The folks in the Video Cards and Graphics forum are probably wondering how to properly account for their capital gains or losses that they made mining Litecoin last year.
That said, the US government probably doesn't even consider Litecoin to be a real asset yet, so they might be off the hook. Wadda you think?
The folks in the Video Cards and Graphics forum are probably wondering how to properly account for their capital gains or losses that they made mining Litecoin last year.
That said, the US government probably doesn't even consider Litecoin to be a real asset yet, so they might be off the hook. Wadda you think?
Well, this is a tricky one and I hate even having to speculate. Right now, the IRS has not provided a position on how to report bitcoin, litecoin, Kanyecoin or whatever virtual currency you're trading.
That said, whenever you sell any intangible item, there are gains and losses. So, it makes sense to report them as capital gains/losses.
I'm trying to fill out information for my property tax paid (new home owner), and it has 3 fields: Property description, Tax paid, and number of months. What are they looking for for "property description"?
If I sold a house in 2013, and sold it for less than I paid, do I have to do anything? Do I even have to tell them that I sold a house?
I just bought a house at the end of 2013 and have paid only about $800 in interest so far and nothing in taxes. I'm single... So in this case, is the standard deduction the way to go? It sucks.
You didn't pay any taxes at settlement? There weren't any real estate taxes reimbursed to the seller and charged to you? In any case, if you use software it will do the analysis for you. Just keep in mind, there are other things that go on Schedule A, like any state or local income taxes paid (like those withheld from your paycheck), charitable deductions, mortgage insurance premiums (if you pay any), etc...
Not sure if this is true for all states, but I pay property taxes in two chunks each year. Technically it's from an escrow account, but if I wanted to pay it myself that's how it works. If he bought the house late enough in the year he wouldn't have any taxes paid in 2013.
Anyway slug, like he said any of the software services will let you know which way will give you the largest refund. You can fill out your taxes fully on any of the services (TurboTax, H&R Block, TaxAct, etc) and it will let you know what's the best way to go before you have to pay them. You only have to pay to file, so everything up to that point is free.
Thank you for starting this thread CPA.
Do you know if there have been any new rules regarding classifying business school tuition as un-reimbursed business expenses? My understanding of the current rules are that as long as you are employed while going to school part time for a related degree you can write off the expense. However, you can not write off the expense for full time enrollment. What are your thoughts?
Filing for deceased person who passed in 2012. I paid H&R Block last year to do the return for 2012 but I have to file a return for 2013 because I received payouts for his 403b and cash match accounts. Are there any special forms I need for this or is it something I can do with any standard tax software? Am I correct in assuming that since we are talking less than $10,000 that the tax withheld will just be refunded?
You didn't pay any taxes at settlement? There weren't any real estate taxes reimbursed to the seller and charged to you? In any case, if you use software it will do the analysis for you. Just keep in mind, there are other things that go on Schedule A, like any state or local income taxes paid (like those withheld from your paycheck), charitable deductions, mortgage insurance premiums (if you pay any), etc...
I forgot exactly how the deal worked, but no, the seller paid all the taxes at settlement. I begin paying property taxes in 2014. As far as state income tax, I live in Florida (none). I was not aware that MIP was deductible, so that's kinda cool.
I guess I'll pony up and buy a copy of Turbo Tax.
Assuming this person did not have widow, you need to file an Estate Tax return, Schedule K-1 (Form 1041). After all of the deductions and exemptions, if a refund is owed and you are claiming it, you will need to file Form 1310.
If the decedent's estate didn't have gross income in excess of $600, then there is no estate return necessary. I'm kind of confused by the original question though. Did the decedent in question have any taxable income in 2013?
If the decedent's estate didn't have gross income in excess of $600, then there is no estate return necessary. I'm kind of confused by the original question though. Did the decedent in question have any taxable income in 2013?
403B distributions are income to the estate, so a Schedule K (Form 1041) is required. And since he is the administrator and distributed the money to someone else, he needs to file a 1310. I assume this all happened in 2013 and it was about $10K.
The need for a 1041 (with a K-1 going to his mom) became more clear when Linflas explained it further. Although, unless I'm missing something, a Form 1040 for 2013 for his brother doesn't need to be filed (nor would a 1310).
A 1310 is necessary for a refund of taxes due to a dead person. Assuming that the administrator withheld the mandatory 20% tax on the 403B distribution, it is likely that a refund will be due as the estate will be able to utilize it's Unified Estate and Gift Tax exemption on the income. Linflas, as the executor of the estate will need to file 1310 to claim the refund.