Comments for Borgida & Company, P.C.

Comment on 3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets by Tom Scanlon

Tom Scanlon — Tue, 08 May 2012 15:55:55 +0000

Chidam,

Yes, TD F 90-22.1 is due if the account goes over $10,000 at any time during the year.

No, you do not need to file IRS Form 8938. This is due for a married couple filing a joint return if the value at December 31, was $100,000 or more or if the value ever exceeded $150,000.

I hope this helps.

Regards,

Tom

Comment on 3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets by Chidam

Chidam — Wed, 02 May 2012 14:24:04 +0000

Hi,

I have not filed Form TD F 90-22.1 last few years.
I am married and filling jointly from 2008. We transferred US $ to our my spouse Indian account for our loan and family maintenance for our aged parents in India. Whenever the exchange rate is high we transferred the amount into our Indian account and sometimes it exists more than $10,000 a year but less than $50,000.
Do we need to file Form TD F 90-22.1 from 2008?
Do we need to file Form 8938 also?
Please advice us.
Thanks,
Chidam Alagar

Comment on When is Cancelled or Forgiven Debt Taxable? by Tom Scanlon

Tom Scanlon — Tue, 07 Feb 2012 22:23:09 +0000

Bob,

Good question. This is a very complex area.

Yes, I believe your interpretation is correct.

Here are some sources for you:

IRS Publication 544 – Sales and Other Dispositions of Assets

IRS Publication 4681 – Canceled Debts, Foreclosures, Repossessions and Abandonments

IRS Code Section 108

I hope this helps.

Tom

Comment on When is Cancelled or Forgiven Debt Taxable? by Bob Hernandez

Bob Hernandez — Tue, 07 Feb 2012 17:19:30 +0000

The exception to the rule regarding non-recourse loans does not appear to apply to home loans exclusively. Have I misenterpretted that clause or can it apply to an apartment building?
Can you provide the specific tax code dealing with this issue?
Thank you

Comment on How to Claim the Connecticut Small Business New Employee Tax Credit by Irene Dannecker

Irene Dannecker — Mon, 16 Jan 2012 17:03:11 +0000

I really appreciate this post. Thank you.

Comment on 4 Ways to Help Your CPA and Reduce Your Taxes by Linda

Linda — Sat, 14 Jan 2012 10:04:28 +0000

Cool blog!

Comment on It’s 1099-Reporting Time Again… by Kim

Kim — Wed, 11 Jan 2012 23:21:10 +0000

Great information — really helpful for those in the rental housing industry — thanks!

Comment on How to Claim the Connecticut Small Business New Employee Tax Credit by James Irving

James Irving — Tue, 10 Jan 2012 01:11:06 +0000

You post informative articles. Bookmarked!

Comment on It’s 1099-Reporting Time Again… by Phil K

Phil K — Sat, 07 Jan 2012 23:31:51 +0000

I think this is a real great blog post. Looking forward to reading more.

Comment on How to Claim the Connecticut Small Business New Employee Tax Credit by Bill Clark

Bill Clark — Fri, 06 Jan 2012 12:52:22 +0000

It’s really a great and useful piece of information. Thank you for sharing.