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Re: Contradictory IRS Rules

That brings up another interesting point about the above situation. I mentioned that the taxpayer reports a small loss of a couple of thousand dollars from the rental (i.e., a negative number goes on line 17 of the 1040) each year. In reality, the taxpayer actually experiences a net positive cash fl...
by rickwmm
Sat Apr 12, 2014 1:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Contradictory IRS Rules
Replies: 7
Views: 952

Contradictory IRS Rules

I am confused by two IRS rules on rentals which seem to contradict one another. Consider a person who rents a couple of rooms in his house out to tenants. He deducts a pro-rated portion of various house expenses (such as utilities, property tax, mortgage interest, depreciation, etc.) on Schedule E b...
by rickwmm
Sat Apr 12, 2014 11:18 am
 
Forum: Personal Finance (Not Investing)
Topic: Contradictory IRS Rules
Replies: 7
Views: 952

Re: IRS Sales Tax Deduction

You're right that I never actually touched the 1035 funds. But I effectively used the funds to acquire the new insurance policy, and the amount of the transfer was considered part of the premium for the new policy. I guess I will contact TaxAct and see if this is some kind of a bug in their software.
by rickwmm
Fri Mar 21, 2014 5:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRS Sales Tax Deduction
Replies: 6
Views: 862

Re: IRS Sales Tax Deduction

TaxACT
by rickwmm
Fri Mar 21, 2014 3:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRS Sales Tax Deduction
Replies: 6
Views: 862

IRS Sales Tax Deduction

The IRS provides tables and a calculator for use in determining the standard sales tax deduction amount (used primarily for states that don't have an income tax). The instructions state that you can include in your total income: "Nontaxable part of IRA, pension, or annuity distributions (do not...
by rickwmm
Fri Mar 21, 2014 2:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRS Sales Tax Deduction
Replies: 6
Views: 862

Re: 1099-R Strangeness

The 1099 you received, if it was me, I would go to the bank and ask about it. I don't believe it should be coded as a 7 in box 7. Are you sure they put the money into another IRA instead of putting it into a taxable mm account? Code 7 means it's a normal distribution. Yes, the MM account was defini...
by rickwmm
Mon Mar 03, 2014 5:35 pm
 
Forum: Personal Finance (Not Investing)
Topic: 1099-R Strangeness
Replies: 7
Views: 479

1099-R Strangeness

My wife and I received two 1099-R forms from our bank for TY 2013 which we don’t understand. One is for me and the other is for her. My 1099 is the simpler case. In 2013 I had an IRA CD of approximately $41,000 which matured and I elected to transfer the full amount to an IRA Money Market account I ...
by rickwmm
Sun Mar 02, 2014 8:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: 1099-R Strangeness
Replies: 7
Views: 479

Re: Social Security Spousal Benefits

Thanks for the replies! The socialsecuritytiming site pretty much gives me the info I need.
by rickwmm
Sun Jun 16, 2013 4:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Social Security Spousal Benefits
Replies: 3
Views: 652

Social Security Spousal Benefits

This should be a fairly simple question, but I can't find a clear answer on the Social Security admin website. My wife and I are both retired, both age 62, and we have no earned income. We have no dependents other than each other. My wife has elected to take her social security benefits now, but I h...
by rickwmm
Sat Jun 15, 2013 10:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Social Security Spousal Benefits
Replies: 3
Views: 652

Who pays tax on Savings Bonds with joint owners

My mother died around 20 years ago and left approximately $15000 to my son, who was only around five years old at the time. My wife and I used the inheritance money to purchase savings bonds for him. Because of his age, we purchased the bond in both my name and my son as co-owners. On the bond, my n...
by rickwmm
Sun Feb 10, 2013 4:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: Who pays tax on Savings Bonds with joint owners
Replies: 8
Views: 963

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