misc.taxes.moderated Google Group

Re: Joint tenancy, multiple owners, capital gains calculation

prm20...@verizon.net (Phil Marti) — Wed, 08 Oct 2008 07:44:23 UT

You're confusing income tax fraud with perfectly legitimate gifts. What you
describe is fraud. I give you an interest in property. That's a gift. I
hide my interest in property in your name to avoid paying tax on my taxable
gain. That's fraud.

Re: Capital Gains

kam...@panix.com (Arthur Kamlet) — Wed, 08 Oct 2008 04:19:20 UT

In article <gchaqn$mi...@registered.motza rella.org>,
In some tricky situations, such as selling stock acquired through
ISO exercise or sale of depreciated property that flows to
schedule D, you might have a different Schedule D for regular
tax than for AMT.
But you have not told us anything that would hint there are

Re: Foreign Earned Income Exclusion: Tax Home for less than 12 months

jma...@andrewmitchel.com — Wed, 08 Oct 2008 04:10:38 UT

Treas. Reg. § 1.911-2(a) provides that "[a]n individual is a qualified
individual if . . . the individual's tax home is in a foreign country
or countries throughout . . . the period of bona fide residence . . .
or the 330 full days of presence . . . " Thus, unfortunately, if you
do not have a tax home outside the U.S. during the full 330 period,

Re: Capital Gains

reply...@newsgroup_please.com (DF2) — Wed, 08 Oct 2008 04:11:50 UT

Yes, if you had a loss on the trade, there are special rules. The
thing you put in quotes will make an excellent search group.
Yes. No problem taking a gain, and then re-buying. It's is only a
loss that can make a wash sale.
If taking a loss, you could stay out of the stock for 31 days or
more. Then buying back is not a wash sale.

Re: Capital Gains

j...@yahoo.org (jack) — Wed, 08 Oct 2008 04:06:18 UT

Lets say I have 150,000 in interest and dividends, and a lot of capital
losses.
I also have some very hefty deductions, so I am well into AMT.
Do I still get to apply the $3,000 to ordinary income, or is that lost into
the black hole of AMT?

Re: Joint tenancy, multiple owners, capital gains calculation

luke_ai...@hotmail.com (Luke) — Wed, 08 Oct 2008 04:07:25 UT

Joe,
Thanks for the quick reply.
Co-owner 4 lived out of the area, shared equally in appreciation, tax
deductions, maintenance, expenses, etc. No rent income.
Assuming the 3 remaining co-owners concurred and understood the gift
tax implications (which would be essentially irrelevant for them),
would it seem like a reasonable strategy to have co-owner 4 quitclaim

Re: Joint tenancy, multiple owners, capital gains calculation

sfcnm-...@yahoo.com (Alan) — Wed, 08 Oct 2008 03:14:22 UT

Luke wrote:
The revised basis for the surviving owners is $450,000 ($400K +
the $50K step up in basis to FMV for the decedent) or $150K each.
The proceeds of $800K less $450K is a realized gain of $350K or
$117K (rounded) each. It appears that owners 2 and 3 meet the
qualifications for excluding gain on the sale of a main home and

Re: Christmas Donations

n...@non.net (dpb) — Wed, 08 Oct 2008 02:20:42 UT

...
...
Yes, ... :(
You would have to write a check or get a receipt under the current rules
irregardless of the amount. I'm sure that's been really beneficial to
organizations such as the SA. Anybody have any information on the
amount of estimated increased revenue to the IRS from this has been?

Re: Joint tenancy, multiple owners, capital gains calculation

joetaxpa...@comcast.net (JoeTaxpayer) — Wed, 08 Oct 2008 00:49:20 UT

Luke wrote:
Unless I am missing something, 4 co-owners had basis of $100,000 each.
When number 1 died and left his share, that share was worth $150,000 and
added $50,000 to each of the 3 survivors, who now have 1/3 shares with
basis of $150,000. 800/3 = $266,667 so the gain is only $116,667, far

Joint tenancy, multiple owners, capital gains calculation

luke_ai...@hotmail.com (Luke) — Tue, 07 Oct 2008 23:41:29 UT

Can someone please explain what each surviving co-owner's capital
gains tax calculation would be under the following scenario?:
Single family home purchased for $400,000 and sold 10 years later in
2008 for $800,000.
4 original co-owners, title held as joint tenants with right of
survivorship.
All costs and itemized mortgage tax deductions were shared and split

Re: Capital Gains

prm20...@verizon.net (Phil Marti) — Tue, 07 Oct 2008 22:36:12 UT

In order, yes and no. While this may seem a great idea on the surface,
scratch a tad below before you decide to just willy-nilly reset basis and
holding period. You don't mention how much paper loss you're planning on
recognizing. Remember that you can apply $3,000 to ordinary income, which
is taxed at a higher rate than long-term cap gains. Hold your winners long

Capital Gains

aturchi...@hotmail.com (alex) — Tue, 07 Oct 2008 22:10:09 UT

With the market as such I have some losses I plan to book before the
end of the year. I also plan to ofsett the losses with gains I have
with other stocks. These are the Questions:
1. If I sell the stock that has cap gains and buy the same right back,
will IRS accept the transaction as a cap gain transaction, or are

Re: Change in Maximum Age to Begin Required Minimum Distribution from Retirement Accounts

n...@non.net (dpb) — Tue, 07 Oct 2008 17:48:53 UT

...
...
I disagree--the crisis wasn't any shortage of actual money, it was the
defaulting on large numbers of loans when the artificially low rates ran
out that precipitated the slowdown of the boom and that simply escalated
in a positive feedback loop--more defaults led to reduced value of
packaged loans and demands on insurers and so on and so on...

Re: Help on estimated taxes/penalties

j...@yahoo.org (jack) — Tue, 07 Oct 2008 17:47:29 UT

Thanks, that's what I wanted to know. I don't care about the long story.

Re: Emergency Economic Stabilization Act of 2008

sfcnm-...@yahoo.com (Alan) — Tue, 07 Oct 2008 17:28:06 UT

I am not aware of any "free" online source that does what you
want in real-time. There are a variety of sources that provide
access to the code but it takes a while for any updates. Here are
a couple of sources:
[link]
[link]