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Archive for Harold Goedde

Non-business Capital Gains and Losses—Government Debt Securities

Harold Goedde

This article discusses debt securities issued by the federal government—treasury securities and savings bonds and non-taxable bonds issued by states and municipalities.

U.S. Treasury Bonds and Notes

Non-inflation adjusted securities. Read more

Non-Business Capital Gains And Losses – Taxable Bonds

Harold Goedde

This article will discuss the meaning of bond quotation prices on the exchange, determining initial basis, amortization of premium and discount, determining the adjusted basis, and the gain or loss on the sale before maturity. It will also discuss convertible, callable, and zero coupon bonds.

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Income Tax Aspects Of Non-Business Capital Gains And Losses Part III

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.

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Income Tax Aspects Of Non-Business Capital Gains And Losses Part II

Harold Goedde

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)

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Income Tax Aspects Of Non-Business Capital Gains And Losses Part I

Harold Goedde

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:

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Waiver of 60 Day Roll Over Period for Distributions from Tax Deferred Retirement Plans

Harold Goedde

This article explains the “self-certification” waiver of the 60 day roll over requirement based on the provisions of the recently released Rev. Proc. 2016-47. The IRS required certification foe a waiver is also included.

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Tax Credits For Education Expenses—Part II: The Lifetime Learning Credit (LTC)

Harold Goedde

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.)

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Tax Credits For Education Expenses—Part I: The American Opportunity Credit (AOC)

Harold Goedde

This article explains the nature of and eligibility rules, who can claim the credit, qualifying expenses, the amount and limitations, and how to report them on form 1040 and supporting schedules.

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Casualty Under The Internal Revenue Code—Part 3

Harold Goedde

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.

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Casualty Under The Internal Revenue Code—Part 2

Harold Goedde

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.

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Casualty Under The Internal Revenue Code—Part 1

Harold Goedde

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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