Questions tagged [income-tax]
The income-tax tag has no usage guidance.
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I am trying to understand the definition of qualified covered calls and larger straddles
Below is a quote from IRS Pub 550:
Qualified covered call options and optioned stock.
A straddle is not subject to the loss deferral rules for straddles if both of the following are true.
All the ...
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On Forming an LLC in a State with Greater Privacy Protection [closed]
I live in Virginia and plan on starting a small LLC publishing company.
For privacy reasons, I would like to establish the LLC, in either Delaware or Wyoming which does not require the name nor the ...
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What are the federal tax consequences of the repossession of a property where the FMV is less than the value of the loan?
This is a conceptual question, but I have included a sample set of facts to set the stage:
Bank loans $200k to Individual A to purchase home.
Individual A pays the loan down by $20k, but eventually
...
user56567
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Do I have to file state income tax if I am working mentally?
I am a software engineer.
I have the ability to write software in my mind without a computer. It's probably an advantage provided by my autism. There were a few times the code of an application ...
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Credit card debt past statute of limitations 1099C
I was issued a 1099c income for credit card debt that was relieved. The debt was made in 2018 in California, 3 year SOL.
That means the SOL expired in 2021 and it is now 2024, so it isn't legal debt. ...
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One trust paying out to another trust at the death of the grantor
Imagine a case where parents set up an irrevocable defective trust for their one adult child with the terms of the trust being that when the parents die the original trust goes away and the money goes ...
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Does Lehrmann need to pay income tax on the rent that Seven paid for him?
It recently emerged from Bruce Lehrmann’s defamation case in the Federal Court of Australia that Lehrmann received 12 months’ accommodation, potentially valued at $130,000, in exchange for his “...
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wash rule applicability between regular and retirement accounts
I have a regular brokerage account and a retirement brokerage account.
Suppose that I actively trade in both accounts in a given tax year.
I know that at tax time, my broker will generate two ...
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Are resale of goods taxable by individual in germany?
Suppose I buy an induction cooker from IKEA, and then later when moving away from where I live, I decide to sell it to someone moving in. When I do this, I get some money back.
Is income gained from ...
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How does gift tax work for unmarried households?
Say Ash, Bret, and Charlie decide to form a household.
Ash has a house that would rent for $10,000 a month, Bret has three extremely expensive cars, and Charlie has a huge collection of very valuable ...
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Filing status for two families at one address [closed]
Under US tax law, (for example, in Missouri), are there any special filing considerations for two families with separate qualifying dependents at the same address, if they can provide proof of both ...
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Living Revocable Trust and Death
If a person dies with a living revocable trust then that trust becomes irrevocable at the date of death. When it becomes irrevocable, does the date the trust was created change?
That is, if a person ...
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What Would be the Legality of a Company Paying Individuals for their Data?
Let's say I started a new social media company, which collects and sells it's users' data. To entice people to use my social media site, I give them a cut of the money that I get from selling that ...
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For an LLC that is not a C-Corp but taxed as a C-Corp (form 8832), does the EIN change when becoming real C-Corp?
Suppose someone creates an LLC and will not be raising funds now, and won't have other company owners yet (like a sole-proprietorship), but elects for the LLC to be taxed as a C-Corp with form 8832.
...
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EIN number(s) for an Estate - Are two needed?
A person dies with money in individual brokerage accounts and a living revocable trust which has brokerage accounts.
Given these facts, it is my claim that to settle the estate, you should get two EIN ...
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