irasmilo’s Activity

Wed Feb 25

NL

Boards Post

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

Re: Terminology question: "Tax consultancy

Well, I *am* the professional resource. I'm a legal/financial translator translating a contract for a client.

It's possible that you've encountered a term of art in German financial dealings which doesn't have an equivalent formal [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 10:07 AM

Re: Seller Held Mortgage and FINs

I'm not familiar with the specifics of TaxAct, but there are two places where seller-financed mortgages appear on a tax return and each requires an SSN/EIN. The mortgagee lists the recipient's tax ID on Schedule A, line 11, and the mortgagor lists [more]

NL

Boards Post

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

Re: Terminology question: "Tax consultancy

Please don't take this response as snarky because it isn't meant that way, but if this for an actual business relationship, either you should be knowledgable enough to know what you're dealing with or you should be looking for a professional resource [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 7:53 AM

Re: Seller Held Mortgage and FINs

What reporting is it that you are concerned about? On what form are you going to put someone's ID number?

I assume it's on Schedule B - seller financed mortgage.

Ira

NL

Boards Post

irasmilo replied to the Tax Strategies board. 7:51 AM

Re: Terminology question: "Tax consultancy cont

You go to a tax consultant. You hire him. What do you call the contract he makes you sign?
A "tax advisory agreement"? A "tax consulting contract"?
Something else?


I call it an engagement letter, though [more]

Tue Feb 24

NL

Boards Post

irasmilo replied to the Tax Strategies board. 7:49 PM

Re: Seller Held Mortgage and FINs

The buyer's TIN should be on the original purchase documents. If not, contact the buyer and notify them that their failure to provide you with their TIN is subject to a $50 penalty (see the instructions for Schedule A, line 11) and the likelihood of [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 1:34 PM

Re: Wash Sale Rules

Does "2 distinct companies" automatically mean that it's not "substantially identical" for wash sale purposes? What about selling Citibank at a loss to buy Bank of America? Both are banks but different companies.

So,
[more]

Mon Feb 23

NL

Boards Post

irasmilo replied to the Tax Strategies board. 5:09 PM

Re: how report misc promotional received

For 1099-B Transactions labeled in the "Additional information" column as "Option expiration short position", they are recording the net Gain/loss amount in the Proceeds column instead of the actual transaction sale price and [more]

Sun Feb 22

NL

Boards Post

irasmilo replied to the Tax Strategies board. 6:50 PM

Re: kmi inside a Roth Account

I have had my kmp shares heald in an Roth account now that that it has changed to a corp.Am I libal for taxes on exchanged units thanks .

Only if the final K-1 indicates that there was more than $1000 in unrelated business income [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 11:18 AM

Re: how report misc promotional received

Yes, you can use line 21, though I'm surprised that the brokerage reported it that way. Usually it's reported on a 1099-INT as interest income.

Ira

Sat Feb 21

NL

Boards Post

irasmilo replied to the Apple board. 1:51 PM

Re: An Apple Car Is As Likely As An...

If Apple doesn't want to build a car, what are they poaching the A123 staff for?
There's really not a whole lot of different applications for large-capacity batteries with long calendar and cycle life.


It's outside my technology [more]

Thu Feb 19

NL

Boards Post

irasmilo replied to the Tax Strategies board. 11:43 PM

Re: How to drive your tax preparer crazy

Thank you for your concern, but my dealings with him over the last 12 years have been very good. We don't discuss anything sensitive @ the coffee shop (that is handled over the phone). I met him the first couple years to hand over an envelope with [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 2:48 PM

Re: How to drive your tax preparer crazy

My tax guy works out of his home, so he meets clients at various coffee shops.

It might be time to find a new tax guy. I would never meet with a client in a public location to discuss confidential financial matters. Especially one [more]

Tue Feb 17

NL

Boards Post

irasmilo replied to the Tax Strategies board. 11:53 PM

Re: How to drive your tax preparer crazy

I think I'll recover from my last client. But it will take some time. And perhaps some of Phil's favorite clear liquids.

I've exhausted the clear liquids already. On to the darker ones!

Ira

NL

Boards Post

irasmilo replied to the Apple board. 2:26 PM

Re: 1099?

The complex one with Apple and 60+ other stocks, plus other accounts showed up on-line today. Yesterday was the drop dead date for 1099's

Not really. Many brokers have applied for and been granted extensions for issuing their [more]

Fri Feb 13

NL

Boards Post

irasmilo replied to the Tax Strategies board. 4:29 PM

Re: Is TurboTax safe again?

Information available on the web has to be treated with suspicion. There is a claim that because electronically filed returns have more details, they are more likely to be audited. Any possibility it is true or just fud?

Definitely [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 3:56 PM

Re: Is TurboTax safe again?

I am not yet clear if the electronic submission of a state return is still a higher risk activity, so that might be a paper return.

There's no increased risk for you in filing electronically. What appears to have happened is that [more]

Thu Feb 12

NL

Boards Post

irasmilo replied to the Tax Strategies board. 10:24 PM

Re: taxes

Wanted to make sure, I read on this BB (I think) that if you're <28% tax bracket you don't have to worry about LT or ST capital gains. That they will all be taxed at your normal rate? It is my understanding that gains from options were taxed as [more]

NL

Boards Post

irasmilo replied to the Investment Clubs board. 4:00 PM

Re: Investment Club Online?

Hi I am trying to find an investment Club to join online. Any have any information they can share or know of anyone?

Here are two possibilities. www.bivio.com is a supplier of investment club [more]

Tue Feb 10

NL

Boards Post

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

Re: Rolling Options

Using the same Underlyer___Does rolling out a short call at a loss to another month( either up /down in strike) constitute a wash sale on the original call? I have a sting of BWLD covered calls still rolling at loses.

Options with [more]

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Big gold star, 5000 posts Old School Fool
Board Posts 6744
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