Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
How to File IRS Form 4797 for the Sale of Business Use Vehicles
Businesses that sell their vehicles must generally report the gain or loss of the sale on Form 4797. This example looks at an S corporation that sold a business vehicle in 2022.
How to File IRS Form 1040-NR for 2022 with Form 8833 Treaty Benefits
Nonresident taxpayers with U.S. source income may be required to file Form 1040-NR. In some cases, they can also claim tax treaty benefits using Form 8833.
How to File IRS Form 1040-NR for 2022 – U.S. Rental Property with Section 871(d) Election
Nonresident taxpayers with U.S. source rental income generally have to file Form 1040-NR. Those taxpayers can also make a special election to pay tax on net rental profits under Section 871.
Form 1099-S on Form 1040 for 2022 – Principal Residence Exclusion
When a person sells U.S. situs real estate, the transaction is generally reported on a Form 1099-S. The taxpayer uses this information to complete their Form 1040 tax return.
IRS Form 6781 with a Section 1256 Carryback Claim
Form 6781 is used to report gains and losses from Section 1256 contracts and straddles. In certain cases, if a taxpayer has a net loss for the year, they can carryback those losses to prior years.
IRS Form 8832 Late Election Relief – Disregarded LLC to Corporation
An eligible entity can file a Form 8832 to change their tax classification. If the entity files the election late, they may be eligible for late election relief. This example covers late election relief of a DRE to a corporation.
How to File IRS Form 1041 for 2022 Tax Year
In general, a nongrantor trust must file an annual Form 1041 if its gross income exceeds certain limits. This example we look at a Form 1041 filing for the 2022 tax year.
IRS Form 2553 Late Filing Procedures Under Rev Proc 2013-30
IRS Form 2553 is filed by a domestic eligible entity to elect to be an S corporation for federal tax purposes. If the election is filed late, the entity may qualify for late election relief.
IRS Form 7203 – Capital Gain Distributions in Excess of Basis
The Form 7203 is completed by individual taxpayers to track their stock and debt basis in an S corporation. If a shareholder receives a distribution in excess of their basis, they generally must recognize capital gains.
IRS Form 7203 – Election Under Section 1.1367-1(g)
The election under Section 1.1367-1(g) allows an S corporation shareholder to deduct nondeductible expenses under different ordering rules. This article covers the basics of the election and the implications.
IRS Form 7203 – How to Calculate Adjusted Capital Gain on Stock Sales
Sale of S corporation stock may result in a capital gain or capital loss. This example covers the reporting and calculation using Form 7203 for the sale of S corporation stock.
IRS Form 7203 – Sale of S Corporation Stock with Suspended Losses
Form 7203 tracks an S corporation shareholder's stock and debt basis in an S corporation. If the shareholder doesn't have sufficient basis, any losses passing through from the S corporation are generally suspended losses.
IRS Form 7203 – Multiple Blocks of S Corporation Stock
If an S corporation shareholder purchases or otherwise acquires S corporation stock at different intervals, it generally treats each occurrence as a separate "block" of stock. The stock basis in each block is tracked separately.
Sale of S Corporation Stock – Section 1.1368(g) Election
The Section 1.1368(g) election is available to S corporations that have ownership changes during the tax year. The election allows the S corporation to create separate tax years for allocating net income amongst the shareholders. This article covers the detailed rules and an example.
IRS Form 7203 – S Corporation Loss Limitations on Stock Basis
S corporations are pass through entities for federal tax purposes. If a shareholder is allocated losses which exceed their basis, the losses are generally suspended. This article covers an example with Form 7203.