Search found 18 matches

by soxfan10
Sat Aug 31, 2019 9:58 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting to Kids with Lower Tax Rates
Replies: 13
Views: 1239

Re: Gifting to Kids with Lower Tax Rates

We think that 3c can be falsified if the kid provides greater than half their support. I am not a lawyer but that would be pretty clearly be tax fraud. I'm pretty sure you are incorrect and that you are not thinking about this with any intellectual effort. The IRS rules say that all of the criteria...
by soxfan10
Sat Aug 31, 2019 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting to Kids with Lower Tax Rates
Replies: 13
Views: 1239

Re: Gifting to Kids with Lower Tax Rates

We think that 3c can be falsified if the kid provides greater than half their support. I am not a lawyer but that would be pretty clearly be tax fraud. I'm pretty sure you are incorrect and that you are not thinking about this with any intellectual effort. The IRS rules say that all of the criteria...
by soxfan10
Fri Aug 30, 2019 8:17 pm
Forum: Personal Consumer Issues
Topic: College age male: How much money for food?
Replies: 138
Views: 6305

Re: College age male: How much money for food?

... and in every grocery store I’ve been in (not WF), apples (gala, red, Fuji) are 1.99-3.99/lb (not organic), average 2.99/lb. this includes Costco (wholesale bulk price). So 1/3 x 2.99 = 0.99. And... is this apple to be the entire meal? Or do you get your main course protein and beverage for $0.0...
by soxfan10
Fri Aug 30, 2019 4:13 pm
Forum: Personal Consumer Issues
Topic: College age male: How much money for food?
Replies: 138
Views: 6305

Re: College age male: How much money for food?

400 is insane. 200-250 depending get on COL is reasonable. Understand if you give more, it's likely it will go to more or better beer. For background, I'm 30 and as little as 5 years ago spent 35 a week on groceries during law school in DC. I also was lifting four times a week. Unless your son is hu...
by soxfan10
Sat Jul 27, 2019 9:06 am
Forum: Personal Finance (Not Investing)
Topic: Finding a preparer for complex tax returns and consultation
Replies: 20
Views: 1759

Re: Finding a preparer for complex tax returns and consultation

... Am willing to pay perhaps $100-$300/hour to the right individual/firm, bill might reasonably be for 2-6 hours, including possible research. Prefer expert who knows his/her stuff, knows how to research what he/she doesn't know, and will not just take guesses/stabs at stuff and pass it off as aut...
by soxfan10
Mon May 06, 2019 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Capital Loss Carryover - Trying to Understand it
Replies: 17
Views: 1431

Re: Capital Loss Carryover - Trying to Understand it

Is there a reason you are not carrying the loss back to offset the 2018 capital gain and generate a refund? That seems like a better way to monetize the loss. Why do you think a current year capital loss can be carried back? It can't. Of course. Was thinking of the corporate 3 year carryback. I wor...
by soxfan10
Mon May 06, 2019 6:12 pm
Forum: Personal Finance (Not Investing)
Topic: Capital Loss Carryover - Trying to Understand it
Replies: 17
Views: 1431

Re: Capital Loss Carryover - Trying to Understand it

Is there a reason you are not carrying the loss back to offset the 2018 capital gain and generate a refund? That seems like a better way to monetize the loss.
by soxfan10
Wed Mar 06, 2019 9:49 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Write Off for Bad Investment
Replies: 4
Views: 656

Re: Tax Write Off for Bad Investment

Disclaimer: Am a tax practitioner (and often work in the financing space), but the below does not constitute advice. A couple issues here: 1. the debt is likely personal unless have you a trade or business. Even then it would need to be connected to the trade or business to not be personal. If perso...
by soxfan10
Thu Jan 31, 2019 10:56 pm
Forum: Personal Finance (Not Investing)
Topic: Stock acquired - How much tax will I owe?
Replies: 15
Views: 7268

Re: Stock acquired - How much tax will I owe?

If you meet the one year holding period for capital gains (it seems you do), nothing about the transaction makes it ordinary. Depending on how the transaction is structured, you may not have to recognize the gain related to shares of acquirer received (if the transaction qualifies as tax free). If t...
by soxfan10
Tue Jan 29, 2019 10:32 pm
Forum: Personal Finance (Not Investing)
Topic: A Tax Question
Replies: 11
Views: 911

Re: A Tax Question

The statute of limitations on collections is 10 years from when the tax was assessed. Section 6502: https://www.law.cornell.edu/uscode/text/26/6502. When did the IRS assess the tax? If there's a lien, the title company will pay the amount due out of the proceeds in exchange for the IRS issuing a re...
by soxfan10
Sat Jan 12, 2019 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Rental property cost basis
Replies: 2
Views: 393

Re: Rental property cost basis

Initial basis for depreciation purposes is generally the lesser of amount paid or value at the time placed into service as a rental property. Given the short period of time until the sale I would use your sales price to determine basis for rental depreciation (if you didnt already depreciate). Take ...
by soxfan10
Thu Nov 22, 2018 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Do I qualify for 199A Pass-through Deduction
Replies: 9
Views: 1063

Re: Do I qualify for 199A Pass-through Deduction

As pointed out by the two previous posts. Your CPA is right for the wrong reason. You have not exceeded the QBI taxable income threshold. You have little to no distributions and thus little to no QBI to get a deduction on. I hate to point this out. While the S-Corp is saving you maybe $6K in payrol...
by soxfan10
Tue Nov 20, 2018 9:57 pm
Forum: Personal Finance (Not Investing)
Topic: Do I qualify for 199A Pass-through Deduction
Replies: 9
Views: 1063

Re: Do I qualify for 199A Pass-through Deduction

You are providing a specified service and will have taxable income on your joint return is likely to be at or above the top threshold (~410k) so, yes I would not expect any significant 199A benefit. For service providers, taxable income really needs to be below 300k for MFJ (150k single) to get the ...
by soxfan10
Sat Oct 27, 2018 8:09 am
Forum: Personal Finance (Not Investing)
Topic: Use c-corp to turn 1099 income into capital gains to use up capital loss carryover?
Replies: 3
Views: 478

Re: Use c-corp to turn 1099 income into capital gains to use up capital loss carryover?

Are you asking if you form a C corp and have the 1099 income paid to the corp and then rebuy stock to have it be capital? That wont work. Redemptions are tested under Section 302 to determine whether they are capital or dividend income. If you own 100% before and after, you'll have a dividend, which...
by soxfan10
Sun Feb 15, 2015 8:59 am
Forum: Investing - Theory, News & General
Topic: Vanguard sued for [failing to charge market rates to and then paying taxes on services to its mutual funds]
Replies: 806
Views: 158660

Re: Vanguard sued for charging too little

And really that's my personal/fundamental problem with this lawsuit, which is that the logical end result is to argue that the government should be micromanaging each business transaction to force a certain result that is government tax-policy favorable, irrespective of the business logic. Well, wh...
by soxfan10
Sat Feb 14, 2015 11:20 pm
Forum: Investing - Theory, News & General
Topic: Vanguard sued for [failing to charge market rates to and then paying taxes on services to its mutual funds]
Replies: 806
Views: 158660

Re: Vanguard sued for charging too little

My initial reaction -- I don't see why it's anybody's business if if my unit A charges my unit B "at cost" versus "market". But after thinking some more, there can be tax consequences if unit A and unit B are in different tax districts. There is some parallel between what this suit is alleging and ...
by soxfan10
Thu Jan 22, 2015 7:50 pm
Forum: Personal Finance (Not Investing)
Topic: Explain me some tax law!
Replies: 16
Views: 2772

Re: Explain me some tax law!

What kind of "company"? Is it a corporation or a partnership? Makes a big difference. Gill This is a learning exercise. Please explain what difference it makes. Let's assume its a LLC with multiple members. Partnerships are flow-through entities. Each partner are assigned the gains or losses of the...
by soxfan10
Wed Jan 21, 2015 10:49 pm
Forum: Personal Finance (Not Investing)
Topic: Explain me some tax law!
Replies: 16
Views: 2772

Re: Explain me some tax law!

What kind of "company"? Is it a corporation or a partnership? Makes a big difference. Gill This is a learning exercise. Please explain what difference it makes. Let's assume its a LLC with multiple members. Partnerships are flow-through entities. Each partner are assigned the gains or losses of the...