Paying Taxes on a Loss: Wash Sale Disallowance – The Hidden Dark Side of Internet Trading
If you are tempted to jump on the latest investment bandwagon, pay attention to your buys and sells. Frequent buys and sells will have you paying taxes on the gains and having all your losses disallowed. In other words, you can lose money overall, but when tax time comes you pay taxes on the gains and can’t deduct the losses. You can lose money overall and then lose even more by having to pay taxes on gains you never received because they were eaten up by losses that no longer count.
Can I take money out of my 401k for having a baby?
A hardship distribution for a new child should be treated as a rollover, but with three years to pay it back instead of only 60 days.
Paying Taxes on Inherited Property
If you inherit a piece of land or a car or jewelry or anything that isn’t cash, and you turn around and sell it immediately, chances are that your taxes are zero.
Can employers match ROTH 401k plans?
Secure 2.0 section 604 now allows employers to match your ROTH contributions directly into your ROTH 401k.
Are Home Improvements Tax Deductible? (part 2)
When can you deduct you home improvement expenses? Does it go on a tax form? How are home improvements a tax deduction?
Are Home Improvements a Tax Deduction?
Home improvements and taxes, what actually qualifies as an improvement? Are home improvements tax deductible?
Can I Rent my Home to My Business Tax-Free?
The Augusts Rule says that you can rent out your personal residence for less than 15 days per year and it is NOT income.
Why Do I Owe Taxes on My Inheritance?
When you make withdrawals, you will get a 1099-R at the end of the year and you need to report it as retirement income, even if you are not retired, even if you had taxes withheld.
Business or Hobby? – Are you overpaying you taxes?
Don’t let tax software convince you that you are a business because you got a 1099. Hobbies are reported as “other income.”
Is driving to work a Tax Deduction?
If you are driving to and from your primary location of work, no it is not a tax deduction.