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Investing

Stock Splits - Are they realized as long term or short term...

This is an example/scenario only. If 1 stock was purchased over 1 year ago at $10 and didn't split, I understand this is long term capital gains when I would sell it for $20. Capital gains would be $10. If the same single $10 stock was purchased over... read more

What expenses can be capitalized when rental property is not in service?

I am a several years behind on filing. No worries, I won't owe, but I have a house I rented for a few years and it got red-tagged by the county. I can't rent it, until I do some major repairs, but it is not a personal use property. Strictly a rental.... read more

1099 and long/short term capital gains

I've come across long and short term capital gains bracket posted on your website. Can I assume it applies to me without obtaining the TTS status? I am 1099 and I trade stocks

ROTH IRA

I was laid off and my potential new employer (if hired) has a 401k but they do not contribute , it would only be me contributing. My existing 401k is going to just sit where it is now. I do not plan on rolling over to the new 401k.my question is whet... read more

401K RMD take when low or high?

Does it matter since the RMD is all taxable? I can't wrap my head around it. If you take it when it is low then you need to sell more shares. So you have less shares to grow. Guess it's like selling personal shares, buy low sell high?

Real estate investment question

I need help in figuring out how to enter income received from a real estate investment. I entered into a contract with a home builder in which I up fronted capital to purchase land and build a new home. My only involvement was up fronting the money. ... read more

Brokerage company requested more info about my W8-BEN and made withhold backup under W9

Hi! I'm a non-US resident, only visit the country as tourist some weeks per quarter. I hold a US bank account and a phone number. Opened a brokerage account to buy stocks/fixed income but the brokerage company invalidated my W8-BEN and requested addi... read more

LLC taxation change from Partnership to disregarded entity for WY, LLC doing business in community property state

We are husband and wife who reside and do business in TX, community property state. In 2023 we formed a WY, LLC to close a rental property quickly and to preserve anonymity, since opening an LLC in TX takes time and owner names are not protected. The... read more

Real estate capital gain tax saving solution

My wife and I have a co-owned real estate property outside of US and we would like to sell it. If we sell it directly there will be a huge gain therefore we have to pay a lot of tax to IRS. After studying IRS capital gain tax an idea comes to my mind... read more

Missed RMD prior to death / Form 5329?

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 ... read more

I need someone who knows K1 partnerships

Why can I not put a negative number the K1 form part III Line 1 & 2 accept negative numbers? It's designated as a profit or loss line.

FORM4562 NOT CREATED FOR BUSINESS PROPERTY

I filed taxes through a filing agent till 2018 and I used to have form 4562 for depreciation for rental property. But after switching over to turbo tax I do not see 4452 for last 3 years and I thoght I will correct that issue this year. I added depre... read more

Capital gains losses, should I file?

I have been investing small amounts in the stock market for the past few years and in the 2023 tax year I had realized losses. They only equal about 300$. Should I include it in my tax return? In the past I have had realized gains but as my income ha... read more

RobinHood 1099-MISC???

When entering a 1099-MISC from robinhood, it tries to create a new business for me when it was just $9.00 worth. I have no idea why they sent it via a 1099-misc instead of a 1099-DIV or other form. How do I enter this without it saying I need to ente... read more

K-1 (1065) Box 13 code H and AE

If I take the standard deduction, does investment interest expense increase my basis because I was unable to take the deduction? Also, under code AE the K-1 detail shows "Management Fees" and "Portfolio Deductions", which I don't think are deductible... read more

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