Investing

I want to sell some of the stocks in my UTMA that is 20+ years old. I just found out I have this account. What cost basis method should I be using if I dont plan to cash out the entire account? 

how many stock transactions can i enter in turbo standard version

How is the yes/no cryptocurrency question answered when a person transacts shares in a non pass through C corporation that mines cryptocurrency?example: nasdaq listed RIOT 

My daughter has a 401K at work. She also contributes to an IRA at a local bank. Is there a total amount that can be contributed to both separately, or both?  Thx

received $75K for equity in home due to divorce.  Owe $25K for personal loan settlement.Want to start an account for a child (IRA, trust?)What is best way to invest without paying high taxes on remaining funds??  How much can I put into personal savings account with out tax  penalties???

In Nov of 19, I cashed out all of my stocks shares (2266) in an investment account that I have had for roughly 30 years.  I have not contributed to the account for over 20 years, it just kept building up on its own.  I received a 1099-B which 851 shares were divided into long and short term investments. The remain 1415 shares were not categorized.  For the 1415, the 1099-B states "Transactions for which basis is NOT reported to the IRS and for which short-term or long-term determination is unknown.  You must determine short or long term gain\(loss) based on your records and report on Form 8949, Part II, with Box E checked, as appropriate. "Questions:1. How do I go back 30 years to check for gains/losses?2.  Do I really even need to check?  Will I get into trouble by the IRS if I don't?

Hi! If today I sell an uncovered Put with an expiration date of January 21, 2022 for $100, and then close out of this position on January 21, 2022 with a $100 profit, how will this  profit be taxed when I file my taxes for the year 2022?  As ordinary income, or as long term capital gains?

30 years ago I bought a rental propety20 years  I did a qualified 1031 exchangeNow I am selling the 2nd buildingOn my exchange agreement from 20 years ago there is a $ amount called  "Relinquished Property Equity" Is this  amount the basis that I should use going into the calculation for the 2nd building? I assume that I subtract the depreciation on the first building from this relinquished property amount / basis  before calculating building 2?

Hello Experts, I participate in my employee sponsored 401K and my AGI exceeds the limits specified for Roth IRA.Can I open an Traditional IRA account though two conditions are true:- Participate in 401K-AGI >= limits. I understand that I may not be able to take deductions. Please help.

If one maxed out there traditional IRA contribution for 2020 while also putting 5k into their employer 401k plan in 2020, can one rollover the 5k in the 401k into the IRA in 2021 and not have it count against their 6,000 IRA limit?

What's the most logical way to pay for college tuition if you expect to pay it in the coming years? Is it best to withdrawal from 401k account? Or open a 529 account? Or do nothing? Or something else?  Thanks!

I have to mail my state tax return,   I don't know what forms to mail. 

WA state where homestead exemption is $125000. Now if someone owns a single family house worth $220000 and worried about potential lawsuit.He is considering putting this home in to a LLC. Can someone explain what are the advantages and disadvantages? and answer my questions below? 1. I found that it provides protection against liabilities but if this person does not have any other significant assets other than this house - there is not much advantage on this point correct? 2. What about the tax benefits? He is not renting at the moment ...so are there any other tax advantages if he put in to LLC? 3.if home is put in LLC ..does he loose homestead exemption? 4. are there any tax advantages if he sells through LLC ?also  are there any tax advantages if he gifts this property to a family member ? 

I have paid capital gain tax through my individual tax , Do I need to pay additional capital gain tax based 0%, 15%,25%? What form do I fill up to pay this additional tax?Do both short term and long term  need to pay additional capital gain tax according to 0%, 15%, 25%? Thanks, Doris  

I have several rental properties with a partner we are members of an equally owned LLP and file our taxes as such, each receiving a K1 using turbo tax.Iam looking to buy him out this year. I would probably just buy all the shares of a LLP converting the LLP into a single member LLC. A couple of questions I have:1. When I do this will I be able to put these properties on to my schedule E like the other properties I already hold in my own name?2. How does the depreciation work on that? Do we both do depreciation recapture does just he do that? Is that put on our final year of business taxes (closing the business)? Do I carry the depreciation I had over to my schedule E? ... So many questions!  3. How does the price that I pay to buy out the LLP work in regard to taxes? ( For example if I paid him $100,000 buyout the LLP)? Does it get added to cost basis of properties, do I split it across the 5 properties we own? Etc. Note we use multiple turbo tax products for busine

I sold stocks that were acquired through ESPP and dividend reinvestment of the stocks acquired through ESPP of a former employer. I received a W2 from my former employer for the sale and also a form 1099-B from my broker. How does turbo tax handle issues like this? I entered the info the way they are and am being asked for an adjusted cost basis. My broker told me I have all I need to file. No form 3392 was ever provided by my employer when these shares were acquired. How do I go about this?

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One of my Stock sales is under the Box D sales when it should be under Box A per 1099-B. How can I correct it?

Hello, I am currently unemployed due to coronavirus, but in doing my 2019 taxes turbo tax suggested opening/contributing to an IRA. I do not currently have one, but if I did open one, will it affect my current unemployment benefits? I workers all of 2019 and for 2 1/2 months in 2020, the year of my unemployment benefits. Will my Connecticut unemployment benefits be reduced or stopped if I open this IRA? thank you!!!

We started a house flipping business last year. We bought a property and did improvements late 2019, and sold the house early 2020. Our contractor was paid Nov/Dec 2019.  Since 2019 didn't generate any income for our business, can I carry forward this 1099 expense and add it to the basis of the house sold in 2020? Or do I consider it a loss for 2019, and carry that loss forward? Basically I'm not sure how to deduct the 1099 expense in 2019, and apply it to the profits of the house sold in 2020. Thank you! Hope that wasn't too confusing 🙂

Hello,I am trying to get a better understanding of After Tax 401K contribution and IRA Rollover.  Let's say I invest an additional $10,000 annually into my 401K After Tax and roll this into an IRA.  It's my understanding that I would roll over the contribution into a Roth IRA and the earnings into a traditional IRA.  What are the short term and long term tax implications of this scenario?

If I was to make a profit from one stock with in less than a year but immediately put it into another, would I need to pay the taxes on the previous earnings?

I am just starting out and have a pretty decent credit score. I’m also starting save up some money but I like to plan ahead. What are a few things you guys would suggest to start investing? What should I look for?

So for one extra form, I am being forced to purchase Premier that cost more than what I made from selling my stocks? How is this fair? Now I understand why people dislike Turbo so much and why you all fight so hard to make filing taxes impossible for the common man. I just want to be able to manually enter my 1099-B form without being forced to pay $70 for "help" I DO NOT need.

Does anyone know if this is possible? After entering the amount converted from a Traditional IRA to a Roth IRA, the Premium Tax Credit (PTC) went away.  It now appears that I owe not only the tax on the converted amount (from traditional to Roth) I now need to repay the PTC. The only way I see to avoid having to repay the PTC is to dissolve the Roth conversion. Anyone have any knowledge of this tax situation?