irasmilo’s Activity

Sun Jan 25

NL

Boards Post

irasmilo replied to the Apple board. 5:53 PM

Re: 2 cents on APPL. Disagree?

any way you look at it Apple Pay will contribute less than 1% to Apple's revenue stream.

Well, starting out, sure. Then they build up the user base, make an offer for Discover Card (market cap, a mere $26B), and then it becomes
[more]

NL

Boards Post

irasmilo replied to the Apple board. 10:19 AM

Re: 2 cents on APPL. Disagree?

Real story is emergence of Apple Pay. This is unknown potential.

Apple Pay won't ever be a major contributor to Apple's bottom line. Not that it isn't wonderful and likely to be wildly successful as a technology, but there isn't [more]

Wed Jan 21

NL

Boards Post

irasmilo replied to the Tax Strategies board. 11:25 AM

Re: Tax treatment of a REIT

I have a few questions about how to handle distributions from a REIT in a taxable account, to wit:

1) What happens when the 'return of capital' finally exceeds the capital that you laid out to purchase the shares in the first
[more]

Fri Jan 9

NL

Boards Post

irasmilo replied to the Tax Strategies board. 1:28 PM

Re: Filing US taxes

I forgot to add that the Schedule K-1 (Form 1065) is a form which gets filed with the return. I was unable to find this form on the TaxAct link you provided showing the Forms and Schedules.

You do not file Schedule K-1 (Form 1065) [more]

Wed Jan 7

NL

Boards Post

irasmilo replied to the Tax Strategies board. 12:39 AM

Re: Filing US taxes

It all depends on what your residency status is. Are you a permanent resident (green card holder), on a specific visa classification, or a non-resident for US tax purposes? Simply put, what return did you file last year and has anything changed with [more]

Tue Jan 6

NL

Boards Post

irasmilo replied to the Tax Strategies board. 6:33 PM

Re: Harvesting losses

No. The $30,000 LTCG in year 3 will be reduced by the $9,000 remaining capital loss carryover. The fact that a net LTCG would not have been taxed doesn't matter. So no losses will be available for years 4 or 5.

Thanks for the
[more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 3:27 PM

Re: Harvesting losses

Quick question here. For those in the "0% tax bracket" for long term capital gains, are such individuals still able to write-off their short and long term losses?

This seems like a way to scam on your taxes for long term gains
[more]

Sat Jan 3

NL

Boards Post

irasmilo replied to the Tax Strategies board. 4:42 PM

Re: MLP in an IRA account

If you hold an MLP in a retirement account, you need to look at the Unrelated Business Income which is reported in Box 20V (2013, I don't know if the location will be the same this year). If UBI exceeds $1000, the IRA must file a tax [more]

Fri Dec 19

NL

Boards Post

irasmilo replied to the Tax Strategies board. 9:57 PM

Re: IRA RMD and Death

The full RMD must be taken out in the year of death, even if it's after the date of death. Who reports the distribution(s) depends on the date(s) taken.

Ira

Thu Dec 18

NL

Boards Post

irasmilo replied to the Tax Strategies board. 8:43 AM

Re: One more stock donation question

If you use the cost basis for donated stock, does it work the same as a cash donation, i.e., can be deducted in the amount of 50% of income (if donated to a 50% organiztion)?

Yes, but make sure you understand your tax situation [more]

Fri Dec 12

NL

Boards Post

irasmilo replied to the Tax Strategies board. 5:49 PM

Re: Long-Term Travel Question

Thanks Ira. I guess I just don't understand why the employee is on the hook for business expenses. Shouldn't the employer cover the full amount of this?

For the answer to this question, you need to look at IRS Pub 463. Since your [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 3:19 PM

Re: Long-Term Travel Question

The gross-up rate is 25% by IRS rules, regardless of the actual tax bracket the taxpayer is in. Highly paid individuals who receive large bonuses find themselves in the same position when their bonus pushes them into a bracket higher than [more]

Mon Dec 8

NL

Boards Post

irasmilo replied to the Tax Strategies board. 5:50 PM

Re: Wash confusion

Whether you see the warnings or not, "ESPP and other situations..." are subject to these problems.

No - they're subject to an actual wash sale problem.


That's what I meant. I just didn't state it [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 5:49 PM

Re: Wash confusion

Since stock purchased by a spouse in their own account can trigger a wash sale, I don't see how selling stock in separate accounts owned by the same person could avoid a wash sale.

Selling the stock in separate accounts isn't what [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 3:08 PM

Re: Wash confusion

Lets look at the crux of your argument.
Let's say that sale of the lot held for 11 days (and having a loss in those 11 days) is a sale that results in a wash sale because other shares were held for that same stock.
Now if we use that
[more]

Tue Nov 25

NL

Boards Post

irasmilo replied to the Tax Strategies board. 3:39 AM

Re: Is this legal tax avoidance ?

Also, if he sells the investment property, he will still have that large mortgage payment as the liability would not be paid from the sales proceeds. Even if he prepaid a big chunk on the mortgage with the proceeds, the monthly mortgage [more]

Sun Nov 23

NL

Boards Post

irasmilo replied to the Tax Strategies board. 8:14 PM

Re: Is this legal tax avoidance ?

Children under 18 (under 24 for full time students) only pay their own tax rates on unearned income under $2000. Amounts over $2000 are taxed at your highest rate. So you do gain the benefit of no taxes on the first $2000 (if the child's tax rate [more]

NL

Boards Post

irasmilo replied to the Tax Strategies board. 2:00 PM

Re: Poll: New landlord - should I get an EIN

In the area of "some other comment about your plans," I would suggest thinking about using an LLC to own the property.

I strongly suggest this course of action. Last thing you want is some jackwagon moving into your
[more]

Sat Nov 22

NL

Boards Post

irasmilo replied to the Tax Strategies board. 9:50 AM

Re: Subcontractor wants change to 1099 for 2012

You should not have done anything. The taxpayer's mailing address on a tax document does not establish where the income is taxable. CA routinely assumes that any tax document with a CA address is CA source income. All the contractor has to do is [more]

Fri Nov 21

NL

Boards Post

irasmilo replied to the Tax Strategies board. 2:59 PM

Re: Question about scrip-dividend

Without doing any research (and I would want to do research before accepting what I am about to state as being correct), I would think that the script had some value when you received it. That will be the taxable amount of the dividend. You are then [more]

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