Investing

I used my HELCO to fund my LLC. My LLC invested with Borrower who made investment and returned to LLC monthly interest payments.My LLC  received 1099-INT from the Borrower. Should I file schedule -C and are the HELCO  interest deductible as business expense?

I had various stocks (with one broker) which were move to an annuity (with a different broker). Do I have a tax liability? If I do, what forms do I need to fill out?  

This is a convoluted situation.  Have never sold stock.  The 1099-B does not have a cost basis for some of the shares involved.On August 25, 1997, my wife received 6 shares of General Electric Company stock from her father.  He is now long deceased.  No record of his cost of that stock.On May 18, 1998, she gave 1 share of the stock to me and one each to our two minor children  as custodian.She retained 3 shares in her name.  Her stock certificate was dated May 18, 1998.On November 7, 2019, the 1 share of stock of one child no longer a minor was transferred to my wife  due to the child's death on October 12, 2014.Linda sold her shares on August 9, 2019.Joseph sold his shares on August 9, 2019.Linda sold the shares inherited from the deceased child on November 19,2019.

I have W-2 reported income of $78500 and IRA contributions of 4244. However TurboTax says my modified adjusted income is $131,140.  How can this be?

I thought if you set up a DRIP in your stock account you did not get taxed each year on the dividends received? 

I have a question regarding the ability of those companies to survive the next 2 years assuming their cash from operation (CFO) will be very anemic. I have checked both Royal and Carnival cruise recent annual reports. both of them will need to borrow more next year assuming CFO will cut by 50%.both of them most probably will cut dividends dramatically and will buy fewer shares back. on top of that, both will most likely reduce their capital expenditures (CAPEX).so they are about to take similar action to survive next year, but until now I see only Royal Caribbean reacts by approaching to increase their line of credit in case of need and announcing they will reduce their CAPEX and operating expenses next year. the question is, why people talk about  Royal cruise as a company that might bankrupt but nobody says the same about Carnival cruise? thnx.  

Where enter Total Capital Distributions from Form1099-Div onto my 1040 Tase Return?

I received a Composite Statement of 1099 Forms from Raymond James & Associates.  In the 1099-B section of the statement it reported the redemption of the Guggenheim US 50 unit investment trust that I purchased in 2018 and held to maturity in 2019.  Dividends were paid monthly and reinvested in the trust.  There were 12 Short Term Transactions for Noncovered Lots and 2 Long Term Transactions for Noncovered Lots that I entered manually in TurboTax. There was one  Nondetermined Term Transaction for Noncovered Lots that was identified as a Return of Principal.  Where or how is this entered in TurboTax?  Is a Return of Principal the same as a Return of Capital? If it is a Return of Capital, do I need to go back and adjust the cost basis of all transactions that occurred prior to 03/072019?  Or, can I simply adjust the cost basis of my original purchase of the trust? 

IS an IRA withdrawal that goes directly to one or more 529 accounts considered to be taxable? if not, how does it get reflected In turbo tax?

I have investment interest deduction for loan on raw land for speculation that keeps rolling to the next year.  I also sell stocks each year in a company which gives me a capital gain.  Your help button says that I can not do capital gain and use the interest to off set the gain.  It also says Quick Books will ask me if I wish to do that.  It does not ask me.  I would like to use up some of this  built up investment interest to off set these gains. Thanks

I started investing in 2018 in taxable accounts.  I got an amended statement from my broker after I filed my 2018 taxes that showed a small capital loss for 2018 (~ $800).  Can I carry that loss forward and offset any capital gains in 2019 or is it lost forever (or do I need to file an amended return for 2018)?

My BofA 1099-R shows $36783.89 as gross distribution and Taxable the same. They withdrew $4139.15 as normal required annual required withdrawal. I with drew the remaining 32,644.74 and deposited it into Midfirst bank into new IRA account. How do I show thios on my premier tax program?

My current wife purchased land in Nevada in 1981 for $8000. 00. We got married in 1987. With financing etc we spend a total of $13,956.  After all the years of paying taxes, we finally sold the property  for $1327.00.Can we claim the substantial loss or any of it by using it against our capital gains or however.Thanks.

My wife and I traveled to Texas and Nevada to look for investment property/house.  What can I deduct from our 2019 taxes?  What form do I use?  We incurred costs for:HotelMealsRental car and gasAirfareMileage using our personal car

In prior years I have been able to fully deduct investment interest. All of the interest is for investments and the amount of interest paid is less than my dividend income. I don't see the place where I can elect to deduct the full amount of interest, instead of rolling it forward into future years.  Please let me know.

I would like to learn more on stocks and investing. Where is the best place to start? 

Hi I wanted to ask . I have a credit card bill due and I am really low on funds would it be a good idea if I pulled from my 401 k or any of my investments?

Hello, I bought, traded, and sold cryptocurrencies in 2019. I typed my trade info and also imported CSV files on to TurboTax.comHowever, in the review section, a strange form keeps showing up. I don't know what to type here, and even after type number, the same form keeps showing up.What should I do? 

Where can I enter airdrop crypto currencies? I have got those from coinbase earn.  Thank you, 

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I received a death benefit from my father in 2019.  When I started my taxes I found the original 1099-R was incorrect.  I received the new 1099-R yesterday with a letter attached stating the following: "There was $XX,XXX.XX of COST BASIS left in this contract.  According to Internal Revenue Code Section 72(b) (3), you as beneficiary may take a deduction on your income tax return Form 1040, Schedule A for the remaining investment in the contract." I researched this wording in Turbo Tax, Help Discussions, Etc. and found nothing relating to this situation.  Can someone assist me on where I should input this information on my tax return?  Or does it go on my return, or should I contact the Payer back and have that balance transferred to my checking account?

What is a workaround for this limit?

We purchased an investment home in January 2019 and sold it in December 2019. How am I to proceed with reporting this on my taxes. I was told that it would be considered as income because we owned it for less then one year. We did not live in the house and or rent it out. I am looking for advise as to now to move forward with my tax prep.

I was a partner at an engineering firm and decided to leave that company. When I left I sold all of my shares back to the company. We created a Buy/Sell agreement where they agreed to purchase my shares for the set year value and pay off any outstanding debt I had on shares. So they payments was the value of the shares minus the debt. The money is being given to me over 4 years with the first payment happening in 2019 when I left. How do I report this since it was capital gains? Do I report as a stock sale as if the full payment happened or do I report it as installment payments?

The 1099s are in at E Trade. TT will not allow me to import that because of a hard coded date in TT that says 2-17. What's up with hard coding the data? It's either there on not. Is this COBOL batch?