Many people have built impressive residential real estate portfolios one property at a time, living in the property while fixing it up thus declaring it their primary residence for income tax purposes and then moving onto a new house to…
Trader or an Investor in Securities? Van Der Lee v. Commissioner TC Memo 2011-234 helps clarify matters. While many individual taxpayers claim to be traders in securities as compared to investors, in Henricus C. van der Lee, et ux. v. Commissioner TC…
The requirements for reporting short-term and long-term transactions on separate IRS Form 8949's by type A, B or C are still required. When the totals on brokerage statements include both type A and type B transactions, you will need to…
Determining Tax Basis and Holding Period for Non Passive Activities is one of those 'Secrets of the Golden Flower' that seems to be both completely esoteric and yet oh so real at the same time. Let's take a closer look…
In tax year 2011 the IRS created Form 8949, Sales and Other Dispositions of Capital Assets, for taxpayers to calculate capital gains and losses. List all capital gain and loss transactions on this form. The subtotals from this form will…
According to IRS Publication 590, chapter 1 section "Recognizing Losses on Traditional IRA Investments" you can indeed deduct for tax purposes a loss on IRA plans if you cash out all funs out of all IRAs of the same type be…
Everything you own and use for personal or investment purposes is a capital asset including a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you…
The IRS wants you to know these ten facts about gains and losses and how they could affect your tax situation. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell…
If only you could sell, you would be able to exclude from your income up to $250,000 if you are single or $500,000 if you are married of the capital gains on the sale of your home. You must use…
IRS PTIN: P00605639
Enrolled Agent #: 85353
Email: john@johnrdundon.com
