I think this documentary explains it pretty well Brady. Roflmao!
Sent from my SM-G950U using the svtperformance.com mobile app
Just did my taxes....
- Thread starter VegasMichael
- Start date
Sent from my SM-G950U using the svtperformance.com mobile app
I'm done. It's not "like-kind" because you exchanged cash (i.e. dividend) for the stock. You had more stock after the transaction than before and it doesn't matter if it is the same company as you already own stock. It is still income (dividend) to you and you simply invested it as you wanted.
And if the dividend was a stock dividend, then yes, it is taxed as income.
Capital gains are the increase in value on the asset. In other words the increased value on A share of stock, not an increase in the NUMBER of shares you own.
But I'm done and not going to argue it any longer. Just because I work in the field of wealth management, taxes, and law obviously means I know nothing about tax law and investments.
And if the dividend was a stock dividend, then yes, it is taxed as income.
Capital gains are the increase in value on the asset. In other words the increased value on A share of stock, not an increase in the NUMBER of shares you own.
But I'm done and not going to argue it any longer. Just because I work in the field of wealth management, taxes, and law obviously means I know nothing about tax law and investments.
My wife does as well. We own our local H&R block. She does many farmers taxes and businesses. She is a smart lady with that stuff.
I just started taking H&R block online courses so I can start helping out.
I am blown away with this stuff. I have even more respect for tax preparers than I ever have.
Sent from my moto g power (2021) using Tapatalk
24k on top or total?
Sent from my iPhone using svtperformance.com
Sent from my iPhone using svtperformance.com
I wasn't doubting your expertise in anything I was merely stating an opinion on how I think dividends should be treated by the IRS because not all kinds of income is taxed by the IRS(federal) or states.
You are wrong about dividends paid in stock shares instead of cash as being taxable income. Those shares are not taxed until the shares are sold. Thus, it is tax-deferred like a 1031. Stock Dividends
I felt that pain last year when we sold our home for $830k more than we paid for it. Fun stuff.
You may be better off paying the tax now.
Dependent upon whether you think your income and tax rate will be higher now or down the road.
The thieves must have raise tax rates because simply inputting my W2 into Turbo tax shows I owe 2900
That’s a first.
Sent from my iPhone using the svtperformance.com mobile app
Thought your preparer said it was 100% tax free.
It's 100% extortion. You pay or you go to the gulag at gunpoint if necessary.
We already had this discussion, and it was not the case. Need to discuss it again?
I missed the memo on this one. Did you replace your preparer or did he/she correct themselves and then let you know?
He corrected himself. It was a communication mix-up.
I just remember you saying it was 100% tax free, you never posted about it again in that thread. I must have forgot about it if we did in another thread.
It was his own fault. He initially thought we were making $83k profit, not $830k.
Just a minor mistake. (kidding)
My prepared returns have been sitting in my inbox since Monday. I am scared to look. LMAO. Maybe after a few cocktails.
total (for fed - state poked me in the ass for a few racks too)
Don't know how it works in other states, but Alabama you pay tax on last year's federal tax return (if you get one)
Users who are viewing this thread
