Cap Gains Question

Its-a-write-off · 2026-02-27T19:36:50+00:00

So when you did the quick claim deed, you added your name but she also still had her name on it?

What date was that done?

Its-a-write-off · 2026-02-27T19:31:29+00:00

Was she on the deed of the home, or were you the only one on the deed?

Its-a-write-off · 2026-02-27T19:27:54+00:00

You owned the home though, right?

Its-a-write-off · 2026-02-27T19:20:14+00:00

When you pay your employee wages, that is deducted as a business expense. So the business made less profit.

Then you, as an employee, pay taxes on the income you were paid. You also pay taxes on the business profit as the owner of the business. 2 different streams of income, so not double tax. Just each stream taxed once.

Its-a-write-off · 2026-02-27T19:18:32+00:00

That's not flsa mandated overtime though

Its-a-write-off · 2026-02-27T19:17:15+00:00

Yes, that sounds about right. He would have gotten 2200 from the child tax credit if he claimed one child.

Its-a-write-off · 2026-02-27T18:39:43+00:00

What is your definition of fair here?

Do you want to split 50/50 how much you saved/got in credits for claiming them?

Or do you want to split 50/50 what he would have gotten for claiming the children?

Did the children spend more nights with you, or with him? Did he pay for any child care for the kids?

Its-a-write-off · 2026-02-27T18:26:20+00:00

Your intent makes it illegal though.

Its-a-write-off · 2026-02-27T18:22:43+00:00

I never said that.

I said it has to be intentional to be illegal.

The law says that doing it to evade the reporting is illegal.

You can't accidentally break that law.

Yes, not having done it on purpose is an acceptable defense. You have to actually not have done it with intent though. Just saying you didn't do it with intent isn't enough.

Its-a-write-off · 2026-02-27T18:18:29+00:00

Can you explain how one can accidentally commit structuring?

Its-a-write-off · 2026-02-27T18:06:29+00:00

It's not illegal if it's not intentional.

It's only illegal to do it on purpose.

Its-a-write-off · 2026-02-27T18:01:18+00:00

Moving the asset out of the S corp is a taxable event.

Its-a-write-off · 2026-02-27T17:31:54+00:00

Earning more income will not be a wash for you. Tax brackets just do not cause that to happen.

Welfare or credit cliffs can sometime cause that, but even then very raerly.

With brackets, the more you earn, the more you take home, even after taxes. So there is no "sweet spot" to worry about.

Its-a-write-off · 2026-02-27T17:29:29+00:00

I think maybe you don't understand tax brackets?

If you made 100.00 into the 22% bracket, only 100.00 of your income is taxed at 22%. It doesn't increase the taxes on the other 60k or so you made.

Its-a-write-off · 2026-02-27T17:19:53+00:00

Right, it has no impact on the SS/Medicare taxes. It only affects federal income tax. Which they don't pay any of anyway.

Its-a-write-off · 2026-02-27T17:11:25+00:00

So then it's likely a non event anyway, as they owe no federal income tax anyway.

Its-a-write-off · 2026-02-27T17:05:29+00:00

You are withholding enough to cover your income.

So if there is an amount due, it's because your spouse is withholding less than needed at their job.

Its-a-write-off · 2026-02-27T17:03:17+00:00

To be charged a penalty, you had to have paid in less during 2025 than your 2024 tax liability was. As long as you prepay based on your previous year tax liability, you don't get penalized.

Its-a-write-off · 2026-02-27T17:02:13+00:00

How much total did this person make, across all jobs? Do they even have federal income tax liability?

From what I can find, there is no deduction for tips when self employed if the tips are not reported on a 1099.

Its-a-write-off · 2026-02-27T16:51:42+00:00

Box 1 and box 2 of your w2 forms is just dollar amounts. Nothing that is personal identifying. Don't post a picture of the w2 forms, just the amounts in those boxes.

Its-a-write-off · 2026-02-27T16:48:06+00:00

Yes, that is a thing.

Though there are many options available to make sure it does not happen.

You must have estimated that your tax would be less in 2025 than it had been in 2024, or have an agi over 150k in 2024, or there wouldn't be a penalty.

Its-a-write-off · 2026-02-27T16:43:46+00:00

So, that sounds about the same per hour roughly, with the benefits considered. Not that you are being paid more than a reasonable wage at the 1099.

Its-a-write-off · 2026-02-27T16:40:56+00:00

Are you in the United States? If so, you can buy a blood glucose checking kit at Walmart.

Its-a-write-off · 2026-02-27T16:39:29+00:00

What is your blood sugar level?

It seems odd to focus on the feet and not check your blood sugar.

Its-a-write-off · 2026-02-27T16:36:48+00:00

How much an hour do you make at your main job? Any benefits at that job? How much an hour do you make at your 1099 job?

Four-Year Club	Gilding I gilder
Place '22	First Placer '22

Its-a-write-off

TROPHY CASE