Investment Income Archives - John R. Dundon II, Enrolled Agent

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Investment Income

17 Feb Allowable Nontaxable IRA Rollovers Contributions Interpreted To Mean One Per Taxpayer Per Tax Year in US Tax Court Case – Bobrow v. Commissioner

Posted at 00:00h in Distributions, Investment Income, IRA, IRS Enforcement, IRS Examination, Retirement, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests

In Bobrow v. Comm'r, T.C. Memo. 2014-21, the Tax Court relied on IRC 408(d)(3)(B) regarding the limits and frequency of nontaxable rollover contributions elected by the taxpayer noting that the one-year limitation addressed in this section of the US Tax Code applies to all IRAs maintained by...

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

31 Jan Tax Implication of Publicly Traded Partnerships: Why Purveyors or the US Tax Code Snarl at Investment Brokers

Posted at 00:00h in 1031 Exchange, 1231 Exchange, Capital Gain, Capital Loss, Investment Income, Like/Kind Exchange, Limited Partnership, Partnership, Passive Activity, Tax Guidance & Preparation

Tax Implication of Publicly Traded Partnerships: Why Purveyors or the US Tax Code Snarl at Investment Brokers. My friend Roger Botterbusch recently put together a most excellent presentation on the tax implications of owning Publicly Traded Partnerships (PTPs), also commonly referred to as Master Limited Partnerships (MLPs)....

29 Aug Investor or Trader

Posted at 00:00h in 1031 Exchange, 1231 Exchange, Business Expense, Business Income, Capital Gain, Capital Loss, Income, Investment Income, Mark to Market, Self Employ, Small Business, Tax Deductible Expenses

I have another new client who is a day trader and wow is he good at it! Even though he has another job he makes so much more money as a trader that this ultimately is his primary vocation. The following are a few things...

25 Jul Traders in Securities

Posted at 00:00h in Accounting Method, Business Expense, Capital Gain, Capital Loss, Cost Basis, Investment Income, Mark to Market, Paying Taxes, Self Employ, Tax Guidance & Preparation

If you are an individual who buys and sells securities you may qualify as a “trader in securities,” for tax purposes. This post attempts to explain how traders must report the income and expenses from being in the trading business. First though it is important to...

07 Dec YIKES! IRS Issues Proposed Regulations on New 3.8% Net Investment Income Tax

Posted at 00:00h in Investment Income, IRS Collections, Paying Taxes, Tax Guidance & Preparation

A new Net Investment Income Tax goes into effect starting in 2013. The 3.8 percent Net Investment Income Tax applies to individuals, estates and trusts that have certain investment income above certain threshold amounts. The IRS and the Treasury Department have issued proposed regulations on this...

24 Nov Retirement Savings Required Minimum Distributions (RMD’s)

Posted at 00:00h in Investment Income, IRA, Retirement

Many people turning 70 see themselves in the prime of their life. A pervasive problem among this group is this idea of a Required Minimum Distribution (RMD) from their retirement savings accounts. Many people do not like to withdraw money from their retirement accounts particularly...

02 Sep Foreign Account Tax Compliant Act IRS Guidance: IRS Notice 2011-53

Posted at 00:00h in FBAR, Foreign Income, Investment Income, IRS Enforcement, Paying Taxes, Tax Abuse, Tax Guidance & Preparation

Notice 2011-53, issued by Treasury and the IRS, provides a workable timeline for foreign financial institutions (FFI) and U.S. withholding agents to implement the various requirements of the Foreign Account Tax Compliant Act (FATCA). The notice phases in the implementation of FATCA in the following...

20 Jul Characterizing Partner Distributions

Posted at 00:00h in Cost Basis, Distributions, Investment Income, Retirement, Small Business, Tax Guidance & Preparation, Taxable Income

Generally if payments are in exchange for partnership property, the amount received in excess of the partner’s outside basis in his/her partnership interest is taxed as capital gain. However if the payments represent a distributive share of partnership income or are deemed to be guaranteed payments, the payments are taxed as ordinary income. According to...

24 Feb Your Child’s Investment Income – tax implications

Posted at 00:00h in Child Tax, Children, Dependent, Investment Income

The following facts will help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate. Investment Income Children with investment income may have part or all of this income taxed at their parents’ tax rate rather than at...

20 Jan Converting IRA to a Roth IRA