asked
TP is a very minor, less than 1% limited partner in a domestic partnership which is a foreign partnership. In 2019, he contributed more than $100,000, potentially triggering an 8865 Category 3 filing requirement. The IRS instructions state that if a domestic partnership contributes property to a foreign partnership, the domestic partnership's partners are considered to have transferred a proportionate share of the contributed property to the foreign partnership. However, if the domestic partnership files Form 8865 and properly reports all the required information with respect to the contribution, its partners will not be required to report the transfer. There is no way to confirm if the domestic partnership has filed and reported all required information. Is the most conservative approach to prepare the 8865 as a Category 3 filer, or is there a further exception for a less than 10% partner despite a contribution of more than $100,000?
February 17th, 2024
I am making automatic payments on the first of every month for $305. I would like to know if I can skip my next payment due to financial hardship, or if you can provide me with a number to call for assistance.
May 18th, 2024
I am on an H1B visa status and have rented a 4-bedroom house. If I decide to sublease two bedrooms out, do I need to report the sublease income on my tax?
February 5th, 2023
I always do my taxes every year and food stamps took my money. I want it back because my ex-husband owed them money, and we do our taxes separately. Can you please help me?
April 8th, 2024
I can't log in to my account on irs.gov. I am located in Tyler, TX, 68 years old, single, and made approximately $40,000 this year. I am using the correct username and password, and I tried to change them. I am unsure about the form I am trying to retrieve, but I think it might be related to e-file.com or last year's tax returns. Who did I file with last year, and what should I do?
November 25th, 2024
As a sole proprietor, I paid my children (ages 14 and 11) $2,000 each in 2020 for work related to my business and issued them 1099-NEC forms. I want to file tax returns for them to open Roth IRAs. How do I report their exemption from FICA taxes since they are employed by their parent's sole proprietorship, and how do I reconcile this with the requirement to file a tax return if their net earnings from self-employment are over $400?
December 25th, 2024