Taxes (TAX)

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ypsiCPA

Capital Gains Tax Rates

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ypsiCPA

IRS & Your Capital Gains (or Losses...)

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cintrix

03/19/12 3:59 PM

Post #585

Re: #584: @ypsiCPA - For better or for worse

As income tax time approaches, did you
ever notice; When you put the two words
"The" & "IRS" together it spells......
"THEIRS"

ypsiCPA

03/12/12 5:48 AM

Post #584

For better or for worse

cintrix

03/01/12 12:01 PM

Post #583

Re: #582: @ypsiCPA - I'm not holding any returns for that. But

I'm waiting and not happy about it. Etrade was able to get me my 1099's on time, why couldn't Penson? Then I just realized that in my mutual fund account I took 6k out of it and they are showing gross proceeds and not cost basis because the company was switched over from the original one and they have no cost basis history for me. Now I have to go through all my statements from years ago and figure out what the heck the cost basis is.

ypsiCPA

03/01/12 11:57 AM

Post #582

Re: #581: @cintrix - Has it affected you other than that one

I'm not holding any returns for that. But some clients may be waiting.

cintrix

03/01/12 9:15 AM

Post #581

Re: #580: @ypsiCPA - More on the delayed 1099-B's

Has it affected you other than that one client? I wouldn't want to be a tax preparer if a large part of my clientele used Penson.

ypsiCPA

02/29/12 11:34 PM

Post #580

Re: #576: @cintrix - I have to wait for them. Too

More on the delayed 1099-B's

http://www.usatoday.com/money/perfi/taxes/story/2012-02-28/delays-in-brokerages-sending-taxpayers-tax-forms/53292704/1

cintrix

02/27/12 3:36 PM

Post #579

Re: #578: @ypsiCPA - Form 5695, page 4

thanks I will have to look into that

ypsiCPA

02/27/12 3:29 PM

Post #578

Re: #577: @cintrix - Steve, are there any energy credits for converting

Form 5695, page 4

http://www.irs.gov/pub/irs-pdf/f5695.pdf

cintrix

02/27/12 1:53 PM

Post #577

Re: #575: @ypsiCPA - Penson said accounting problems. I have a client

Steve, are there any energy credits for converting home heating to natural gas in 2011?

cintrix

02/22/12 5:59 PM

Post #576

Re: #575: @ypsiCPA - Penson said accounting problems. I have a client

I have to wait for them. Too many trades to guess and then I don't want to have to deal with it and do an amended return. I can't believe they were granted such a long extension. That gives their customers a month to file if they want to get it in on time.

ypsiCPA

02/22/12 5:23 PM

Post #575

Re: #574: @cintrix - I was just told by my broker that

Penson said accounting problems. I have a client affected by that, filed without waiting for them. If there's correspondence from IRS I'll deal with it.

cintrix

02/22/12 4:20 PM

Post #574

Re: #572: @ypsiCPA - Facebook's Zuckerberg may face $2 billion tax bill

I was just told by my broker that Penson was given an extension for 1099's until March 15th. How is that allowed? I know all the other brokers were issued extensions until Feb 15th and that wasn't enough for them?

cintrix

02/08/12 2:50 PM

Post #573

Re: #572: @ypsiCPA - Facebook's Zuckerberg may face $2 billion tax bill

Ah, don't you feel sorry for him?

ypsiCPA

02/08/12 1:51 AM

Post #572

Facebook's Zuckerberg may face $2 billion tax bill

http://money.cnn.com/2012/02/07/technology/zuckerberg_tax_bill/index.htm

ypsiCPA

02/06/12 9:43 PM

Post #571

Exporting Stock Sales from TD Ameritrade

1. Log into TD Ameritrade
2. Accounts | Gain/Loss
3. Under the Realized Gain/Loss tab, YTD
4. Change tax year to 2011
5. View
6. At top right, "Export data"
7. Save (to desktop)
8. xlsx file contains transaction details, suitable for e-mailing to preparer

ypsiCPA

12/11/11 1:20 PM

Post #570

Re: #569: @cintrix - So they are going to have to be

Probably your brokers have info you can download to Excel, which may be easier to work with than Quicken.

(yes, trades with reported basis must be separated from trades without reported basis)

cintrix

12/11/11 11:38 AM

Post #569

Re: #568: @ypsiCPA - Those go on the new form, with the

So they are going to have to be separated, right? That will be a problem for me since all my trades are in a Quicken and they are only separated by long and short term, not by certain stocks reporting basis while some aren't. Maybe I can just subtract the amount that wasn't reported and put that on a separate line?

ypsiCPA

12/10/11 6:22 PM

Post #568

Re: #567: @cintrix - just the new rules with the cost basis

Those go on the new form, with the box checked that basis wasn't reported on 1099-B. Just like the old Schedule D.

cintrix

12/10/11 4:45 PM

Post #567

Re: #566: @ypsiCPA - Nothing major for 2011. Medicare tax on unearned

just the new rules with the cost basis - i am clueless on how i am going to separate trades that i had prior to this year where cost basis doesn't get reported - am i going to have to separate them from the unreported cost basis?

ypsiCPA

12/10/11 4:32 PM

Post #566

Re: #565: @cintrix - ah, interesting - have u gone to any

Nothing major for 2011. Medicare tax on unearned income kicks in for 2013 if nothing changes.

http://www.aicpa.org/Publications/TaxAdviser/2011/July/Pages/fava_jul2011.aspx

cintrix

12/10/11 4:23 PM

Post #565

Re: #564: @ypsiCPA - Instructions not yet available. I'm guessing if you

ah, interesting - have u gone to any tax seminars on the new rules?

ypsiCPA

12/10/11 4:04 PM

Post #564

Re: #563: @cintrix - adjustments to gain or loss if any? what

Instructions not yet available. I'm guessing if you disagree with 1099-B (be prepared to prove your numbers)

cintrix

12/10/11 3:58 PM

Post #563

Re: #562: @ypsiCPA - New form to accommodate basis reported on 1099-B

adjustments to gain or loss if any? what is that? amounts that maybe were purchased in a different yr and didn't have to be reported to the irs?

ypsiCPA

12/10/11 2:09 PM

Post #562

New form to accommodate basis reported on 1099-B

http://www.irs.gov/pub/irs-pdf/f8949.pdf

cintrix

09/23/11 8:45 AM

Post #561

Re: #560: @ypsiCPA - Capital gains rules for 2012 are the same

I rarely have long term gains - mainly short term. Still curious on how we have to show the cost basis with the new rules.

ypsiCPA

09/22/11 8:31 PM

Post #560

Capital gains rules for 2012 are the same as 2011. But in 2013, capital gains tax rate is likely to rise, from 15 to 20%. Also, there will be a 3.8% Medicare tax on investment income.

It might make sense to sell a winning long-term stock (if you're so blessed as to have one) before 2013, and immediately buy it back.

Wash sale rules apply to losses, not to gains.

ypsiCPA

09/22/11 8:27 PM

Post #559

Re: #558: @cintrix - ine Tips for Charitable Taxpayers

Retirees can make Qualified Charitable Distributions from an IRA; income from distribution is not included on the return - this even works for taxpayers who don't itemize. Also, reduced AGI can result in less taxable social security.

Scheduled to expire the end of this year, may be extended.

http://www.irs.gov/retirement/article/0,,id=234258,00.html

cintrix

09/22/11 2:51 PM

Post #558

Re: #557: @cintrix - Eight Tips for Taxpayers Who Receive an IRS Notice

ine Tips for Charitable Taxpayers

August 22, 2011 – IRS Summertime Tax Tip 2011-21

If you make a donation to a charity this year, you may be able to take a deduction for it on your 2011 tax return. Here are the top nine things the IRS wants every taxpayer to know before deducting charitable donations.

1. Make sure the organization qualifies Charitable contributions must be made to qualified organizations to be deductible. You can ask any organization whether it is a qualified organization or check IRS Publication 78, Cumulative List of Organizations. It is available at www.IRS.gov.
2. You must itemize Charitable contributions are deductible only if you itemize deductions using Form 1040, Schedule A.
3. What you can deduct You generally can deduct your cash contributions and the fair market value of most property you donate to a qualified organization. Special rules apply to several types of donated property, including clothing or household items, cars and boats.
4. When you receive something in return If your contribution entitles you to receive merchandise, goods, or services in return – such as admission to a charity banquet or sporting event – you can deduct only the amount that exceeds the fair market value of the benefit received.
5. Recordkeeping Keep good records of any contribution you make, regardless of the amount. For any cash contribution, you must maintain a record of the contribution, such as a cancelled check, bank or credit card statement, payroll deduction record or a written statement from the charity containing the date and amount of the contribution and the name of the organization.
6. Pledges and payments Only contributions actually made during the tax year are deductible. For example, if you pledged $500 in September but paid the charity only $200 by Dec. 31, you can only deduct $200.
7. Donations made near the end of the year Include credit card charges and payments by check in the year you give them to the charity, even though you may not pay the credit card bill or have your bank account debited until the next year.
8. Large donations For any contribution of $250 or more, you need more than a bank record. You must have a written acknowledgment from the organization. It must include the amount of cash and say whether the organization provided any goods or services in exchange for the gift. If you donated property, the acknowledgment must include a description of the items and a good faith estimate of its value. For items valued at $500 or more you must complete a Form 8283, Noncash Charitable Contributions, and attach the form to your return. If you claim a deduction for a contribution of noncash property worth more than $5,000, you generally must obtain an appraisal and complete Section B of Form 8283 with your return.
9. Tax Exemption Revoked Approximately 275,000 organizations automatically lost their tax-exempt status recently because they did not file required annual reports for three consecutive years, as required by law. Donations made prior to an organization’s automatic revocation remain tax-deductible. Going forward, however, organizations that are on the auto-revocation list that do not receive reinstatement are no longer eligible to receive tax-deductible contributions.
http://www.taxact.com/tax-information/tax-tips/2011/nine-tips-for-charitable-taxpayers.asp?sc=110105060101

cintrix

09/22/11 2:50 PM

Post #557

Eight Tips for Taxpayers Who Receive an IRS Notice

August 24, 2011 – IRS Summertime Tax Tip 2011-22

Every year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that doesn't mean you need to worry. Here are eight things every taxpayer should know about IRS notices – just in case one shows up in your mailbox.

1. Don't panic. Many of these letters can be dealt with simply and painlessly.
2. There are number of reasons the IRS sends notices to taxpayers. The notice may request payment of taxes, notify you of a change to your account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return.
3. Each letter and notice offers specific instructions on what you need to do to satisfy the inquiry.
4. If you receive a correction notice, you should review the correspondence and compare it with the information on your return.
5. If you agree with the correction to your account, usually no reply is necessary unless a payment is due.
6. If you do not agree with the correction the IRS made, it is important that you respond as requested. Write to explain why you disagree. Include any documents and information you wish the IRS to consider, along with the bottom tear-off portion of the notice. Mail the information to the IRS address shown in the lower left part of the notice. Allow at least 30 days for a response.
7. Most correspondence can be handled without calling or visiting an IRS office. However, if you have questions, call the telephone number in the upper right corner of the notice. Have a copy of your tax return and the correspondence available when you call.
8. It's important that you keep copies of any correspondence with your records
http://www.taxact.com/tax-information/tax-tips/2011/eight-tips-for-taxpayers-who-receive-an-irs-notice.asp?sc=110105060101

cintrix

08/22/11 6:18 PM

Post #556

Re: #555: @ypsiCPA - Best guess would be the average of the

Oh, ok, sounds fair, thanks.

ypsiCPA

08/22/11 6:12 PM

Post #555

Re: #554: @cintrix - If you have a cost basis date, but

Best guess would be the average of the day's high and low.

cintrix

08/22/11 9:46 AM

Post #554

Re: #552: @ypsiCPA - For all of $79, you are correct.

If you have a cost basis date, but not the exact price, do you use the high for that day or the closing price?

ypsiCPA

07/20/11 8:38 PM

Post #552

Re: #551: @cintrix - Thanks, but I remembering this correct? Cash

For all of $79, you are correct.

cintrix

07/20/11 8:32 PM

Post #551

Re: #550: @ypsiCPA - Here's ten year old data, should give you

Thanks, but I remembering this correct? Cash contributions were allowed back then without a receipt up to a certain amount but no longer are? Is that right?

ypsiCPA

07/20/11 8:29 PM

Post #550

Re: #549: @cintrix - That’s because the IRS can tell what the

Here's ten year old data, should give you an idea.

http://www.latimes.com/la-avgdeduct,0,750110.story

cintrix

07/20/11 8:22 PM

Post #549

Re: #548: @ypsiCPA - IRS Audit Red Flags

That’s because the IRS can tell what the average charitable donation is for a person in your tax bracket.

What is the average charitable donation? What percentage of your salary would that constitute?

ypsiCPA

07/20/11 7:33 PM

Post #548

IRS Audit Red Flags

http://kiplinger.com/features/archives/12-audit-red-flags-the-irs-looks-for.html?si=1

ypsiCPA

07/11/11 2:03 PM

Post #547

Re: #545: @jglider - Think this publication says it all. http://www.irs.gov/publications/p527/ch04.ht

It is all there. Money received for shared expenses is income, and the related expenses are deducted (2% miscellaneous itemized).

cintrix

07/11/11 9:03 AM

Post #546

Re: #545: @jglider - Think this publication says it all. http://www.irs.gov/publications/p527/ch04.ht

Ok, and I am sure when Steve (mod) drops by he will clarify it for you since he is the expert here.

jglider

07/09/11 11:55 AM

Post #545

Re: #544: @jglider - Won't be charging them rent, only shared expenses.

Think this publication says it all. http://www.irs.gov/publications/p527/ch04.html#en_US_2010_publink1000219164

jglider

07/09/11 11:16 AM

Post #544

Re: #543: @cintrix - Are you charging them rent? The amount they

Won't be charging them rent, only shared expenses. I did find something about renting for non profit but still unsure. Maybe I'll just call my local office.

Told the wifey this would be a mess. GRRRRRR

cintrix

07/07/11 1:47 PM

Post #543

Re: #542: @jglider - Looks like my in-laws will be moving in

Are you charging them rent? The amount they help pay on utilities would be added to the rent amount. If they are not paying rent I would think that technically speaking, their share of the bills counts as rent:

Expenses paid by tenant occur if your tenant pays any of your expenses. You must include them in your rental income. You can deduct the expenses if they are deductible rental expenses. For example, your tenant pays the water and sewage bill for your rental property and deducts it from the normal rent payment. Under the terms of the lease, your tenant does not have to pay this bill. Include the utility bill paid by the tenant and any amount received as a rent payment in your rental income.
http://www.irs.gov/businesses/small/article/0,,id=238662,00.html

jglider

07/07/11 8:15 AM

Post #542

Looks like my in-laws will be moving in with me shortly. Ya ok no jokes please. They have offered to share expenses across the board, real estate taxes, utilities etc.

What I'm wondering is if part of this sharing of expenses would be considered taxable on my part as I'll be the one that gets the deduction on the real estate taxes.

Read thru some publications but couldn't find out for sure.