lorenzo2’s Activity

Tue Feb 9

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Boards Post

lorenzo2 replied to the Tax Strategies board. 5:56 PM

Re: General Tax Questions

My MIL is required to file, but because of medical and other deductions, she owes no taxes.

That's not what I'm getting at. If someone has no tax liability whatever and had no withholding or paid no estimated taxes, then obviously [more]

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lorenzo2 replied to the Tax Strategies board. 4:17 PM

Re: General Tax Questions

$1000 owed (or more if can still avoid any penalty) is IMO the best situation.

Agree. On my personal return, I always aim to owe a modest amount, up to a few thousand dollars. Anything to avoid a penalty

The best situation [more]

Fri Jan 22

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Boards Post

lorenzo2 replied to the Tax Strategies board. 3:41 PM

Re: Net Investment Income Tax questions

I'd like to be able to tell my wacky aunt to stop propagating the myth that Obama tacked on a 3.xx% tax to the sale of *everyone's* home. I just want to make sure it's a myth for approximately 99% of people before I say [more]

Sun Jan 10

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Boards Post

lorenzo2 replied to the Tax Strategies board. 10:51 AM

Re: Lottery Subscription Losses

If the $50 is a wash, then why even report it?

Well, because that's what the law requires. Although it's tempting to just net together winnings and losses and report only net winnings, what you're supposed to do is report all [more]

Sat Jan 9

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Boards Post

lorenzo2 replied to the Tax Strategies board. 8:15 PM

Re: Lottery Subscription Losses

I paid $208 each year, say I won $50 so my net loss is $158. Can I deduct the loss of $158 on my income tax return?

No. You can deduct gambling losses on Schedule A, but only to the extent of your winnings. So the $50 winnings go on [more]

Sat Dec 5

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Boards Post

lorenzo2 replied to the Tax Strategies board. 9:43 PM

Re: Sales Tax Deduction

Is the sales tax deduction option still there for 2015 or is it one of those things Congress needs to act on before year-end?

As of now it's expired, so it's one of half a dozen legislative "extenders" which Congress needs [more]

Wed Oct 21

NL

Boards Post

lorenzo2 replied to the Discount Brokers board. 10:21 PM

Re: Fidelity vs Vanguard (As Brokers)

I can't speak to Fidelity, but I've been a Vanguard customer for quite a few years now. My IRA, my wife's IRA, and our taxable account are all at Vanguard. The IRAs hold Vanguard mutual funds. The taxable account consists of Vanguard funds and a [more]

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Big red star, 1000 posts Old School Fool
Board Posts 2071
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Most Frequent Board Tax Strategies
Very First Post Re: child care credit, car donation for head of (1/25/2001)
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