Personal Taxes
The most frequently asked tax questions related to Personal Taxes
How do I notify the IRS about my address change ?
Asked Tuesday, October 03, 2000 by an anonymous userCPA Answer:
Use IRS Form 8822 to notify the IRS of your change of address.
How do I claim a refund for a deceased taxpayer?
Asked Tuesday, October 03, 2000 by an anonymous userCPA Answer:
If you are filing a joint tax return as a surviving spouse, you only need to file the joint tax return to claim the refund. If you are a court appointed representative, file the return and attach the certificate verifying your appointment. All other filers must file the return with IRS Form 1310. Speak to your local CPA about the filing requirements.
Can I make installment payments on the amount I owe on my Federal Tax return?
Asked Tuesday, October 03, 2000 by an anonymous userCPA Answer:
You may request an installment agreement on IRS Form 9465. Interest and late payment penalties will be assessed for amounts not paid by the original due date, even if the installment agreement is accepted by the IRS.
How could I have taxable capital gains on a mutual fund that is worth less today than it was last year?
Asked Sunday, October 01, 2000 by an anonymous userCPA Answer:
Fund managers buy and sell stocks throughout the year. When the managers sell stocks with a large gain, that share of the capital gain must be allocated to you and everyone else in the fund even though the balance of the portfolio includes unrealized losses and the fund is down in value.
Coin collection
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
The sale of your coin collection would be a sale of a capital asset reportable on IRS Schedule D.
It would fall into the category of collectibles and be taxed at a maximum rate of 28%.
Certain newly minted silver or gold coins issued by the government qualify for the lower 20% maximum capital gains rate even though they are considered collectibles.
It would fall into the category of collectibles and be taxed at a maximum rate of 28%.
Certain newly minted silver or gold coins issued by the government qualify for the lower 20% maximum capital gains rate even though they are considered collectibles.
Antique vase - Sale
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
The sale of your antique vase would be a sale of a capital asset reportable on IRS Schedule D. It would fall into the category of collectibles and be taxed at a maximum rate of 28%.
Is there a limit to the amount I elect to rollover into a SSBIC ?
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
The amount of the annual rollover gain to an SSBIC is limited to $50,000 (25,000 if filing MFS).
How do I reflect the unpaid balance of the mortgage on the sale of business property?
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
In addition to the cash proceeds, you should include the unpaid balance of the mortgage as part of the sales price received on IRS Schedule D.
Are the Lawyer fees I paid at my residence property closing deductible?
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
For a residence, the additional costs you incurred are not deductible in the current year. They will be added to your basis for use in the calculation of gain or loss upon disposition. Examples of additional costs are lawyer fees, commissions, survey costs, title insurance, and recording fees. Any mortgage interest and or real estate taxes are deductible in the current year.