February 7, 20205 yr If it was converted to rental property won't he have to recapture any depreciation that could have been taken whether or not he actually took it?
February 7, 20205 yr If the property was placed in service as a rental in the same year he disposed of it, (i.e. sold it), then he would not claim depreciation on it. Assuming this took place in more than one year, since he didn't successfully rent it, it may not have been placed in service. Figuring that out would require him to work with a knowledgeable tax pro. But yes, if he took depreciation on it, he might have to recapture the "unrecaptured section 1250" gain.
February 13, 20205 yr 1 hour ago, Parliament said: Refund came through today. I'm off to Applebee's for half-priced apps! Thank you for the interest free loan! -The United States Treasury
February 14, 20205 yr My goal is to be plus or minus $500 every year.Just finished and I owe $254.I am gruntled.
February 14, 20205 yr Nailed it this year somehow. 43 buck refund. Just glad to be done and not owe a ton, which I did a couple of years ago.
February 14, 20205 yr That's a good idea. Also, I've maxed out my 401K but my wife's acct is not maxed. I assume I can do the same?Too late to contribute to hers for 2019. Only option is HSA at this point. At least that's my understanding. I miscalculated on an inherited pension lump sum and it's too late to lower my taxable income at this point even though we had room to do so in my wife's deferred account. Lesson learned.
February 17, 20205 yr On 2/14/2020 at 12:39 PM, Okie State said: Too late to contribute to hers for 2019. Only option is HSA at this point. At least that's my understanding. I miscalculated on an inherited pension lump sum and it's too late to lower my taxable income at this point even though we had room to do so in my wife's deferred account. Lesson learned. You can still contribute for 2019 to an IRA and defer the income tax.
February 17, 20205 yr I don't think you can do that if you have a qualified plan through work. At least that's how I understand it. To clarify, I am unable to contribute to the IRA to reduce my 2019 liability due to being covered by a plan through work and exceeding the relatively low income limits.
March 18, 20205 yr Author On 2/20/2020 at 6:50 PM, CooterBrown said: Normally, I owe around $5K. This year, I owe $6,200. Thanks, Obama. Well at least you now have an extra 90 days to pay up.
March 18, 20205 yr 21 minutes ago, ZB'Tejas said: Well at least you now have an extra 90 days to pay up. What do you think our coronavirus Trump checks are actually for?
March 18, 20205 yr 3 hours ago, ZB'Tejas said: Well at least you now have an extra 90 days to pay up. Is that official? Even though I don't need to use that 90 days, I'm going to just in case as part of the relief package there's something in there about erasing taxes owed beyond what's collected. Yeah, dare to dream but if it's stupid, bet on Trump to do it.
March 19, 20205 yr Yes, it is on irs.gov. File by 4/15. If you owe money, then pay by 7/15. https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020
March 19, 20205 yr I imagine folks who file now and are due money back are gonna hafta wait awhile? Because it's a gong show at the IRS right now?
March 19, 20205 yr 7 hours ago, pacman said: Yes, it is on irs.gov. File by 4/15. If you owe money, then pay by 7/15. https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020 Just file an extension and worry about it if you survive
March 28, 20205 yr We'll see. I filed this past weekend.Looks like it's pending in my bank account for Monday.
February 4, 20214 yr Author Just running the numbers for an early look and perhaps some major changes happened? I don't have the details yet but it looks like I have a considerable amount less that I can deduct.
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