Q&A
Asked by an anonymous user

Answered by Dave Bradley
Investment Manager (Financial Advisor) in North Charleston, SC
In box #7 on the 1099R, what is the code? Should be G or H. If not, contact your broker https://www.irs.gov/instructions/i1099 r/ar02.html#d0e1685 https://www.ir...
Taxes IRA
Q&A
Asked by an anonymous user

Answered by Saul Simon
Financial Planner in Edison, NJ
No you cannot, a Roth is not deductible
Taxes IRA Federal Income Taxes
Q&A
Asked by beverlycrousept

Answered by David Moore
Financial Adviser in Brooklyn, NY
YES. Generally speaking, all income needs to be reported for tax purposes. This includes rent money, even if the expenses of owning the home are greater then the ren...
Taxes Federal Income Taxes
Q&A
Asked by Lee Muth

Answered by Dave Bradley
Investment Manager (Financial Advisor) in North Charleston, SC
Hi Lee, Refinancing your home to get the tax exemption instead of just selling it for a higher profit may not give you more profit. Why not just sell it for a lower...
Taxes Tax Laws
Q&A
Asked by Dave

Answered by Dave Bradley
Investment Manager (Financial Advisor) in North Charleston, SC
Hi Dave, Check with your tax advisor for specifics in your situation. There are exceptions for Real Estate professionals and special rental loss offsets for landlor...
Taxes Tax Laws Federal Income Taxes
Q&A
Asked by Dave

Answered by Dave Bradley
Investment Manager (Financial Advisor) in North Charleston, SC
Hi Dave. Interesting question. We recently attended a solar forum about this. This is what we learned from the forum: The IRS has not issued guidance on how long...
Taxes Federal Income Taxes
Q&A
Asked by ktrentham54

Answered by Dave Bradley
Investment Manager (Financial Advisor) in North Charleston, SC
Hi, This can be a problem for both parents. Rather than tell you which of you is eligible, there is a process: Do you have the signed IRS form 8332? Bring this to ...
Taxes Tax Laws Federal Income Taxes
Q&A
Asked by gospdrcr77

Answered by Dave Bradley
Investment Manager (Financial Advisor) in North Charleston, SC
Sadly, there are many scams. Their target is primarily anyone they can scam. UNDER NO CIRCUMSTANCES SHOULD YOU GIVE YOUR PERSONAL INFORMATION TO A STRANGER THAT CALLS ...
Taxes Federal Income Taxes
Q&A
Asked by Kelvin

Answered by Dave Bradley
Investment Manager (Financial Advisor) in North Charleston, SC
Hi Kelvin, By deferring until next year, will this lower your tax liability or raise it? Ask your Accountant (preferably a competent CPA) and tax advisor. Also, wi...
Taxes Tax Laws Federal Income Taxes
Q&A
Asked by an anonymous user

Answered by Dave Bradley
Investment Manager (Financial Advisor) in North Charleston, SC
Hi Anonymously, Are you a real estate professional? Also discuss this with your tax advisor. You may deduct your suspended passive losses from the profit you ea...
Taxes Tax Laws
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