Recent content by davew9128

Sadly, the default for many 1099 issuers is to send it to everyone who got any payment, whether is was under $600, was by credit or debit card, or is a corporation. The bar is low...

Its not complicated at all. It just means you can over time build more tax deferred wealth and have the (minor) advantage of being able to withdraw a portion of any distribution tax-free due to the basis from the non-deductible contribution. Also a good way to fund a Roth IRA with a less...

The Commonwealth of Massachusetts has entered the chat.

You need to look at the date the return(s) in question were filed. §6501 period for assessment begins on the later of the due date of the return or the date it was filed. The due date absent extension for 2020 was still 4/15/2021. The disaster postponement doesn't change that. An extension of...

Not correct. It might be a 6 year SOL if it was a substantial understatement, which would be dependent on facts not presented here. Otherwise, any deficiency notice now would be facially invalid and would be effectively voided if challenged in court.

The IRS will not issue a refund now if it results in one, and will not process the return if you owe. The normal statute of limitations for both refunds and assessment has expired.

Please. That's weak sauce. A laser pointer would be the starting point, a slingshot and supply of rocks would be another effective alternative.

Yet entirely relevant.

While this is true, it ignores the additional $250k principal residence exclusion that would apply for the partner owning the residence instead of just living there.

Merely adding someone to the title is not a taxable event. Once they start having actual equity is when a taxable gift might occur and determining when that happens might depend on how you title the ownership as well as local law.

I disagree. Unless there is a serious probability (not mere possibility) of something being enacted into law, this is a distraction from the professional side of things. I don't entertain or engage clients in these types of conversations even if it leads to billable time playing the role of...

Good lord. Why is this nonsense even being discussed?

A non-spousal beneficiary cannot roll an inherited IRA.

:rolleyes::rolleyes::rolleyes::rolleyes:

The answer is yes.