The IRS Audit Blog

Posts Tagged ‘rules’

Donate Your Car by December 31 for a 2010 Tax Deduction

VAN NUYS, Calif.–(BUSINESS WIRE)–Tips to safely navigate the car donation industry and maximize your 2010 Tax Deduction

Car donation CT Connecticut=Huge IRS warning!

Calendar

Submissions for “Community Calendar” are required two weeks preceding the date of publication. Send to: Mary Ann Bottari, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026; mbottari@pioneerlocal.com. Information may be faxed to (847) 486-7495.

Self-Directed IRA | Real Estate IRA | Guidant Financial Group

Haiti Earthquake

Lessons from other disasters are not always relevant to the earthquake that struck Haiti on January 12. The Indian Ocean tsunami, for example, affected a ribbon of remote, mainly rural areas. The governments of the affected nations like Indonesia could lead their relief efforts.

What the IRS is looking for next when debating charitable contributions

Question: Wash sale question…?

Regarding wash sales, is it true that if I’ve bought and sold numerous times during the year (some losses some gains) in a particular security…that to avoid all the calculations at the end of the year…I simply need to sell the stock and be out of it for 31 days (and include Dec. 31 in those 31 days) in order to avoid the wash sale rule?

For example, I trade in and out of qqqq during the year..some result in losses and some gains and some are wash sales…can I simply be out of qqqq from, say, Dec. 15 to Jan. 16th and avoid worrying about wash rule sales?

Oh, also, how likely is it that the IRS would ever bother trying to trace all this minutae in my personal account?

Thanks…

Answer: I think you have the wrong idea of the wash sale rule.

It’s really quite simple:

As long as you sell a stock you own for a loss, and do NOT buy it back for 31 days, you can show the loss on paper for the IRS. You can buy the stock back on the 32nd day and trade it again.

It is possible ( If you are not a good trader ) to have a loss offset all of your trading gains for the year )

Go to IRS.GOV and type in wash sale. You will get the exact wording.

Good luck.

Tax rules for worthless stocks

Q. Can I deduct the value of my GM stock, or any other company that has gone bankrupt, from my income taxes? — Stockholder A. Before we start, let’s clarify. Not every bankrupt company has stock with absolutely no value….

TradeMatcher.com **Schedule D &D1 Tax Solution** Day trade

Question: New IRS Charitable Giving Rules for 2006 or 2007? Can I still e-file?

Do the new IRS rules under the Pension Protection Act of 2006 prohibits donors from declaring contributions to charitable organizations unless they can produce records of the transactions impact 2006 filing, or is it for 2007? Also, either way, if I have the records of proof, but file electronically, do I need to do anything, or do I merely hold on to the records for a potential audit? In other words, can I still e-file, or do I need to mail my return in with the documentation of the donations?

Answer: yes you can still e file the only thing is that youll have to keep those receipts from the organizations just in case you do get audited. If you dont get a receipt you can also use a canceled check or some other document that shows you did in fact contribute.

Many tax credits, deductions overlooked

If you thought you had the tax laws figured out, guess again.

Tips from the IRS – Charitable Contributions