

Hi all, I'm about to begin investing and was curious about how the IRS handles purchasing the same stock. Example: I purchase 50 shares of CS of NASDAQ:PODD on 1/1/2000 @ $50.00 I purchase 50 ...
2
votes
1answer
136 views

Chapter 7 Bankruptcy IRS Debit 7 Capital Loss

I have a capital gains loss of $250K and an IRS debt of $200K, this happened through series of mistakes. Explained in detail here. My question is I was told that filing for Chapter 7 bankruptcy will ...
1
vote
1answer
414 views

How do I resolve Free Fillable Tax Form error F1040-524-01?

The following is the error code sent back saying they were unable to process my return due to these error: "Business Rule F1040-524-01 - If 'PINTypeCd' in the Return Header has the value "Self-...
5
votes
1answer
208 views

Are people who file their taxes correctly, still subjected to being randomly audited?

It is known that the IRS generally audits tax returns based on discrepancies, but are people (including those who file correctly) still subjected to being randomly audited? The National Research ...
6
votes
2answers
1k views

Can IRS levy a bank account in Germany?

Does anyone know if the IRS can levy my bank account in Germany? I bank with Commerzbank. From what I have read, if the bank has a branch in the USA (Commerzbank only has one) they can seize your ...
2
votes
1answer
69 views

Renting from self during out of area remodel project - deductible?

I own a nightly rental that's out-of-area. I was considering moving to that area for a month and renting and living in my own property while I (personally) do an extensive remodel on it. Would those ...
1
vote
0answers
74 views

Do employees get mileage reimbursement?

Given the following: I am an hourly wage employee of a company. At the beginning of each calendar year, I get a W-2 showing my wages earned and taxes withheld for the previous year. The company pays ...
1
vote
1answer
178 views

Capital gains loss, can IRS waive the loss?

I have a capital gains loss of $250K and an IRS debt of $200K, this happened through series of mistakes. I'm currently in non-collectible status. I understand that the IRS has 10 years to collect on ...
2
votes
1answer
211 views

How to declare foreign gift of nearly $10,000

I understand that gift from a foreign entity (in this case, my non-US parents) is not taxable, but has to be reported. According to the IRS' instruction on Form 3520, I only have to report the gift ...
2
votes
2answers
276 views

Healthcare mileage deduction for IRS Tax calculation

Turbo tax prompted me to enter miles traveled to healthcare visits. I traveled to physical therapy over 40 times last year so I have a fair amount of miles I could add. My question is should i ...
1
vote
1answer
257 views

Can my accounting for Tax Basis differ from my broker's

I recently found out that my broker uses FIFO (first in, first out) accounting when I sell shares by default (as apparently do most brokers), whereas I had hoped for LIFO (last in, first out) ...
1
vote
0answers
72 views

What does the “Business Rule IND-005-01” error mean when submitting my tax return?

I received this rejection notice in an email: Issue : Business Rule IND-005-01 - If Form 9465 and IRS Payment Record are present in the return, then Form 9465, 'PaymentAmt' must be equal to '...
2
votes
2answers
115 views

Does this Health Plan qualifies as HDHP?

I am planning to open a 'Health Savings Account' account but I am not sure if my plan can be considered as HDHP . I would highly appreciate if someone can kindly have a look at my coverage ...
4
votes
2answers
2k views

Can I get a Wage and Income Transcript if I've never filed a tax return?

I have never filed a tax return because I have never made enough money to be required to do so. I was just wondering if the IRS would still have a wage and income transcript for me even though I have ...
2
votes
2answers
327 views

Pay down low-interest debt or save for retirement?

I'm in my mid-forties, very low retirement savings, high debt, recovering slowly with a new stable salary. I need to get my finances fixed so that I'm not working full-time on my 70th birthday nor ...
0
votes
1answer
485 views

Form 1042-S for foreign resident and owner of trade account

I have a trade account at schwab.com and I own a small number of ESPP shares from a previous employment with a US company. I was sent three copies of 1042-S form (https://www.irs.gov/pub/irs-pdf/...
3
votes
1answer
169 views

Donations: In need of guidance on filling out a 8283 form

I believe I have this 80% figured out although theres still some grey areas thus far based on researching a variety of tax websites and IRS's official page. My situation is as follows. Donating FIVE ...
1
vote
1answer
135 views

Accounting method change to depreciation basis : appropriate solution? (USA)

I have personal property that was converted to a rental unit in 2015. When determining the depreciation basis for this property, I used the Fair Market Value, as suggested to me by a TaxAct ...
1
vote
0answers
49 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
votes
1answer
5k 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
votes
2answers
310 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
votes
2answers
977 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
vote
1answer
53 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
votes
1answer
383 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
votes
2answers
330 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 ...
2
votes
1answer
373 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 ...