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cynthCO
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- Posted How to determine LEF for an inherited IRA that I inherited from a Beneficiary who was OLDER than the original IRA owner? on Retirement tax questions. April 11, 2022 3:32 PM
- Posted Re: If a privately held REIT is liquidated and shares converted to a different (publicly traded) stock, when do I claim the gain or loss? on Investors & landlords. December 31, 2020 2:23 PM
- Cheered Re: If a privately held REIT is liquidated and shares converted to a different (publicly traded) stock, when do I claim the gain or loss? for martinmarks. December 31, 2020 10:37 AM
- Posted Re: If a privately held REIT is liquidated and shares converted to a different (publicly traded) stock, when do I claim the gain or loss? on Investors & landlords. December 31, 2020 10:30 AM
- Posted If a privately held REIT is liquidated and shares converted to a different (publicly traded) stock, when do I claim the gain or loss? on Investors & landlords. December 30, 2020 10:23 PM
- Posted Re: Primary Home Cash Out Refinance used to pay off a qualifying 2nd Home Loan on Deductions & credits. July 13, 2020 4:11 PM
- Posted Feedback on Get your taxes done using TurboTax. February 10, 2019 11:51 AM
April 11, 2022
3:32 PM
I need to fill in who I inherited the IRA from. Should that name be the original IRA owner, or the first beneficiary? Did the first beneficiary (my father) have the option to stretch out the RMDs using the original owner's LEF's because the original owner (my dad's brother) was substantially younger?
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December 31, 2020
2:23 PM
Didn't get any detailed guidance. The 1099-DIV for the conversion year (2017) from the REIT had amounts in both Cash (Box8) and Non-Cash (Box 9) Liquidation Distributions. I subtracted Box 8 from my running adjusted basis, treating that as return of capital. The Box 9 (non-cash) became the new basis for the stock that the old asset was converted to.
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December 31, 2020
10:30 AM
Terrific. I was worried because the transaction statement from the (publicly traded stock sale, in 2020) only reported the net gain (actually, a loss) from when the conversion happened (2017), thus missing a bigger piece of the overall investment loss. So I assume IRS will get that smaller number, while the number I report will be bigger. That might trigger a followup, but I have all my figures/records to document the overall loss. I was seriously hoping I didn't have to re-do my taxes from 2017 to claim that other chunk of loss. Thank you!
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July 13, 2020
4:11 PM
Related question. We are considering buying 2nd home with a 'cash offer' using a margin loan from our brokerage house to generate the short term cash needed at closing (the market in the area we're considering skews heavily to cash/quick to close offers, so financing contingencies can cause an otherwise good offer to be rejected). Then the plan is to take out either a second mortgage (secured by the 2nd house), OR, a cash-out refinance on the primary residence to generate funds to help pay off that very short-term margin loan (along with liquidating some other assets). But that takes some time. Our hope is to not carry that margin loan any more than the time it takes to get a new mortgage or a refinance loan approved. Is that a viable plan to still have mortgage interest on either loan-type (2nd mortgage or cash-out refi) considered deductible (up to $750K limits)? E.g., if the settlement statement for the original purchase of the 2nd home does not have a loan associated with it, can a subsequent secured loan still be used and meet the 'buy/build/improve' requirement for mortgage interest deductions on a qualified home?
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February 10, 2019
11:51 AM
On the page: "Let's get your biggest possible refund" there's a hotlink for "What's new about the income tax rates this year". The wording in that pop-up implies that the tax table info shown there reflects the user's filing status previously entered, but it doesn't. Instead of showing "married filing jointly" it gives me the tax table for "head of household". A bit disconcerting. I'll certainly double-check TT math when I get further in the interview to make sure the program uses the correct tax table... That pop-up should be fixed. Should be easier to give feedback during TT interview when bugs are found.
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