Investing

Hi, I sold a foreign property and changed ownership on 31st of December of 2024. However due to computer glitch, was not able to deposit the funds to the account until following day which was in the new year 2025. Agreement funds of 10% was received in the previous year and part of the taxes were paid to the government in the previous year 2024. Majority of the funds appeared in the bank in the new year 2025. Please let me know if we should file this transaction as part of filing in 2025 for the year 2024 or or file next year (2026) for the year 2025. Thank YouGeorge

I don't have experience with stock investments, but did try investing in a private startup on StartEngine called Jet Token.  It went public last year, merged with another company, didn't do well, and ended up doing a reverse stock split, and buying me out because I didn't have enough investment to get even one stock after the split. So I invested around $130 during their startup on the StartEngine platform, and then I ended up with $4.50 when all was said and done (through Fidelity). So now I have a consolidated for 1099, which has:1099-DIV* showing line 1a "Total Ordinary Dividends" at 0.03 and 0.00 in the rest of the lines (including Federal Income tax withheld 0.00 in bold) 1099-INT* with 0.00 in all lines  (also including Federal Income tax withheld 0.00 in bold) 1099-MISC* with 0.00 in all lines  (also including Federal Income tax withheld 0.00 in bold) 1099-B Section with 0.00 in all rows except the, "Transactions for which basis is not rep

Hello and thanks for responding- I bought a house 10yrs ago to renovate and sell, but ended up renting it out and had to move back in 3 yrs ago.I took depreciation for the 5 yrs ($35k) after it was renovated (2yrs) and while renting, then stopped depcreciation when I moved back in.Since I lived in it for 3yrs, but was an investment first; can I use the IRC 121 for the $250k exclusion?  And do I owe on the depcreciation recapture? 

If sell a stock with various cost basis. some result in a loss but overall is a gain.  Is it subject to wash sell? Multiple purchases at various prices.Sell all at once for overall gain.  But some of the shares were underwater.Since this is an overall gain, are the shares that were underwater subject to wash sell? 

Hi,I am trying to plan next year contribution by front loading max allowance. I plan to work only half year (Jan - June 2025), then travel the world a bit Some relevant information below:- 50 years- Residing in Calif-Single filing taking standard deduction-Salary 130-135KSo lets say with the Gross of $130K year/12 months is about $10833 a month. If I want to max out my 403b (23500 plus 7500 catch), I would just have something like this below. I want to pay the least tax first 6 months. Does this look right?Monthly Gross 10833 (130000/12)Pre-tax deduction -5166 (31000/6months)------------------Taxable $5667=============Also if I decided to work beyond June, then the subsequent checks will have a larger taxable amount since I already used all the pre-tax deduction? Anything else here I should consider?I also plan to contribute $8K to the Roth IRA (using money from other account).Thanks for reading.TT

I've got a weird one for the group.Last year I rolled over some money from TSP to my Vanguard IRA account. Being the Govt they sent a check to Vanguard. Check wasn't received in over 2 months, so they issued another check.  Original check and the replacement check were both deposited into my Vanguard IRA account. Noticed the issue with the overpayment and contacted Vanguard, they said they could do nothing about it, contacted TSP and they said they would try and work it. So, from Apr 2023 to Oct 2024, they went back and forth. Finally, I got someone at Vanguard that knew what they were doing so I requested an Excess Contribution Removal of the money since it wasn't mine in the first place.  Money was sent to me to include all earnings in the account till it was removed.Issue: I received my Vanguard 2024 1099-RLine 2a listed the taxable amount Line 4 listed the taxes they took out for 2024Line 7 had the codes 1, P - I entered the information into TurboTax 2024 and it

I bought a rental on foreclosure 12 years ago for 32k. I did about 20k worth of work on it so it was livable. I did not claim that work on my taxes for depreciation. Depreciation is in the 32k for recapture. It was a roof and addition remodel. I sold the property for 70k with 6k sale commissions. How do I handle this? Is the basis 52k? Is the sales cost 26k?

Do I need the premier edition if I have RMDs or have mutual fund transactions?

Hi, I opened a Roth IRA in 2023 and just recently noticed that I put $550 too much in for that year.  I want to correct this so I'm wondering, do I just pull the money out now and bring this to the attention of my tax professional when I file this year, and next year also?  Can I move the money directly to my brokerage account?  Any input is very appreciated.

Hoping someone can help.  I am looking for help determining how much, if anything, I qualify to contribute to a ROTH IRA for 2024.I would like to preface in advance - I do not have an accountant as I prepare all my taxes myself using turbo tax.  Last June I was laid off.Up until the layoff I was contributing to a 401k.I collected unemployment for about 4 weeks before I started a contract position.The new company does not allow 401K contributions until after 6 months employment.So from 7/25 till present I have not been contributing to a 401k. Since starting my new job I have been setting aside some money from each check. Its not alot of money...so far it is about $1800 and by end of December , I may save another $1800. Total for 2024 would be about $3600. I do not have an accountant who can help me, as I use turbo tax to do all my taxes, I was wondering if there is a way to project if I qualify to contribute any money to a ROTH IRA. Can I use any of my

I've recently received the last of my BTC from blockfi Interest account settlement(I'm going to round the numbers)2020, I opened my  Blockfi interest account and bought 0.3 BTC with $10000 (all purchase/interest transaction saved)When the bankruptcy began in Nov/2022, the court lock my 0.3 BTC @ current market value of ($5000)  I've been paid back ($5000) in 0.08 BTC this year (2024). Unfortunately, its less BTC due to market being much higher. (Too bad for me) I needs some help on how to record this mess on my 2024 taxes in turbotax. 

I have about 40k of loss carry forward shown on my 2023 Schedule D Line 16. Would like to fully offset it in my 2024 taxes by selling a mutual fund and realizing some gains. I have a mutual fund with current value of 350k and total gain of 150k. Is there a way to determine how much do I need to sell to realize 40k in gains? Don't want to sell more than I have to for offsetting that 40k of loss carry forward. Thanks in advance!

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Four years ago, I invested in a private corp. via a convertible note. I paid taxes on interest income from 'deemed' interest the first two years. The third years it converted into equity. This year it was acquired for the assumption of debt and all shareholders were wiped out. How do I report this - I assume part of it will be a capital loss and part a recapture of ordinary loss from the interest income.

I want to transfer the max $18000 from my sons 529 account to my sons Able Now account.  Both accounts have forms for this transfer but I'm trying to do it all electronically by taking a 529 distribution to my checking account that is linked to the 529 then transferring the same amount from my linked checking account to the Able Now account.  I can't find any IRS rules that prohibit doing the transfer this way.  Does anyone else know of any restrictions?Thanks!

I have been attempting to sell a Classic Vehicle for a while now as well as a Vintage Quad Cycle Cart, but they have not yet sold, so I was wondering if I was to donate both for a good cause with a legitimate entity, how much of their value can I claim for both since I have never done or even looked into this type of deduction to consider filing for this coming year if I do such donations prior to end of 2024.   Any guidance is hugely appreciated. Kind Regards,Cuqui

Are there any consequences to doing a 1031 exchange in the future, after taking de minimis safe harbor or de minimimus routine maintenance elections that I'm not thinking about? Want to make sure using these will be good in the long run.  Several properties have low basis and nearly fully depreciated. So a chance would sell outright. How would using these elections for a few years change things? 

Can i make the de minimis safe harbor election, but lower the threshhold to $1,500 for example instead of $2,500, as long as its consistent applied and i write up a statement as such in my records?

Let's say a friend has stocks in an investment account. Those stocks are earning interest and dividends. Is it advantageous to put the dividends and interest into investments such as stocks inside the SEP IRA?

Quick question about missed RMD's Elderly parent passed away Jan 2024, having taken RMD's since 2019 but not having taken RMD's for 2023 (illness) or 2024 (death).  I understand that the RMD for 2024 should be taken by me, the non-eligible designated beneficiary (non-minor child of deceased). My question pertains to the missed RMD for 2023, what should be done in that case?  Should Form 5329 be filled out on behalf of the deceased or should I fill out the 5329 and ask for a reasonable cause waiver of the penalty (and take the missed 2023 RMD myself)? Thanks in advance for your time and assistance.

My 80 yr old Mother immigrated to the US in '23 to live with me. Since she doesn't have any source of income in US we did not open any bank accounts for her. She had a property transaction in her home country in 23 proceeds from which about $70,000 USD we decided to keep it in my account in the US for costs and expenses current and future. Now in 2024 we have become aware that she has some tax lilability in 2023 and have decided to proceed to open bank accounts for her. We would ideally like to put the $70K back into her account and use some of it towards her tax liability and invest the rest. We are not sure if this can be explained as her money kept in my account and avoid Gift filing implications. It was never a gift just that she didn't have a financial account and now that she does and also to pay her tax liability we want to keep it in her account. We can instead treat it as a gift and file forms needed when gift exceeds annual exclusion OR we can treat is as

I am retired and collecting Social Security. My wife is still working and under 65. Can we set up and contribute to Self-Directed ROTH IRA's? If so, are any of the contributions deductible? Even if we can't deduct any of the contributions, are we allowed to make them?

Today I just discovered that my 2023 Roth IRA contribution was ineligible because my spouse and I filed married separately and resided together. If we amend our 2023 taxes today (9/2024) to file jointly; will this correct the ineligible status. Please also note, my spouse had a tax payment due, which has been paid, and I received a refund.

I have held DBA and DBB, and UNG for a few years and received K-1 and K3 form to report to the IRS. TurboTax used to ask to enter the information of Part II, J (Partner's profit, loss, and capital)  %, and  L (Partner's capital account analysis) on K-1 (Form 1065) until last year. But TT doesn't ask these part of information to enter at all this year (2023 tax).   Am I missing something?Can I have someone's advice? Thank you.

The new rollover option with 529s is very compelling, but there remain many questions about how it can be used. A few such questions are raised in the balance of this note. First, it was deemed okay to make a rollover in respect of the 2023 tax year so long as it was done after 1/1/24.  Is this an accurate reading of what’s permissible? Second, any such rollover is limited to an amount not greater than annual contribution limits. And as part of this, any rollovers are limited total earned income if less than the annual contribution limits. However, as a rollover, it seems that it should not limit a further deposit to the Roth IRA in similar amounts. Consider that a rollover is not a contribution, notwithstanding some of the quirks imposed on this type of rollover. As such, it seems to me that limiting contributions by virtue of having made a rollover is inconsistent with how this issue is treated in other circumstances where both are possible in the same year.