irasmilo’s Activity

Mon Jul 27

NL

Boards Post

irasmilo replied to the Tax Strategies board. 9:17 AM

Re: tips

Thanks, Ira. I was hoping for something a little more teen friendly than IRS pubs, maybe a video game app, but I guess it's never too early to dive into government documents.

A quick web search turned up the following: [more]

Sun Jul 26

NL

Boards Post

irasmilo replied to the Tax Strategies board. 11:38 PM

Re: tips

Tip income is covered in IRS Pub. 531, Reporting Tip Income, www.irs.gov/pub/irs-pdf/p531.pdf.

General income taxes are covered in great detail in IRS Pub. 17, Your Federal Income Tax, [more]

Mon Jul 6

NL

Boards Post

irasmilo replied to the Tax Strategies board. 8:57 PM

Re: Capital gains on a rental property

I don't know if this law still applies, but if for some reason you take back a private mortgage, then you are only taxed on the money as it is paid off.

It's an election and it doesn't apply only to rental property. If you take back a [more]

Wed Jul 1

NL

Boards Post

irasmilo replied to the Tax Strategies board. 12:50 PM

Re: Tax Consequences of Distribution

Perhaps. Technically, what you received was a return of capital. If you still own Bank of America stock then you reduce your cost basis in the shares by the amount you received. If your cost basis goes below zero (unlikely) any excess received is [more]

Mon Jun 29

NL

Boards Post

irasmilo replied to the Apple board. 2:27 PM

Re: Apple Cash: too much of a good thing?

But it is not correct that the share price will go up; in the short term, it should stay about the same. If you have a $500B company with 1B shares (at $500 per share), and the company has $100B cash, then they can buy back 200M shares for $100B, [more]

Tue Jun 16

NL

Boards Post

irasmilo replied to the Tax Strategies board. 1:03 AM

Re: Gift Tax Question

If the gift you're thinking about is the engagement ring, it might not be considered a gift for tax purposes. My reasoning is that it isn't an unencumbered gift, but rather an implied contract - it's given in the expectation that the recipient will [more]

Mon Jun 15

NL

Boards Post

irasmilo replied to the Tax Strategies board. 12:31 PM

Re: tax loss carry forwards

Heck, no use in harvesting gains then, if I am not going to be taxed on them anyway on taxable income in 15% tax bracket. The only way those tax loss carryovers are any good is if I get those long term gains into my 25% tax bracket [more]

NL

Boards Post

irasmilo replied to the Apple board. 12:26 PM

Re: Is Michael Dell writing for the WSJ ...

Apple raked in US$6.9 billion on 5.5 million Macs, just 9 per cent of overall revenue. This would be a crazy thing to say for any other company, but Apple doesn’t need this revenue.

Following this logic, one might question the whole [more]

NL

Boards Post

irasmilo replied to the Apple board. 12:09 PM

Re: Is Michael Dell writing for the WSJ ...

If you want to read the article... http://www.theaustralian.com.au/business/wall-street-journal...

Ira

Mon Jun 8

NL

Boards Post

irasmilo replied to the Apple board. 4:17 PM

Re: Apple Pay expands to UK?

Apple Pay expands and expands and expands. The sound of KCHING, KCHING and KCHING is more audible then the music. Check out PAY that enables Apple Pay!

I know I'm going to regret responding to this post from someone who never adds [more]

Tue Jun 2

NL

Boards Post

irasmilo replied to the Tax Strategies board. 11:13 PM

Re: Capital Gains and sale of Home

So once 2 years have passed and any potential conflict with a subsequent house transaction has passed, what need would there be for keeping paperwork? In a way, this question is similar to the original poster's question, in that it was stated in [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 11:37 AM

Re: Capital Gains and sale of Home

Under current law the $500K exclusion is not "once in a lifetime", but once every two years as long as you own and live in your primary residence for more than two out of the previous five years. The ownership and occupancy periods [more]

Mon Jun 1

NL

Boards Post

irasmilo replied to the Tax Strategies board. 9:36 AM

Re: How to report this?

I'm still not convinced that you need to report this income as SE income, but if you choose to do so:

1) Does this get entered into Schedule C? If not, under what should I enter it into TaxAct so SS tax gets calculated? I don't see an [more]

Sun May 31

NL

Boards Post

irasmilo replied to the Tax Strategies board. 1:40 PM

Re: Mileage

I am picking up a load of books to drive down to a rural library 6 hours away. The books are free to me, and obviously I can't take a donation for that, but the load is quite large and will be the main purpose for the roughly 700 mile trip. Can I [more]

Mon May 25

NL

Boards Post

irasmilo replied to the Tax Strategies board. 1:52 PM

Re: Failure to issue a 1099

My daughter is a self-published author, who received several thousand dollars in royalties in 2014. In doing her taxes, she reported this as income. She also deducted costs associated with producing the book. One of those costs, not insignificant, [more]

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]

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