Hi have a question on taxes that need to be done for last year.
I live in Pinellas Park, Florida...does any one know of some good free
assistance that I can get? Either that or a tax professional or
company that isn't too expensive. I need to pay the IRS enough as it
is and actually have paid some but still owe more.

Thanks in advanced for any response/s.

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Person has an inherited IRA (trad, not Roth), and wants to buy an
immediate annuity with the funds in it. Will this be a problem?

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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
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<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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<< Copyright (2007) - All rights reserved. >>
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CCH TAX NEWS HEADLINES - July 21, 2008

Access topics here: http://tax.cchgroup.com/news/headlines/2008/nws72108.htm#1

FEDERAL NEWS
IRS Commissioner Studying Controversial Private Collection Initiative
(IR-2008-90)

IRS Referrals of Criminal Tax Investigations at Eight-Year High

STATE NEWS
California --Multiple Taxes: Relief Available to Taxpayers Affected by
Fires, Floods in Inyo County

Wisconsin --Multiple Taxes: Flood Relief Deadlines Extended

Missed a headline? Review last week's tax news -

http://tax.cchgroup.com/NewsHeadlines/default.htm?NRMODE=Published&PageID=4&NRORIGINALURL...

My stock trading has been limited buying in increments
and selling all as one transaction. Thus, it doesn't
matter if I was using FIFO, designated lots, or any
other method.

Right now I want to sell some partial lots of various
stocks. I'd like to use FIFO for one because it will
generate a long-term capital loss and designated lots
on another because it will create a minimum long-term
capital gain.

My question is may I pick and choose the accounting
method per stock or must I be consistent across stocks?

Dick

I understand that a married couple is entitled to a $500,000 deduction
on long term capital gains for the sale of the home they have lived in
for over two years.

If one should die, am I correct to assume that the surviving spouse
will now only be entitled to only a $250,000 deduction of the capital
gains?

Also if a person inherits a home what determines the adjusted cost
basis for their inherited property should they live in the house for
two years and then decide to sell the house?

Thanks for your help!

Hi, For the 1040EZ line five if you file as a single with no
dependents and take the 8 thousand dollar option how many exemptions
total do you have?

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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

On tax returns, I currently amortize the premium for bonds purchased at a
premium.

According to IRS publication 550:

"You can change your decision to amortize bond premium only with the
written approval of the IRS. To request approval, use Form 3115,
Application for Change in Accounting Method."

I

CCH Tax News Headlines - July 18, 2008

Acces the headlines here: http://tax.cchgroup.com/news/headlines/2008/nws71808.htm#1

FEDERAL NEWS
Levin, Subcommittee Find Extensive Tax Evasion Using Offshore Tax
Havens

Applicable Federal Rates for August 2008 Released (Rev. Rul. 2008-43)

STATE NEWS
New Mexico --Personal Income, Sales and Use Taxes: Governor Proposes
C.A.R.E. Package

North Carolina --Multiple Taxes: Budget Bill Enacted; Provisions
Address Bonus Depreciation, Credits

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http://tax.cchgroup.com/NewsHeadlines/default.asp?PageID=4

Does a net short term loss, after cancelling long
term gains, still offset ordinary income dollar
for dollar up to $3000? Or is it some other rule
today.

I'm wondering if it's worth selling before a year
to protect the short-term nature of the loss.

I've been out of this for two decades and who
knows what's been changed.
--
rhhardin@mindspring.com

On the internet, nobody knows you're a jerk.

CCH TaxNews Headlines - July 17, 2008

Access the below listed topics here: http://tax.cchgroup.com/news/headlines/2008/nws71708.htm#1

FEDERAL NEWS
Fannie Mae, Freddie Mac Reforms Could Be Added to Housing Bill

IRS Proposes Amendments to Regulations Governing Stock Option
Transfer Reporting (NPRM REG-103146-08)

Proposed Regulations Issued on Comparable Contributions to HSAs and
Excise Tax Return Requirements (REG-120476-07)

STATE NEWS
All States --Sales and Use Tax: 2008 Sales Tax Holidays Just Around
the Corner

Missed a headline? Review last week's tax news -
http://tax.cchgroup.com/NewsHeadlines/default.asp?PageID=4