irasmilo’s Activity

Tue May 19

NL

Boards Post

irasmilo replied to the Tax Strategies board. 12:46 AM

Re: Is this "other" income?

The activity is certainly sporadic as in "once." Which pub would that issue be covered in?

I'm not sure if it is covered in a Pub, but look at the instructions for Form 1040, line 21. Also, the definition of self-employed in [more]

Fri May 15

NL

Boards Post

irasmilo replied to the Tax Strategies board. 6:10 PM

Re: Is this "other" income?

The threshold for Form SE is %434, not #350. (For the lurkers who might be reading this.) I wouldn't necessarily assume that SE tax must be paid as it may be possible to exclude this income from SE (but not regular) tax as a "sporadic [more]

Wed May 6

NL

Boards Post

irasmilo replied to the Tax Strategies board. 8:18 AM

Re: Deductions for "medications" ordered b

In general, nonprescription drugs are not deductible as medical expenses. (Insulin is the one exception.) Since neither aspirin nor coenzyme Q-10 require a prescription for use, they aren't deductible.

The cost of the distilled water used in [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 4:45 AM

Re: Schedule A questions

Thank you for your concern about my finances. In case that looks sarcastic in print, it's not. I really appreciate it.

Yes, I want the 50% limit. It will make a big difference in tax owed. I didn't mention it in previous posts, but we
[more]

Tue May 5

NL

Boards Post

irasmilo posted to the Apple board. 4:02 PM

Apple watch arrives 2 weeks early

My wife's watch (38mm, Apple Watch, Milanese loop) arrived yesterday. It was scheduled to arrive May 14-28.

I always say, "Beware a sample of one". Given that, here are some observations on her initial experiences with it. You [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 3:40 PM

Re: Schedule A questions

Under Gifts to Charity, line 16 says, “Gifts by cash or check.”

Question 1: Do credit card donations count the same as cash?


Yes. Credit card donations are considered cash donations and are "made" on the date the [more]

Thu Apr 30

NL

Boards Post

irasmilo replied to the Math Recreations & Puzzles board. 2:56 PM

Re: two puzzles

The answer to the second problem should be approximately 50' depending on how close the buckle comes to resembling a chord of a circle.

Ira

Wed Apr 29

NL

Boards Post

irasmilo replied to the Apple board. 5:15 PM

Re: Buyback vs. Dividend

PosFCF over at METaR has some interesting things to say about buy backs in general using Apple's as the specific example.

[more]

Mon Apr 27

NL

Boards Post

irasmilo replied to the Tax Strategies board. 9:14 AM

Re: Excess Roth Contributions

AJ,

Your method is far too complex, differs from the IRS methodology, and might give the wrong results.

The correct procedure is to follow the procedure in Worksheet 1-4 of IRS Pub. 590-A, Contributions to Individual Retirement [more]

Sun Apr 26

NL

Boards Post

irasmilo replied to the Tax Strategies board. 11:59 AM

Re: Excess Roth Contributions

It's the same calculation as the one for the 2014 contribution. The only difference is that the "current value" for the IRA is the value after you remove the 2014 contribution and its gain or loss.

Ira

Fri Apr 24

NL

Boards Post

irasmilo replied to the Tax Strategies board. 9:28 AM

Re: Taxes on REITs for non resident aliens

I wouldn't be so quick to reach that conclusion. The absence of a tax treaty between the US and Hong Kong generally exposes more potential income to US taxation than would be if a treaty existed. Secondly, REITs being the hybrid entity that they are [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 12:53 AM

Re: IRS Notice 2014-07

I'll take a risk and comment without having read the IRS Notice. I would expect treatment would be analogous to claiming the Foreign Earned Income Exclusion. Amounts excluded from income are not considered when determining IRA limits. If the notice [more]

Thu Apr 23

NL

Boards Post

irasmilo replied to the Tax Strategies board. 1:12 PM

Re: K1 questions

Question #1: Should I enter this interest on a line of Schedule B?

Yes, if you need to submit Schedule B.

Question #2: Should I attach a copy of the K1 if I file by mail?

No. You do not submit Schedule K-1 no [more]

Sun Apr 19

NL

Boards Post

irasmilo replied to the Tax Strategies board. 10:58 PM

Re: Daughter will be working in Canada

A good place to start is IRS Pub. 597, Information on the United States-Canada Income Tax Treaty, www.irs.gov/pub/irs-pdf/p597.pdf.

Ira

NL

Boards Post

irasmilo replied to the Tax Strategies board. 10:53 PM

Re: rules for Roth IRA acquired through divorce

AJ gave a thorough response. I suspect many of the resident tax pros are going through post-tax season recovery (as I am), so it may take some time before someone else chimes in. I didn't see anything obviously wrong in AJ's explanations, so they [more]

NL

Boards Post

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

Re: Stock selling tax question

Does the FIFO stock selling rule brokerage account independent or does it spread across all accounts?

By law it is across all accounts. (26 CFR 1.1012-1(c)(1)(i)). Up until the last few years when broker basis reporting came into [more]

Fri Apr 17

NL

Boards Post

irasmilo replied to the Tax Strategies board. 5:17 PM

Re: Split Residency

I would suggest consulting a tax professional familiar with both state's laws prior to moving,...

I can't endorse this strongly enough. Since every state is free to set its own rules for residency, it's possible that you'll find that [more]

Thu Apr 16

NL

Boards Post

irasmilo replied to the Tax Strategies board. 9:04 PM

Re: Clerical expenses

claim his out-of-pocket expenses as charitable contributions.
And also mileage I think (if I'm wrong hopefully an expert will correct me)


Yes, mileage at $.14/mile. I consider that an out-of-pocket expense, but it would have [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 7:21 PM

Re: Clerical expenses

While there may be special rules for clergy of specific religions (based on how the religion classifies its clergy), I'm not a member of the Episcopal church so I don't know. It would seem to me that if he is not paid in some fashion for his work, [more]

Mon Apr 13

NL

Boards Post

irasmilo replied to the Tax Strategies board. 11:47 PM

Re: AMT mortgage interest question

Everything was still working. We replaced wiring, added outlets and switches, and replaced fuses with more modern technology. It was work we'd wanted to do since we bought the house nearly 20 years ago.

It sounds like I can comfortably
[more]

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Big gold star, 5000 posts Old School Fool
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