This article discusses debt securities issued by the federal government—treasury securities and savings bonds and non-taxable bonds issued by states and municipalities.
Archive for Harold Goedde
This is the final part of a three part series which examines sales of gifts, non-business bad debts, and securities. In the first part, we discussed the general aspects of capital gains and losses, the brokers reporting to investors, how and where they are reported on Form 1040 and supporting schedules. The previous part discussed the tax implications for wash sales stock rights, small business stock, and inheritances.
This article will discuss the tax implications for wash sales stock rights, gifts, small business stock, non-business bad debts, and inheritances. This is a the second article in a series of three focusing on gains and losses. (Read Part I here)
This article will discuss the general aspects of capital gains and losses, the brokers reporting to investors, how and where they are reported on Form 1040 and supporting schedules.
It is advantageous to have investment income in the form of long-term (held longer than one year) capital gains (LTCG) because they are taxed at a lower rate than ordinary income. For 2016, the net LTCG will be taxed at various rates depending on the tax bracket:
This article explains the nature of the Lifetime Learning Credit (LTC), eligibility, qualifying expenses, the amount and limitations, and how to report them on form 1040 and supporting schedules. (Click here to read the first article.)
The IRS, the states, and the tax industry, are committed to protecting you from identity theft. They have strengthened their partnership to fight the criminals and to devote themselves to serving you. Working together, they have made many changes and are making good progress to combat identity theft. The IRS has substantially reduced fraudulent returns and identity theft in the past two years.
This article is part 3 of a three-part series which discusses gains, including deferring the gain for income producing property by purchasing replacement property-qualifying property, time period for replacement, realized and recognized gain, and the basis of new property. The other 2 articles can be found by clicking on these links: Casualty Part 1 and Casualty Part 2.
This article is part 2 of a three-part series which discusses how to determine the amount of the loss for personal use and income producing property, amount deductible, and tax year for the deduction (part 1 can be found here). We will discuss gains, including deferring the gain for income producing property by purchasing replacement property-qualifying property, time period for replacement, realized and recognized gain, and basis of new property in the final installment.
This article is part 1 of a three-part series which will discuss the meaning of a casualty under the IRC. Over the next two installments, we will discuss how to determine the amount of the loss for personal use and income producing property, amount deductible, and tax year for the deduction. Also we will look at gains, including deferring the gain for income producing property by purchasing replacement property-qualifying property, time period for replacement, realized and recognized gain, and basis of new property.
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