For my Tampa people...
Did you know that if you rent your homestead out for less than 14 days throughout the year that the income you receive is 100% tax free? Awesome, that means you can rent out your pad for the Superbowl weekend and all of that money you make is exempt from taxes...yay!
Showing posts with label Taxes. Show all posts
Showing posts with label Taxes. Show all posts
Wednesday, November 26, 2008
Wednesday, November 5, 2008
Capital Losses
Unfortunately this year there are not alot of folks with capital gains- most of us have capital losses.
It would be valuable to sit down with your advisor or CPA to see what losses you could take this year to help offset income. You can take a max. loss of $3,000 per year and deduct from your income on the front page of your 1040. If you have losses more than $3,000, you can carry them forward to future tax years.
** Keep in mind this applies to non-qualified accounts, not Retirement ( qualified accouts like your 401(k)'s, Roth's or IRA's)
Another thing to remember is that even though your mutual fund may have lost 30% YTD, your mutual fund may still be passing on capital gains from stocks they were forced to sell this year in the fund that still had a gain. Yes, that can really suck if you are getting passed a capital gain when you might not have owned the fund when they bought the stock that they are now selling at the capital gain. So you could accomplish 2 things, sell a fund at a loss to write off on your taxes and if you time it correctly, you can not own the fund when the capital gain is distributed in December.
Another thing to keep in mind is that if you still want to keep the investment, which is usually the case, you have to wait 30 days( wash rule) before you can buy the asset back again.
It would be valuable to sit down with your advisor or CPA to see what losses you could take this year to help offset income. You can take a max. loss of $3,000 per year and deduct from your income on the front page of your 1040. If you have losses more than $3,000, you can carry them forward to future tax years.
** Keep in mind this applies to non-qualified accounts, not Retirement ( qualified accouts like your 401(k)'s, Roth's or IRA's)
Another thing to remember is that even though your mutual fund may have lost 30% YTD, your mutual fund may still be passing on capital gains from stocks they were forced to sell this year in the fund that still had a gain. Yes, that can really suck if you are getting passed a capital gain when you might not have owned the fund when they bought the stock that they are now selling at the capital gain. So you could accomplish 2 things, sell a fund at a loss to write off on your taxes and if you time it correctly, you can not own the fund when the capital gain is distributed in December.
Another thing to keep in mind is that if you still want to keep the investment, which is usually the case, you have to wait 30 days( wash rule) before you can buy the asset back again.
Friday, October 3, 2008
Something Positive....
So thanks to legislature passed last year, we will be able to save alot of money on our 2008 tax returns... Why? Well many exemptions and deductions are being adjusted for inflation- which has been rising this year. Check out this IRS article showing how much MORE tax money you might be able to save.....
so yes inflation is going up, but maybe you can squeeze some more tax savings out of it...
so yes inflation is going up, but maybe you can squeeze some more tax savings out of it...
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