Search found 15 matches

by Gopherrube1
Tue Mar 19, 2019 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Claiming AMT credit – CPA says no
Replies: 7
Views: 907

Re: Claiming AMT credit – CPA says no

Read instructions for and fill out Form 8801 - not that hard or time consuming if you have your past year's tax return available. This will tell you if you have any allowable credit. Just because you were in AMT in prior years does not mean you'll get a credit in future years if you are out of AMT (...
by Gopherrube1
Thu Mar 14, 2019 12:43 pm
Forum: Personal Finance (Not Investing)
Topic: Gift tax form 709 for property
Replies: 3
Views: 309

Re: Gift tax form 709 for property

do you live in a community property state? My instinct is that you will have to file 2 709's and consent to gift split on each.
by Gopherrube1
Wed Feb 06, 2019 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Pass thru deduction raising taxes on TurboTax?!?!
Replies: 2
Views: 440

Re: Pass thru deduction raising taxes on TurboTax?!?!

what's your filing status and AGI? If you are above $157k single / $315 MFJ AGI, you may be phased out or completely be out of luck on the deduction since you are in health services. I can't answer what turbo tax may be doing, but my assumption is they had the 20% deduction built-in before you answe...
by Gopherrube1
Mon Jul 16, 2018 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Big 4 Who Jumped to Industry - Compensation
Replies: 35
Views: 9515

Re: Big 4 Who Jumped to Industry - Compensation

I am in tax (mainly individual, trust, gift, estate, flowthrough, & foundation) and left after 6 years at a Big 4 firm. My salary went up 52% in the first year, and I was immediately eligible for a better bonus plan than I was getting at Big 4. As others have mentioned, the hours are considerably be...
by Gopherrube1
Thu Dec 28, 2017 9:27 am
Forum: Personal Finance (Not Investing)
Topic: CNBC quotes IRS on terms of deductibility of prepaid property taxes
Replies: 79
Views: 7173

Re: CNBC quotes IRS on terms of deductibility of prepaid property taxes

I live in Hennepin County (Minnesota), and they sent out a "Proposed Levies and Taxes" statement back in November which relates to proposed 2018 property taxes. It specifically says, "This is not a bill - Do not pay". Hennepin County has since come out and said, "If you would like to prepay your 201...
by Gopherrube1
Thu Dec 28, 2017 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Confusion about prepaying property taxes
Replies: 139
Views: 16827

Re: Confusion about prepaying property taxes

I live in Hennepin County (Minnesota), and they sent out a "Proposed Levies and Taxes" statement back in November which relates to proposed 2018 property taxes. It specifically says, "This is not a bill - Do not pay". Hennepin County has since come out and said, "If you would like to prepay your 201...
by Gopherrube1
Thu May 18, 2017 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Question for you high net worth individuals... [real estate investments]
Replies: 82
Views: 14469

Re: Question for you high net worth individuals...

If you think real estate is the way to true wealth, I've got a bridge in Brooklyn I'd like to sell you...
by Gopherrube1
Thu Apr 27, 2017 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: If you pay a high AMT, would you take out $1M mortgage?
Replies: 45
Views: 5111

Re: If you pay a high AMT, would you take out $1M mortgage?

If AMT is a concern, wouldn't you want less tax deductions not more.? I could see the case in not having a mortgage period. Regards, John This is what I think. Doesn't AMT exist because high earners can use a lot of deduction. AMT ensures high earners pay tax . I assure you 400k is considered a hig...
by Gopherrube1
Thu Apr 27, 2017 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: If you pay a high AMT, would you take out $1M mortgage?
Replies: 45
Views: 5111

Re: If you pay a high AMT, would you take out $1M mortgage?

If AMT is a concern, wouldn't you want less tax deductions not more.? I could see the case in not having a mortgage period. Regards, John Mortgage interest is deductible for AMT (assuming not a HELOC where proceeds are used for something other than house purchase/improvement). This is unlike state ...
by Gopherrube1
Thu Jan 28, 2016 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: Handling RE Taxes after Sale of and Purchase of House
Replies: 5
Views: 603

Re: Handling RE Taxes after Sale of and Purchase of House

Look at your closing disclosure documents (fka HUD-1) and it should show the pro-rated portions of RE taxes attributable to the buyer/seller
by Gopherrube1
Tue Jan 26, 2016 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Estate planning advice?
Replies: 34
Views: 5681

Re: Estate planning advice?

Also, be mindful of state estate/inheritance taxes if they apply to your situation. Some states have them, others don't. Here in MN, the state exemption is much lower than the federal exemption so there is additional planning to be done around that.
by Gopherrube1
Fri Jan 08, 2016 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: Owing too much money to taxes. Help with adjusting allowances?
Replies: 12
Views: 1536

Re: Owing too much money to taxes. Help with adjusting allowances?

My wife and I are DINK's, and both of us claim zero fed/state allowances just to break-even.
by Gopherrube1
Wed Dec 30, 2015 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Taxation & Logistics: Living/Working Between Two States
Replies: 2
Views: 366

Re: Taxation & Logistics: Living/Working Between Two States

Here's my 2 cents... A) They will issue you a 1099-MISC showing your nonemployee compensation, and you'll be responsible for SE Tax in addition to regular income tax. You'll be responsible for paying in estimated tax payments throughout the year to cover your tax liability to avoid underpayment pena...
by Gopherrube1
Mon Dec 28, 2015 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: Embarrasing mortgage question
Replies: 21
Views: 3807

Re: Embarrasing mortgage question

couldn't you take out a HELOC on your current home to be able to put down 20% and have cash to make monthly payments until you sell your first house?
by Gopherrube1
Tue Dec 22, 2015 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Early mortgage and property tax payment?
Replies: 6
Views: 1081

Re: Early mortgage and property tax payment?

I think from a tax technical perspective, there needs to be an actual liability due to take the deduction. It probably just depends on your county and how they handle it.