Comments for Cafetax http://www.cafetax.com Personal Finance & Taxes Fri, 27 Jan 2012 19:21:32 +0000 hourly 1 http://wordpress.org/?v=3.2.1 Comment on CafeTax Bush vs. Obama Spending the Truth by Paulhttp://www.cafetax.com/2010/09/20/bush-vs-obama-spending-the-truth/#comment-21692 Paul Fri, 27 Jan 2012 19:21:32 +0000 http://www.cafetax.com/?p=1509#comment-21692 I'm curious if you omitted the war spending by Bush that was never included in the actual budgets, as we all know it still should be counted against the administration in regards to spending. I’m curious if you omitted the war spending by Bush that was never included in the actual budgets, as we all know it still should be counted against the administration in regards to spending.

]]> Comment on Foreclosure of Investment Property by Joe Arsenaulthttp://www.cafetax.com/2011/07/08/foreclosure-of-investment-property/#comment-21270 Joe Arsenault Tue, 24 Jan 2012 15:08:12 +0000 http://www.cafetax.com/?p=3633#comment-21270 I would be professionally irresponsible to answer this question for you based on surface information and the hidden complexities of selling land or real property short. Please consult with a CPA or professional in your area that handles this stuff and shows they have the competency in this area. BK should be an exception to COD income, but timing could affect that. FMV can be 3 different numbers used under different criteria. I think your on the right path, but I wouldn't recommend you do this yourself. Good luck. -Joe I would be professionally irresponsible to answer this question for you based on surface information and the hidden complexities of selling land or real property short. Please consult with a CPA or professional in your area that handles this stuff and shows they have the competency in this area. BK should be an exception to COD income, but timing could affect that. FMV can be 3 different numbers used under different criteria. I think your on the right path, but I wouldn’t recommend you do this yourself. Good luck. -Joe

]]> Comment on Foreclosure of Investment Property by Andrewhttp://www.cafetax.com/2011/07/08/foreclosure-of-investment-property/#comment-21229 Andrew Tue, 24 Jan 2012 01:17:58 +0000 http://www.cafetax.com/?p=3633#comment-21229 I received a 1099-A on a parcel of land with COD of $49,167 and a FMV of $23,712. My basis in the property was $56,000 and I was personally liable. I also filed for Chapter 7. My software is computing a capital loss of $32,288 (56k -23,712). The ordinary income of $25,455 was not taxable due to the BK. On an initial glance, does this seem right to you? Do I get an added benefit (albeit over a number of years) of the additional capital loss due to my BK, or is my tax basis truly the $49,167? Thank you I received a 1099-A on a parcel of land with COD of $49,167 and a FMV of $23,712. My basis in the property was $56,000 and I was personally liable. I also filed for Chapter 7. My software is computing a capital loss of $32,288 (56k -23,712). The ordinary income of $25,455 was not taxable due to the BK. On an initial glance, does this seem right to you? Do I get an added benefit (albeit over a number of years) of the additional capital loss due to my BK, or is my tax basis truly the $49,167?

Thank you

]]> Comment on CafeTax Bush vs. Obama Spending the Truth by tranhttp://www.cafetax.com/2010/09/20/bush-vs-obama-spending-the-truth/#comment-20831 tran Thu, 19 Jan 2012 09:22:57 +0000 http://www.cafetax.com/?p=1509#comment-20831 Are you noticing a pattern? Clinton knew about the threat and did nothing, Bush took us to war, Obama continued fighting... Republican? Democrat? I'm thinking the common factor here is big business and the big money they make off of war. But, it is funner to fight over Bush and Obama...that never gets old. Are you noticing a pattern? Clinton knew about the threat and did nothing, Bush took us to war, Obama continued fighting…

Republican? Democrat? I’m thinking the common factor here is big business and the big money they make off of war.

But, it is funner to fight over Bush and Obama…that never gets old.

]]> Comment on 2011 & 2012 Individual Tax Rates by Joe Arsenaulthttp://www.cafetax.com/2010/12/22/2011-2012-individual-tax-rates/#comment-20760 Joe Arsenault Wed, 18 Jan 2012 18:31:56 +0000 http://www.cafetax.com/?p=2647#comment-20760 The thought is that your earning money tax free off of earned income you didn't pay tax on that wouldn't be treated as ordinary. I agree though, basis taxed as ordinary and gains taxed at the treatment of the vehicle inside the IRA would make more sense. It's the balance between tax-deferral and the taxation of distributions... Which is better for you? I do agree with your logic. Thanks for the comment. The thought is that your earning money tax free off of earned income you didn’t pay tax on that wouldn’t be treated as ordinary. I agree though, basis taxed as ordinary and gains taxed at the treatment of the vehicle inside the IRA would make more sense. It’s the balance between tax-deferral and the taxation of distributions… Which is better for you? I do agree with your logic. Thanks for the comment.

]]> Comment on 2011 & 2012 Individual Tax Rates by DAN RITCHIEhttp://www.cafetax.com/2010/12/22/2011-2012-individual-tax-rates/#comment-20754 DAN RITCHIE Wed, 18 Jan 2012 17:44:40 +0000 http://www.cafetax.com/?p=2647#comment-20754 After years of being told my taxes would be lower in retirement I'm getting clobbered by taxes on RMD's. Why aren't RMD's taxed at two rates, A. Simple rate for deferred deposits B. long term capital gains for earnings. After years of being told my taxes would be lower in retirement I’m getting clobbered by taxes on RMD’s. Why aren’t RMD’s taxed at two rates, A. Simple rate for deferred deposits B. long term capital gains for earnings.

]]> Comment on CafeTax Bush vs. Obama Spending the Truth by Extra Large Binder Clipshttp://www.cafetax.com/2010/09/20/bush-vs-obama-spending-the-truth/#comment-19806 Extra Large Binder Clips Wed, 11 Jan 2012 18:53:20 +0000 http://www.cafetax.com/?p=1509#comment-19806 Unquestionably believe that which you said. Your favorite reason seemed to be on the net the simplest factor to bear in mind of. I say to you, I certainly get annoyed while other folks consider issues that they just do not know about. You managed to hit the nail upon the highest and outlined out the entire thing without having side effect , people could take a signal. Will probably be again to get more. Thank you Unquestionably believe that which you said. Your favorite reason seemed to be on the net the simplest factor to bear in mind of. I say to you, I certainly get annoyed while other folks consider issues that they just do not know about. You managed to hit the nail upon the highest and outlined out the entire thing without having side effect , people could take a signal. Will probably be again to get more. Thank you

]]> Comment on CafeTax Bush vs. Obama Spending the Truth by Deezhttp://www.cafetax.com/2010/09/20/bush-vs-obama-spending-the-truth/#comment-17471 Deez Thu, 29 Dec 2011 15:04:20 +0000 http://www.cafetax.com/?p=1509#comment-17471 Well said. I couldn't agree more. When we all look at the larger picture (I'd go even further back into the 70's and 80's, up into now) it all makes sense. It seems people have a memory of about 6 months and think any given situation was completely created by recent events and recent events alone. Further, if you look at the actual big picture, the solutions seem so much more obvious. Unfortunately, that's not the world we live in. Well said. I couldn’t agree more. When we all look at the larger picture (I’d go even further back into the 70′s and 80′s, up into now) it all makes sense. It seems people have a memory of about 6 months and think any given situation was completely created by recent events and recent events alone. Further, if you look at the actual big picture, the solutions seem so much more obvious. Unfortunately, that’s not the world we live in.

]]> Comment on Top 7 Tricks to Teaching Kids About Money by daily tipshttp://www.cafetax.com/2011/09/09/top-7-tricks-to-teaching-kids-about-money/#comment-17044 daily tips Mon, 26 Dec 2011 20:06:33 +0000 http://www.cafetax.com/?p=4193#comment-17044 My brother suggested I may like this web site. He was once totally right. This post actually made my day. You cann't consider simply how a lot time I had spent for this info! Thanks! My brother suggested I may like this web site. He was once totally right. This post actually made my day. You cann’t consider simply how a lot time I had spent for this info! Thanks!

]]> Comment on IRA Charitable Exclusion Extended Through 2011 by Joe Arsenaulthttp://www.cafetax.com/2010/12/22/ira-charitable-exclusion-extended-through-2011/#comment-15879 Joe Arsenault Mon, 19 Dec 2011 04:29:38 +0000 http://www.cafetax.com/?p=2660#comment-15879 Ernest, You are correct. Thank you for pointing this out. -Joe Ernest,

You are correct. Thank you for pointing this out.

-Joe

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