On May 17, 9:12 pm, William Brenner nospamplease.net> wrote:

Line 21. Despite what the insurance company calls the payment it is
not a dividend for federal tax purposes.

Do non-residents who file a 1040 (such as people on H1-B or TN visas)
and who have a social security number qualify for the stimulus check?
The text says that any nonresident alien individual does not qualify
(e)(3)(A). But the 1040 form does not ask you for your resident
status. Not sure if this question was asked in this newsgroup
before. Thanks.

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If person dies in 2004, and estate distributions are made in 2007 and 2008,
which year is the estate tax rate applied to?

tks all

bw

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Greetings,

We are selling our home of the last 15 years. The overall gain will
not exceed the $500K cap gains exclusion limit for a couple. We are in
the process of dividing the property into two tax lots, one with the
existing house, the other bare land. We have two scenarios for the
sale of these lots:

1. Single buyer purchases both lots - I assume (perhaps wrongly) that
in this case we figure the cap gains as if we'd sold the original
single lot as a whole. Yes?

2. Two buyers, each buying one lot - Are we able to avoid cap gains
tax if we do this?

Please advise and many TIA.

- Casey

========================================= MODERATOR'S COMMENT:
If your two sales are within 24 months of each other, you can
apply the 500,000 exclusion to the total sale of the two contiguous
properties.

"William Brenner" nospamplease.net> wrote

snip

Pub. 17 (2007), page 64 and the 1040 instructions for Line
21 say Line 21.

William Brenner wrote:

It just occurred to my tired brain that, as it is a DIVIDEND, Schedule B
might be a another possibility. I suppose it would be too much to ...

I have some stock loss carryover (-$1000) from 2006. I made $1500 in
stock in 2007 and my overall stock gain or loss in 2007 is about
$500.
In the text return form prepared by my accountant however, I found
the
$1000 carryover was addback to my AMT (Form 6251 item 16 Disposition
of property). Is this right? Does this mean that I can not take any
benefit of the -$1000 loss forever?

Thanks,

ff

A letter from a major life insurance company begins with (their words)
"Good news", and goes on to explain that a very old whole life policy
has reached the point where the total dividends received have equaled
all of the premiums paid.

The "good news" continues with the explanation that the above means that
$600+ of this year's $1100+ dividend will be taxable income. (The tax
can be deferred by purchasing additional paid up insurance, which I
choose to not do.)

The question is: Is this Line 21 Other Income? If not, where is it
entered on Form 1040?

Thank you.

Bill

I just received a schedule K-1 from an estate that used a "one-year
from date of death" fiscal year (ending April 30, 2008). Since I do
my personal taxes by calendar year, and even though the K-1 has 2007
on it, I would use it to complete my 2008 taxes (that I file in
2009)...is that correct?

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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
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<< 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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I have always done my own tax returns, but this year the numbers involved
were rather higher, so I figured it would be worthwhile to make sure it was
done correctly.

I gathered up and organized all the documents, and input them into TaxCut.
There was W2 income, 2 self employment incomes (but no expenses for either),
4 investment accounts, and one limited partnership; as well as a state
return. It probably took me about 3 or 4 hours. I then gave it all to an
accountant.

He changed 4 things from how Taxcut had them (one change turned out to be
incorrect) and came up with a tax amount that was 0.3%% higher than taxcut.
Assuming there was nothing extraordinary beyond what I already mentioned,
what would a reasonable cost be for these services. $50? $500? $5000?
(As you might have guessed from my first post a couple days ago, we
discussed estimated taxes only because I asked, and he said I would have
enough W2 withholding to put me into safe harbor.)

As a follow up question, if audited, does the IRS find errors in the
taxpayer favor or do they ignore those? NYS just mailed me $250 because I
misrecorded the amount of estimated taxes I paid, so I over paid $250. I
thought that was pretty decent; does the IRS do the same thing?