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Featured Replies

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.

Refund came through today.  I'm off to Applebee's for half-priced apps!

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

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.



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.
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.   

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.

  • 4 weeks later...
  • 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.

 

 

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? 

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.

 

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?

  • 2 weeks later...
We'll see. I filed this past weekend.
Looks like it's pending in my bank account for Monday.
  • 10 months later...
  • 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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