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2020 (for 2019) Income Tax Thread

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If the property was placed in service as a rental in the same year he disposed of it, (i.e. sold it), then he would not claim depreciation on it. Assuming this took place in more than one year, since he didn't successfully rent it, it may not have been placed in service. Figuring that out would require him to work with a knowledgeable tax pro. But yes, if he took depreciation on it, he might have to recapture the "unrecaptured section 1250" gain.

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1 hour ago, Parliament said:

Refund came through today.  I'm off to Applebee's for half-priced apps!

Thank you for the interest free loan!

-The United States Treasury

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That's a good idea.  Also, I've maxed out my 401K but my wife's acct is not maxed. I assume I can do the same?


Too late to contribute to hers for 2019. Only option is HSA at this point. At least that's my understanding. I miscalculated on an inherited pension lump sum and it's too late to lower my taxable income at this point even though we had room to do so in my wife's deferred account. Lesson learned.

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On 2/14/2020 at 12:39 PM, Okie State said:


 

 


Too late to contribute to hers for 2019. Only option is HSA at this point. At least that's my understanding. I miscalculated on an inherited pension lump sum and it's too late to lower my taxable income at this point even though we had room to do so in my wife's deferred account. Lesson learned.

 

You can still contribute for 2019 to an IRA and defer the income tax.   

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I don't think you can do that if you have a qualified plan through work. At least that's how I understand it.

 

To clarify, I am unable to contribute to the IRA to reduce my 2019 liability due to being covered by a plan through work and exceeding the relatively low income limits.

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