irasmilo

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irasmilo replied to the Tax Strategies board. 1:49 AM

Re: inheritance vs gift

It sounds like he and the other sibs are disclaiming their shares of the inheritance.

Crap. No, if sibs had officially disclaimed, then their portions would go to their children.

In that case it sounds like DH is the one making a [more]

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irasmilo posted to the Tax Strategies board. 6:51 PM

Valuation of mortgage asset for estate

I have an interesting situation.

I'm trying to put together the valuation for an estate. While there won't be any federal estate tax due, there will be tax owed at the state level. One of the assets was a first mortgage which the decedent [more]

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irasmilo replied to the Tax Strategies board. 2:04 PM

Re: Amended return issue

Has your check to the "Dept of Treasury/IRS" cleared?

That's irrelevant. The IRS will deposit all checks when received, whether "entitled" to the money or not. The amended return will work its way through the [more]

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irasmilo replied to the Tax Strategies board. 2:01 PM

Re: Amended return issue

As should be apparent from the various responses you've received, your original post wasn't clear. When you eliminated the deduction, did your expected refund drop from $800 to $200, or did you determine that instead of a refund of $800 you actually [more]

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irasmilo replied to the Tax Strategies board. 11:16 PM

Re: Social security and payroll tax witholding

I have a Roth 401(k) through this employer. Is that money at risk? My account shows that I am 100% vested and clearly lists my name on the account, but it also shows Overhead Door on there as the name of the plan. The plan is administered through [more]

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irasmilo replied to the Tax Strategies board. 2:32 PM

Re: E-Filing Question

I want to e-file a tax return for a family member. This taxpayer does not have enough deductions to itemize, so they will be taking the standard deduction. That said, Schedule A does have some deductions listed on it as a result of the return [more]

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irasmilo replied to the Tax Strategies board. 12:59 PM

Re: Taxes on SS Benefits

"It's also worth pointing out that while it may be taxed from 0% to 85%, it isn't on a sliding scale. It's either 0%, 50% or 85%"

Where did you get that? It is very much a sliding scale. 28.3% of mine was taxed for 2012. In 2011 [more]

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irasmilo replied to the Tax Strategies board. 9:54 PM

Re: How to fire a client

I love it!! Thanks for brightening what has been a very long day!

Ira

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irasmilo replied to the Tax Strategies board. 9:42 PM

Re: Inheritance Taxes

You pay inheritance tax amounts over 5 and a half million.

I have no idea how you found a 16 year old thread to reply to, but your answer is wrong. Federal Estate Tax kicks in at 5.5million combined lifetime taxable gifts and [more]

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irasmilo replied to the Tax Strategies board. 8:32 AM

Re: Amended or "new" return

PS - Besides, who has the time to correct a return before April 15 now?? ;-)

It's my brother's return. He prepares it himself. I'm just the reference resource.

Ira

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irasmilo posted to the Tax Strategies board. 9:28 PM

Amended or "new" return

Sometimes it's embarrassing when you're asked a question and you don't have the answer...

My brother filed his return last month and recently received K-1s from several partnerships, including some he sold. It would be simpler if he could [more]

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irasmilo replied to the Tax Strategies board. 1:31 PM

Re: Inherited IRA Q

Long story short: My wife's dad died at 90, leaving behind three daughters and a fourth wife. The Estate was totally screwed up, and family agreed to an outcome that was approved by the court, so it's all legit. Part of the settlement involved [more]

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irasmilo replied to the Tax Strategies board. 8:42 AM

Re: 1099B cost/proceeds does not reflect options

Your broker does not have to report options activity to the IRS until the 2014 tax year. Your legal obligation is to file a correct tax return. Follow the instructions for Form 8949 to make adjustments in the numbers the broker reports. Note that the [more]

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irasmilo replied to the Tax Strategies board. 2:03 PM

Re: Children with wages

I have two 15 year old children that entered the work force last year.
They received W-2 wage summaries for 2012:

One earned $222.93
The other earned $1580

a small amount of federal tax was withheld from [more]

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irasmilo replied to the Tax Strategies board. 7:39 PM

Re: Rental Question

I like Ira's answer

Ira will correct me if I'm wrong, but I'm pretty sure he was also assuming that you had already reported the stolen rents as income first.

What Peter said.

Ira

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irasmilo posted to the Tax Strategies board. 3:09 PM

More trouble in tax prep land

This time it's H&R Block:

http://www.latimes.com/business/money/la-fi-mo-hr-block-blun...

Ira

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irasmilo replied to the Tax Strategies board. 2:53 PM

Re: How to report/which form

My understanding of my Stonemore MLP distributions is that it reduces basis...i.e. not reported until the position is closed.

That's an incomplete answer. Generally, the cash distributions do just that, but if you've recovered all of [more]

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irasmilo replied to the Tax Strategies board. 5:46 PM

Re: Rental Question

It seems to me that you have a casualty loss for the theft of rent. If so, then the payment from the state would be the same as an insurance reimbursement - nontaxable unless it exceeded your loss.

Ira

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irasmilo replied to the Tax Strategies board. 4:57 PM

Re: Possible 1099 error

The broker is saying they are payments in lieu, but the account is not a margin account nor did I sign any lending agreement.

Almost every brokerage account is a margin account. That is the standard account type because it offers the [more]

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irasmilo posted to the Tax Strategies board. 6:40 PM

Warning for MN tax return filers

I received the following press release from the MN Department of Revenue today:

http://content.govdelivery.com/bulletins/gd/MNREV-70077e

Basically, it says that [more]