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| 2025/04/08 03:30:36瀏覽11｜回應0｜推薦0 | |
| from my posted in mylib on 4/6/2025
it is tax filing last 10 days period(due on 4/15/2025). and found 2+1(4/7/25, it is mistake not bug) bugs as : 1. 1(not 2) of 4 our transfered annuity issued 1099-R(me) and 1099-INT(spouse another company correct: didnt receive 1099-R) i spent time to call previous annuity company why we had 3 but got 1 tax form. the man didnt know either but insist the tax amount is $0. and wont issue the other 2 tax form. we are honest always reported. in the end i found bug that state tax wont allow deduction because income jump high. there is no way to correct it so i deleted the form. if any bad thing happens we can prove they were transfered to another annuity company, not counted as withdraw. especially the current company and previous 2 companies took long time transfered it without issue a penny interest. (in the past was 7? days must transfer, i already suffered bad experience) and i did warn the agent. he told me government audit the money over $10000($1000?) which is true. the larger amount the longer delay. 2. 4- dropped, 5 entered (四舍五入) still not consist, government tried to get more taxes not base on each item amount, however it is quite minor. ILL state(for senior) car registration(licence plate renew) fee not deductible. 3 the rental income deduction was changed. never understood in the past certainly wont know how to fill the new deduction form sch C, E, F, QBI... and rental house/car depreciation. spouse always told me it is not worth and not use up 100% deductions. leave some buffer in case bad things happen. the tax app remind to upgrade to business version can get more deduction or/and pay their consultant/lawyer fee to get correct answear for your questions. we have no interesting because bad thing happen they wont be responsible. live tax advice (ie consultant/lawyer fee) $60 which is not deductible if use standard deduction(in stead item by item). renting one house we purchased premier tax app (not business tax app) which also not deductible as standard deduction. most people if dont have huge medical expenses and/or 出租房大修 but most DIY, standard deduction is better choice to save time. quite regret and exhausted just cant find better renters but all tried to destroy house new equps including bathtub, new thermostat, garage door... every other weeks something wrong(we did 出租房大修 the 1st renter with trouble boy), made a big hole in our new installed floor(2nd renter no kids), the 3rd renter with trouble boy nightmare happened again, except the 2nd renter(didnt bother us except made a hole which we cant replace by ourselves, 2 years later they moved to another state) we informed them wont continue the lease. the worst is the 5th renter, they didnt bother us frequently until club manager informed us many neighbours complaints whether can make them move out. we cant because Obama(Trump?) approved cant force renter move out by any reason. when 1st time i heard club manger told me they had problem with the other company manager(in the same area) because the renter rented from another chinese who moved to CA. i immediately tried to find and warn the apartment chinese owner, just before i tried to get their living address, the website blocked. i did post my blog in 360doc but not help. the family and brother-so-called drug addiction destroyed all equips and took away refrigerator inner holes caps...even window blinders-type all gone except 2 broke left. we bought new washer, dish washer, refrigerator, ...high quality stove and fireplace all cant be used. wood decks broke, not mention destroyed basement. the vinyl-wood floor and basement carpet need to replace again. we didnt make money but paied rental taxes, and worked hard, fear to take renter phone call any time especially in winter bad weather.. the same thing happened to our investment, this 2024 even cash higher in bank INTerest $677 down comparing 2023. stocks dividends higher but unit price deeply down not only wiped off all dividends/interest but much lower than 2021/09/09, towrd to 2013. again we paied tax every year for nothing but losing 本金. my best advice : do not invest any morny in usa stock market and rental business. if you insist then make sure the money is not needed, it is gamble any time 输光光. tax app just became more and more questions you have to answear (similar as MS win11) , people like us wont know how to answear the weird questions. not mention the app itself existing bugs. such as 1099-DIV are ordinary dividend if REIT type it is not qualified dividend (because not in stock market?). employee stock option program also not qualified. qualified dividends from shares in domestic corporations and certain qualified foreign corporations which you have held for at least a specified minimum period of time, known as a holding period. --i never can figure out why REIT we hold many years is not qualified by the definition. it is usa company and can see shares in statements we received ? becareful usa agent wont tell you any related to tax rules. they all are liars or knew less. PS 4/6/2025 fortunately i searched again about annuity transfered cause tax problem as : "normal annuity transfered to another annuity company need to pay tax?" Generally, transferring a non-qualified annuity to another annuity company via a 1035 exchange is not a taxable event, meaning you wont owe taxes at the time of the transfer. However, taxes are deferred until you withdraw earnings or gains from the new annuity. searched "how to file 1035 exchange?" got : How do you do a 1035 exchange? 3 main rules of a 1035 exchange Exchanges must be in-kind or eligible. The assets youre trading must be the same kind of product or be one of the allowable exceptions. ... The contract holder doesnt change. ... Institutions handle the transaction directly. who is the institutions file 1035 exchange for clients? In a 1035 exchange, the insurance companies involved in the exchange (both the old and new policies) handle the transfer of funds and paperwork, not the client how do i know the institutions file 1035 exchange ? To know if an institution files a Form 1099-R for a Section 1035 exchange, you can look for a code "6" in Box 7 of the form, indicating a tax-free exchange of life insurance, annuity, or endowment contracts. transfered annuity to another company same kind fixed annuity will increase 2024 income amount? ps this is what i saw income jump high because included. fortunately when the agent tried to sell varibale annuity i turned down and spouse another company cheated us sold variable product, when spouse driving car (return home) i found out and immediately called the company, the agent didnt pick up so told the counter lady...he never called back or fixed so next day visited again in the end we cancelled(he didnt tell us already transfered because he told us 3 days later, but tried to sell fixed, we both thought he is not honest right in the beginning, held money caused the longest transfered because the bastard agent immediately transfered to variable type even already informed the company the 1st day) and got bank agent (it took couple months transfered too). spouse didnt receive 1099-R form. i would confirm with his previous company soon. Transferring a fixed annuity to another company for a similar fixed annuity product, using a 1035 exchange, generally wont change your 2024 income amount, as its a tax-free transfer of the same asset. *****it proves tax app made mistake (bug) transfered annuity to another company, variable changed to fixed annuity is same kind annuity or not? Yes, transferring an annuity to another company and changing from a variable to a fixed annuity is possible through a 1035 exchange, and its considered a "like-kind" exchange, meaning its a tax-free transaction. transfered annuity to another company, is it normal didnt receive 1099-R? got: Do I get a 1099-R for a transfer? trueson1 wrote: Sun Feb 02, 2020 7:55 pm You might receive a 1099-R, but as long as it is a direct trustee to trustee rollover, even if transferring from one company to another company, according to IRS, these transactions dont need to be reported on your income tax.Feb 2, 2020 ps this is the best answear i serached even not knowing what is "a direct trustee to trustee rollover" from our previous dead owner , they paied trustee to manage their money but both died and i informed they died the company continue collect the fee in stead transfer whatever left to government. ps 4/6/2025 (in the past was 7? or10 days must transfer, i already suffered bad experience) -- i did by on line transfer to another company because the original usbank agent gone and bank wont take over(cut off annuity product business) and the man(NY?) promised no delay caused tax problem. he lied i ended to pay taxes. since then i never trust on line but must local companies in case bad things happen can in person visit the office. -------------------------------------- 4/7/2025 just found another "bug" in state tax that spouse 2 1099-R prepaied taxes has two amounts for state tax withheld(ps another one amount for federal tax withheld), it should added two amounts pre-paied state tax but tax app missed one(fortunateis it was small amount $48.08), both 1099-R recorded. if i didnt wrote down state taxes details in notepad(tax app disallow copy/paste, i have to manual typed, what a hell job) wouldnt find out the bug, and highly suspect $60 live tax advice would fix the bug if you dont know the problem/bug you wont ask the question then you lose money $60 + missed (ex $48.08) how i fix the leaking? form schedule IL-WIT (ie ILL income tax withheld) step 1 added in $48.08 base on 1099-R. i am going to review all details as i always accused MS win10,win11...any updated must more new bugs piles up. And it just happened all my 3 open data files disappeared including my hard working typed state taxes details. --4/7/2025 my mistake it is 2 amounts for Fed tax prepaied, 1 for state tax prepaied. nothig wrong for the tax app so far. been hard working in tax and my 3 hard working files disappeared that really so upset and screwed up . ps 4/6/2025 found our county website also updated, and found most short of money to pay 9 districts(only 1 Elgin community college district 509 of 9 can pay100%, the worst was cookcounty forest preserve district can pay 38.07%), i bet the 2nd installment property taxes (pay in Sep) jump up. we didnt receive alert email nor from mail cant but pay penalty $81.28 which 1st installment due on 3/4. if it is not i was examine state taxes i would end of diaster property taxes penalty enen can lose our current house(it already marked delinquent 有违法倾向). why state rotten politicians cant try hard to reduce expenses but got more and more illegal immigrations? now it is totally a mess, no wonder 43(49?)个州正式叫停美元宣布货币独立 but not ILL and few others exactly as i suspect. after pay the 2nd installment i would verify my instinc is correctly or not. in fact our retal property already jump from $3357.20 in 2004 to $7493.07 in 2023 ie $4135.87 123.19%. and suffering lead pipe water. ps 4/9/2025 the same problem as bank transaction changed amount, that before file explorer switched another version i did see property tax paied already over $10000 (in current or rental house?) in stead $7493 both were quite similar amount in the past. one time i did pay bank on line bill pay but disappeared and end to pay late penalty(i would find out which years, not just property taxes, also happened to other bills. the question is why file explorer, banks...auto switched without warnning -- this is why my old password returned back but new updated password cant login, same as old version data files returned but new version disappeared too. it also happened to my old email account which exposed in dark website so already updated with new email account except 1 (or 2 cant change as utilitiy commpany usse email address as user ID wont allow updated new email address. then received those should send to new updated email address back to old one. what a mess in usa but black China. recently came from Hillary stink mouth in stead (x case) to catch MS, whoever made different file explorer versions and companies different version clients data base with auto changed transactions amounts plus whoever behind 2 cases 萝莉岛 xxx 集团们 and illgal sold victims personal informations companies. 毒瘤不除去 black other countries wont solve usa falling down fate. ps posted 美国43个州正式叫停美元，宣布货币独立，中国发现超级黄金矿-- 49? 州 ...ps 3/21/2025 i tried to google search who are those 46(should 49州不对金银征收销售税) states . it is not easy got answear only got some states as: Tenn(HB280 HB2804?) Wis(SB33),, Iowa(HF2229) A犹他州Uta(HB348updated HB157) Missouri(SB735), 堪萨斯州 Kansas(SB303), 西弗吉尼亚州W Virginia(HB4342), C新罕布什尔州 New Hampshire(HB1674) ,B Nevada, D怀俄明州 , 亚利桑那州, 俄克拉何马州 Oklahoma(SB862), Idaho, 46Kentuky(HB101), NJ(A5294), Indiana(HB1043), FL(H697 S750), and ILL didnt as: Illinois does not hold any of its reserves in gold and silver. Illinoiss government pension funds do not appear to hold ANY assets in physical gold and silver. ILL still 对金银征收销售税 as: Sales Tax: Illinois residents may not have to pay sales tax when buying from out-of-state bullion exchanges. Reporting: There are no government regulations requiring the reporting of the purchases of any precious metals. Capital Gains Tax: When you sell gold and make a profit, its taxed as capital gains. some are too sensitive then hardly can get answear from google search. some states didnt 签署法案 and/or 独立法定货币, very likely broke no money.some are too sensitive then hardly can get answear from google search. some states didnt 签署法案 and/or 独立法定货币, very likely broke no money. ============================= 4/9/2025 suddenly tax app popped up rental house depreciation related forms. in the past i did searched (and google searched included from turbo tax answearing) should owners use rental house depreciation or not, both some posters showed the bad side effect that in the end pay huge taxes if sold so we didnt apply depreciation but did try it not knowing how to fill the form and not sure whether succeed or not. so (4/8-4/9/2025) serached again about depreciation now it showed every rental house owner should/must use depreciation. due to MS, File explorer stole many my data files and also deleted all previous years tax app on desktop i warned spouse government is catching to reduce huge debt that Trump focus on million in stead of rotten rich over 500万, 千万, 亿万..万亿.. and very likely down to whoever paied the taxes. in the past he warned me leave buffer not 100% use deductable benefits (especially we completely not understood depreciation-related and not know how to fill the form at all) in case bad things happen, now it would come true because Trump knew cant force all other countries to wipe off usa huge debts. --4/15/2025 美共和党据悉考虑对百万富翁设40%税率 以抵消减税成本 2025年04月16日 04:03 环球市场播报...美国白宫、参议院和众议院的共和党人正在起草分析，研究如何以最佳方式为美国最富裕群体设定新的税级，此举表明美国总统特朗普领导之下的共和党在认真考虑向富人加税的想法。 据知情人士透露，众议院的提案拟将年收入达到100万美元及以上的纳税人税率设为40%。消息人士指出，参议院及特朗普政府的经济政策顾问也在研究这个想法。 一位不愿透露姓名的白宫官员表示，特朗普对设立新的最高税级持开放态度。但这位官员强调，更高税率的起征点应远高于100万美元。... --those tax professional-so-called should inquire 2 rotten parties how much savings do they believe enough for middle-low income retiring life under masters endless wars, 1百万, 2百万, 3百万 or 5百万? in 1998? i was told 1百万 then jump to 250万 during Bush wars caused economic recession jumpped to 5百万? we always living as beggar worse than those got free milk the poorest in usa. a period time i really wanted to divorce due to the unknown psycho thief and abuser did to me but not enoght money to divided into two person. today i told spouse that the suspect (neighbours) stood in their parking lot, go to clean lots the falling leaves from the psycho dumpped in our parking which he knew my hands problem and declared he would help after i did last time in Mar. Must let the suspect knew he cant punish me any more or you have to do the job. he waited till they went indoors and closed garage door. Isnt weird spouse wont take my advice to show the abuser? my heart became stronger not softly as before always think spouse 1st but what i got? spouse continue protect the unknown psycho thief and abuser even we both have hands problems that hands must stay away cold weather and water. when i saw what Baiden group did to Trump(push him to the death), i just cant but supporting Trump and hoping he wont became Baiden coldness type. did he change or he already changed long time ago that one side 100% supporting 以色列 bug ignored the most pity 巴勒斯坦 people and their kids. myself did expect the actor took Trump deal right in the begining but seems Trump didnt succeed. i also remind him banks, Amazon popped up old history transactions to help government catch. in the past only can see 5-7 years in banks, not Amazon. i also told spouse tax app just suddenly showing appreciations and seemed we got 3 years deduct but wont show which years. he knew my notebook weird symptons so called the company and was told for some reason they dont have 2020 tax records. we suffered the psycho thief stole any money related paper documents(even our stores and other receipts, some dumpped back in a mess) including every year printed out filing tax-related. will spouse succeed retore 2022 tax, i deeply suspect. it requested rental owner keeps 5? years ps How far back can the IRS audit rental property? 3-years Generally, the IRS has 3-years to audit you, sometimes, the IRS may have up to 6-Years to audit you (especially in situations involving offshore and foreign international tax issues): And, in some situations, the IRS may have an unlimited time to audit you. -- i would say when time up it is our/your turn. i wont worry because at most we only apply 3 years appreciation if it is true. ps I have owned a rental property for the past 40 years. It is fully depreciated. If I sell it, the taxes will be huge. What are strategies I might be able to use to avoid the high tax? John Cummins(A landlord for thirty five years): Please! Enough with the 1031 exchange advice. Everyone knows it. Besides, all an exchange does is defer the tax, you will pay it later, perhaps with inflated dollars if that helps. The easiest way to avoid the tax is to die. Even then your estate will pay death taxes if you were the least bit successful in life. edit: added 3/15/25 I am not for taxes, who is? What I need to keep reminding myself is that this money we are all dreading having to pay when we cash out, was never our money, it is deferred tax money that we got to keep and invest in ourselves for ever and ever. We got the income this deferred tax money created and now when we quit the business we have to give it up. Someone called it “Golden handcuffs” It sucks when you borrow something and then have to give it back, but what really sucks is when you take out additional loans against the property and then have no equity when you sell, “golden handcuffs” --i felt the same and thats why we didnt apply depreciation but turned out it MUST. and we cant get refund at all. not even knowing how to get refund as not knowing which 3 years. And just found it today(4/9/2025) : Can I choose not to claim depreciation on my rental property? Furthermore, if you choose to not depreciate your rental, the IRS still forces you to recapture the gains as if you properly depreciated the asset. Note that depreciation is mandatory for rental properties, even if you choose not to claim it. The IRS will still assume youve taken the deduction when calculating depreciation recapture taxes upon the propertys sale. 1 Depreciation Recapture When you sell a rental property, the IRS will reclaim part of the tax benefit you received from depreciation by taxing it at a rate of up to 25%. 1 In essence, it “recaptures” those depreciation deductions by taxing that amount as ordinary income (up to certain limits). Say you purchased a rental property for $200,000 ($160,000 for the building + $40,000 for the land). During eight years of ownership, you claimed $46,545 in depreciation deductions ($160,000 ÷ 27.5 × 8 years). You then sell the property for $250,000, representing a gain. The $46,545 in depreciation you claimed is "recaptured" and taxed at up to 25%. Your maximum tax is $11,636. The remaining gain of $50,000 ($96,545 net gain - $46,545) is taxed at capital gains rates (typically 15% for most taxpayers). Important Recapture applies whether or not you actually claimed the depreciation deductions you were entitled to take. Common Mistakes and Pitfalls Failing to separate land value from the buildings value is a frequent error. Remember, land cant be depreciated, and failing to make this distinction can result in incorrect deductions. Another common error is neglecting to start depreciation from the date the property is placed in service rather than the purchase date. Some owners also forget to account for improvements separately from repairs. While repairs are immediately deductible, improvements must be depreciated over time. The Bottom Line Rental property depreciation offers significant tax advantages for landlords, but it requires careful attention to detail and thorough record-keeping. While the concepts may seem complex, understanding the basics of depreciation can help you maximize your tax benefits while maintaining compliance with IRS regulations. Working with qualified tax professionals can help ensure youre taking full advantage of depreciation benefits while avoiding the common pitfalls. --the question is: can we really pay and get tax professional? or not many were caught especially cant keep all tax-related data records due to MS, file explorer even tax app company, psycho thief.i dont like depreciation benefit at all because no way to keep/trace for long years ie 27 and 1/2 years. but now force to use it this year without knowing how to do correctly. --upated spouse told me tax app company only keeps 2021-2024 but not before 2021, she did tell spouse how to solve 2020 missing problem which turned out not work either ie got error message. the lady mentioned company dont support pdf file any more so before 2021 all gone.. 2016 we printed from Tax app then mailed, i knew didnt apply apprciation in 2021,2022,2023. so spouse going to manual type for 2020 i deeply suspect will find out. i suspect tax app company showing 3 years appreciation very likely for 2021-2023 even we didnt use it to deduct taxes. |
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