Taxes Archives |

The Mark-to-Market Election

If you meet the definition of “Trader” by the IRS you can choose to use the mark-to-market rules, investors cannot. If a trader doesn’t make a valid mark-to-market election under section 475(f), then he or she must treat the gains and losses from sales of...

HOH while married

This year was odder than most, we had a number of taxpayers wanting to claim head of household status while still married. Yes, that is an option, but there are hoops to jump through. To qualify for the head of household filing status while married, you must be...

Biden’s scary tax proposal

While at this writing the Biden tax proposal hasn’t been voted on but has been described to include very scary items. First off this is supposed to only “tax” the uber wealthy.  But the tax code itself was to do the same thing in the beginning. Tax a very small...

Home Office

I have to admit I am not a friend of the home office.  The thought of depreciating my home, only to recapture the deprecation as ordinary income when I sell it was never a warm fuzzy thought. Granted the IRS safe harbor of up to $1,500 is not a lot.  But as I sit here...

2022 Capital Gains

With the significant drop in the stock market, I expect that capital gains from mutual funds will be sizable for 2022. When the market goes down a significant percentage of the population panics and go to cash. Mutual fund companies only hold so much cash in reserve...

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