Posts Tagged ‘irs’

Sold investment house for loss including credit card renovations – How do I prove when filing taxes?

I bought an investment house and did the renovations myself on a credit card. It sat on the market for a year and I ended up technically selling it for more than I paid for it. However, when you add renovation expenses and holding costs (interest only mortgage, utilities, etc), I ended up losing K. How do I prove to the IRS that I sold this house for a loss?


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Can I have an IRA with two different mutual fund companies?

Is it allowable to have a Roth IRA with two (or more) different mutual fund compaies, so long as you don’t exceed the maximum contribution amount permitted by the IRS?


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Cashing out a mutual fund and owing the IRS?

I cashed out a ,000 mutual fund and know I will owe a lot on my 2008 taxes. How can I start "paying back" the IRS now to avoid dept in April? I’ve started contributing more to my 401K to lower my taxable income and I’ve increased my W4 contributions to claim 0 and take out extra per pay check. Any other suggestions?


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How are mutual fund beneficiaries taxed?

I am the beneficiary of my father’s mutual fund or IRA. When the money is distributed to me, does the IRS see that as income or as inheritance? How it is taxed?


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