The IRS Audit Blog

Posts Tagged ‘IRS Forms’

Question: Executor of mother’s estate-condo-cleared about $87000-probated. Split equally with 3 sibs. What tax forms?

Trying to find out if I have done everything properly. I opened a business account with a EIN#. Wrote 4 equal checks dividing the probated condo money and about $16,000 of my mother’s personal bank account money which was already in my name too. Checks were approx. $26,000 each. Is there anything I have to do tax wise? Like provide any information to the IRS or my siblings for tax purposes. We all live in Ohio except one in Florida.

Answer: The basis of the condo is stepped up to the fair market value as of the date of your mother’s death. If you sold it shortly thereafter, after figuring in sales costs, you may actually have a long term capital loss for tax purposes. You should file a fiduciary income tax return, IRS Form 1041 to report the sale and distribute any “paper proceeds” to the beneficiaries.

Power, money are at stake in census

As the cry of “get out the vote” goes on hiatus, stay tuned for a new one to hit the public consciousness.

IRS Drill Team Practice

Question: HSA and tax returns. My employer deposited an amount into this account, is this what i need to declare?

However, I did not make any contributions myself. What about IRS Form 8889. Does my employer deposited amount goes here?
Also my HSA end-year statement shows interest earned (do i add this to the deposited amount) and Withdrawals (fees for the account), where does this go on the tax return?

Please help!! I’m confused….

Answer: 8889 part 1. Put employer contributions (and any pretax you made) on line 9. If you wrote additional checks to fund the account, put those on line 2.

8889 part 2. Only show withdrawals used for medical expenses.

Intra-account items of interest and fees are not reported anywhere.

Cut Taxes Without Itemizing

breaks are identified as adjustments to your income. But they are popularly referred to as above-the-line deductions because you subtract them on Page 1 of your 1040, just above the page’s last line…

amir ka future.mp4

Sunday last day to claim donations on tax forms

An IRS deadline for Haiti relief contributions is near. Taxpayers who want to claim donations on this tax season’s returns must make contributions by the end of February, according to the Internal Revenue Service.

How to File Your Taxes Online : How to File Taxes Online at IRS.gov

Question: Running late finishing taxes. I have a rubber stamp that changes dates. Will this ‘mix in’ my return?

I am running so behind completing my taxes this year. I hope to have the math and forms completed this weekend and can drop in the mail by Monday 4/21.

My question concerns anyone that has knowledge of how strict the 4/15 post-mark date is. I have one of those rubber stamps that you can change the date on. I plan to stamp the envelope 4/15/2008 with the rubber stamp. However, I’m wondering how observant IRS is towards this type of thing.

I assume with the mass amounts of returns IRS is receiving this week, my rubber stamp date of 4/15 will allow my return being a bit late to go unnoticed.

If anyone has any knowledge of this type of thing, I’d really appreciate your thoughts. At least I’d sleep a little better knowing I have nothing to worry about.

Thanks very much.

Answer: I’m no professional, but I don’t think fraudulently, that’s what you’re doing by altering the date, filing your tax forms will help you. If the IRS or the Postal Office discovers what you’ve done, which probably will happen when the PO tries to stamp your package and sees that it’s already stamped, you’ll probably get fined and maybe even have serious charges filed against you. It’s already past the deadline, so you’re going to have to file late anyways. Check the fines for lateness and judge for yourself whether the risk you take in committing fraud is worth the fee for filing late.

Envelope glitch gives peek at data

Rex Cone is always concerned about identity theft. So he was especially worried when he received a tax form from the University of Missouri last week that allowed his Social Security number to be displayed through the envelope’s window.

2008 Tax Tips from the IRS

Despite financial instability, United Way officials say merger not answer

These are tough times for United Ways across the country and the battered economy is causing many to reduce costs and pool fundraising efforts by merging with neighboring organizations.The United Ways in Butler and Warren counties are expected to finalize a merger on Feb. 4, making the merger the eighth in Ohio — and 95th in the nation — since 2004. The two agencies expect to save $1.4 million …

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