irasmilo’s Activity

Sat Jul 19

NL

Boards Post

irasmilo replied to the Tax Strategies board. 7:43 AM

Re: Gains on gifted securities of a merged compa

In most mergers, conversion of stock to the new company stock isn't a taxable event, but there can be forced liquidation of stock or payments with conversion of shares. The new company will issue a statement as to the tax treatment for the [more]

Fri Jul 18

NL

Boards Post

irasmilo replied to the Tax Strategies board. 3:11 PM

Re: A Brain-Teaser ESOP Tax Question

Alternatively - just leave it and let your heirs inherit it at a stepped-up cost basis. :)

In this case, that's not an option. The OP stated that the shares are worth less now than when purchased. Inherited shares will have a [more]

Thu Jul 17

NL

Boards Post

irasmilo replied to the Tax Strategies board. 9:00 AM

Re: Is This Legit or an ID Theft attempt?

This lay person isn't convinced the letter is legit. I've filed a number of 1040Xs in the last few years. My wife and I file jointly; every 1040X has been answered with separate letters to my wife and me, each addressed to us by name. It seems to [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 5:38 AM

Re: Is This Legit or an ID Theft attempt?

I don't dissagree with IRA, but, I think it would be worth another try at a phone call to the IRS. Make sure it is a legitimate telephone number just in case the letter with a number is a fraud attempt.

Either way (legitimate letter [more]

Wed Jul 16

NL

Boards Post

irasmilo replied to the Tax Strategies board. 11:26 PM

Re: A Brain-Teaser ESOP Tax Question

Simply put, if the shareholders can't document their cost basis, they will have to use $0 and the sale will be 100% capital gain.

Replying to my own post - One way to avoid the capital gain problem is to donate the shares to charity. [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 11:22 PM

Re: A Brain-Teaser ESOP Tax Question

Simply put, if the shareholders can't document their cost basis, they will have to use $0 and the sale will be 100% capital gain.

It has always been, and continues to be, the responisibility of the owner to track his/her cost basis in any [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 10:34 PM

Re: Is This Legit or an ID Theft attempt?

If you received a paper letter from the IRS, the letter is probably legit. That doesn't mean that everything is on the up and up. Someone could be filing a fraudulent amended return using your SSN.

If you don't remember filing an amended [more]

Sat Jul 5

NL

Boards Post

irasmilo replied to the Tax Strategies board. 10:57 AM

Re: basic question on foreign income

Thanks for all the help. No, her employer doesn't provide help. She's a teacher at a private school. She just left Vietnam (btw she paid 20% in income taxes) and is now home for a little over a month, then she is moving to Germany to [more]

Thu Jul 3

NL

Boards Post

irasmilo replied to the Tax Strategies board. 6:44 PM

Re: IRA RMD in year of death

I agree with Bill. If there is a designated beneficiary (or multiple beneficiaries) on the IRA, they will get the money and pay the tax. If there is no beneficiary (or no surviving beneficiary), the distribution will go to the estate and it will [more]

Wed Jul 2

NL

Boards Post

irasmilo replied to the Tax Strategies board. 6:48 PM

Re: IRA RMD in year of death

It's taxable to "the distributee" which may be a named beneficiary, on his/her 1040, or the estate's 1041, if that's where it's paid.

In other words, "follow the money". Does the executor have any flexibility [more]

NL

Boards Post

irasmilo posted to the Tax Strategies board. 4:00 PM

IRA RMD in year of death

If an IRA owner who is taking RMDs dies before taking the RMD that year, the IRA beneficiaries are responsible for figuring and distibuting the RMD. Where is the taxable income reported? (decedent's final return, estate imcome tax return, [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 9:00 AM

Re: basic question on foreign income

I'm trying to determine if my daughter needs to file a Georgia state income tax return. I'm at the Georgia revenue site, have entered a question on the search query and no information comes up.

We have searched all around. She checked an
[more]

Mon Jun 23

NL

Boards Post

irasmilo replied to the Tax Strategies board. 12:03 AM

Re: Old mutual fund cost basis

I was gifted a mutual fund from Mom in 1995. She died in 2007. How is cost basis of the fund determined should I ever sell it?

Since it was gifted to you, you use the cost basis that the giver had.


Partially right. [more]

Sat Jun 21

NL

Boards Post

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

Re: California income tax - underwithholding

I know IRS has a "safe harbor" for not withholding enough - that if you have withheld an amount that's at least 100% of last year's taxes (or 110% if above $150K)

I'm trying to figure out if CA has the same rule - or something
[more]

Tue Jun 17

NL

Boards Post

irasmilo replied to the Tax Strategies board. 6:32 PM

Re: Question On Investment Partnership Accounting

Hi, I’m trying to learn about investment partnership accounting and was wondering if someone might be some expertise in this area.

How should the NAV of a partnership share be calculated to stay fair to partners if they buy or sell at
[more]

Wed Jun 11

NL

Boards Post

irasmilo replied to the Tax Strategies board. 5:51 PM

Re: basis question

But then one last question - where does this "inherited" pile of shares sit in the FIFO pipeline, at the front (oldest) or back (newest)?

It's possible you'd go back to the original purchases (with the full number of [more]

Sun Jun 8

NL

Boards Post

irasmilo replied to the Apple board. 6:47 PM

Re: 'Screen' size

I forgot to mention a parallel printer port and an RS-232 serial port. And expansion slots!

What, no SCSI port?

Ira

Mon Jun 2

NL

Boards Post

irasmilo replied to the Apple board. 3:06 PM

Re: WWDC Keynote live stream

I'm sure this is just a bookkeeping detail, but the wording of the above sequence makes it sound like people who purchase shares between tomorrow and Friday aren't entitled to receive "additional shares due to the split". That can't be [more]

Thu May 29

NL

Boards Post

irasmilo replied to the Tax Strategies board. 2:49 PM

Re: paying niece' tuition, gift tax?

I am paying my niece's college tuition, and expenses this year. She is an international student, so likely will exceed 50K total this year.

I understand that if I include my wife, both of us can gift $14,000, that is total $28,000 this
[more]

Wed Apr 16

NL

Boards Post

irasmilo posted to the Tax Strategies board. 12:05 PM

Sad News: Phil Marti

I don't know how many of you knew that Phil Marti, our curmudgeonly, retired IRS knuckle-dragger, had been hospitalized since early March when doctors discovered lung cancer.

I just received the following email from Don Peterson, a friend of [more]

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Big gold star, 5000 posts Old School Fool
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