irasmilo’s Activity

Fri Dec 19

NL

Boards Post

irasmilo replied to the Tax Strategies board. 9:57 PM

Re: IRA RMD and Death

The full RMD must be taken out in the year of death, even if it's after the date of death. Who reports the distribution(s) depends on the date(s) taken.

Ira

Thu Dec 18

NL

Boards Post

irasmilo replied to the Tax Strategies board. 8:43 AM

Re: One more stock donation question

If you use the cost basis for donated stock, does it work the same as a cash donation, i.e., can be deducted in the amount of 50% of income (if donated to a 50% organiztion)?

Yes, but make sure you understand your tax situation [more]

Fri Dec 12

NL

Boards Post

irasmilo replied to the Tax Strategies board. 5:49 PM

Re: Long-Term Travel Question

Thanks Ira. I guess I just don't understand why the employee is on the hook for business expenses. Shouldn't the employer cover the full amount of this?

For the answer to this question, you need to look at IRS Pub 463. Since your [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 3:19 PM

Re: Long-Term Travel Question

The gross-up rate is 25% by IRS rules, regardless of the actual tax bracket the taxpayer is in. Highly paid individuals who receive large bonuses find themselves in the same position when their bonus pushes them into a bracket higher than [more]

Mon Dec 8

NL

Boards Post

irasmilo replied to the Tax Strategies board. 5:50 PM

Re: Wash confusion

Whether you see the warnings or not, "ESPP and other situations..." are subject to these problems.

No - they're subject to an actual wash sale problem.


That's what I meant. I just didn't state it [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 5:49 PM

Re: Wash confusion

Since stock purchased by a spouse in their own account can trigger a wash sale, I don't see how selling stock in separate accounts owned by the same person could avoid a wash sale.

Selling the stock in separate accounts isn't what [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 3:08 PM

Re: Wash confusion

Lets look at the crux of your argument.
Let's say that sale of the lot held for 11 days (and having a loss in those 11 days) is a sale that results in a wash sale because other shares were held for that same stock.
Now if we use that
[more]

Tue Nov 25

NL

Boards Post

irasmilo replied to the Tax Strategies board. 3:39 AM

Re: Is this legal tax avoidance ?

Also, if he sells the investment property, he will still have that large mortgage payment as the liability would not be paid from the sales proceeds. Even if he prepaid a big chunk on the mortgage with the proceeds, the monthly mortgage [more]

Sun Nov 23

NL

Boards Post

irasmilo replied to the Tax Strategies board. 8:14 PM

Re: Is this legal tax avoidance ?

Children under 18 (under 24 for full time students) only pay their own tax rates on unearned income under $2000. Amounts over $2000 are taxed at your highest rate. So you do gain the benefit of no taxes on the first $2000 (if the child's tax rate [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 2:00 PM

Re: Poll: New landlord - should I get an EIN

In the area of "some other comment about your plans," I would suggest thinking about using an LLC to own the property.

I strongly suggest this course of action. Last thing you want is some jackwagon moving into your
[more]

Sat Nov 22

NL

Boards Post

irasmilo replied to the Tax Strategies board. 9:50 AM

Re: Subcontractor wants change to 1099 for 2012

You should not have done anything. The taxpayer's mailing address on a tax document does not establish where the income is taxable. CA routinely assumes that any tax document with a CA address is CA source income. All the contractor has to do is [more]

Fri Nov 21

NL

Boards Post

irasmilo replied to the Tax Strategies board. 2:59 PM

Re: Question about scrip-dividend

Without doing any research (and I would want to do research before accepting what I am about to state as being correct), I would think that the script had some value when you received it. That will be the taxable amount of the dividend. You are then [more]

Mon Nov 17

NL

Boards Post

irasmilo replied to the Tax Strategies board. 10:44 AM

Re: Tax Estimator?

Does any one know of a way to estimate taxes for the year 2014? We realize that tax software is not available yet.

Most, if not all, 2013 tax software programs have a planning module which will allow you to estimate your 2014 taxes. [more]

Sun Nov 16

NL

Boards Post

irasmilo replied to the Tax Strategies board. 3:28 PM

Re: MLP's

I am assuming that holding MPL's in 401K and Roth accounts have no bearing on taxes. Pay taxes on 401K when you take distributions and money in Roth is tax free. Can someone tell me if this is correct. MPL taxes headaches are only for [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 3:26 PM

Re: sold MLP's now what!

I think I figured out how to get into the ball park with this:

take the profit from the stock that is the 20% rate that was easy.


Easy, but wrong. There is no way to get into the ball park. There is an unknown amount of gain [more]

Wed Nov 12

NL

Boards Post

irasmilo replied to the Tax Strategies board. 11:31 AM

Re: Annual Gift Tax

Gifts received are not taxable income. Gifts given do not reduce income (taxable or otherwise).

Ira

Sun Nov 9

NL

Boards Post

irasmilo replied to the Tax Strategies board. 8:50 AM

Re: sold MLP's now what!

This is the first time in my life I have no idea how much I will be owing on my taxes before the end of the year. not a clue to even estimating it.

I am doing a rough guess:

sale of MLP less cost = profit
then I added every
[more]

Sun Nov 2

NL

Boards Post

irasmilo replied to the Tax Strategies board. 1:55 AM

Re: Ethical dilemma & IRS W-4

You're asking on the wrong board. This isn't a tax question, it's a legal one. Only an employment lawyer can determine whether there is any way for you to avoid being paid for this labor and what the legal ramifications are for not completing any [more]

Fri Oct 31

NL

Boards Post

irasmilo replied to the Apple board. 9:53 AM

Re: Are retailers closing ranks on Apple?

So this is what I believe is going to happen, you will see the larger retailers issue their own branded credit cards i.e. Visa/MC. I don't know if Walmart or other large US retailers do this already.

I don't think this will happen and [more]

Wed Oct 29

NL

Boards Post

irasmilo replied to the Tax Strategies board. 2:42 PM

Re: infant income revisited

I have some accounts with Capital One (formerly ING), and I'd like to move my sons money to a kids savings account there, which pays 0.75%.
From making a few calls I understand to do that I need to close the local bank custodial account, move
[more]

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Big gold star, 5000 posts Old School Fool
Board Posts 6698
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