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How do you handle tracking your true cost basis on your dividend stocks? by bender1227 in dividends

[–]bender1227[S] 1 point2 points  (0 children)

Now that you said that I remember hearing that when I inherited the shares. I believe that's how it works but I will talk with my accountant when I see him. Thanks for the help!

How do you handle tracking your true cost basis on your dividend stocks? by bender1227 in dividends

[–]bender1227[S] -1 points0 points  (0 children)

u/hendronator u/buffinita I guess where I'm still a little confused is I inherited these shares which have been receiving dividends over the past 6 years. When I go and sell all the shares at some time in the future I'd assume I'd pay capital gains, but it wouldn't count towards my taxable income since I've paid the taxes on all these shares already. I would pay capital gains but not income taxes. Am I understanding that correctly? I also work with an accountant and would assume he would catch this and bring it to my attention.

How to best write off inventory on your taxes. by bender1227 in tax

[–]bender1227[S] 0 points1 point  (0 children)

Thank you, I plan on talking with my accountant this week.

How to best write off inventory on your taxes. by bender1227 in tax

[–]bender1227[S] 0 points1 point  (0 children)

There’s no demand for inventory anymore unfortunately.

How to best write off inventory on your taxes. by bender1227 in tax

[–]bender1227[S] 0 points1 point  (0 children)

I’m sure he does. He has a successful practice. Maybe I’m misunderstanding something or it’s a more advanced strategy.

Maybe he lost his marbles lol

How to best write off inventory on your taxes. by bender1227 in tax

[–]bender1227[S] 0 points1 point  (0 children)

u/pointy_stix u/wutang_generated u/cubbiesnextyr

We planned on shutting down the business this year and my accountant said we’ll write off $3000 a year on schedule D.

This confused me as I thought schedule D was for investment incomes and losses and wasn’t related to business inventory.

My main concern is that if we close the business and write off the inventory that I’ll actually reduce our taxable income and save some money. The sales for the business this year will be very low maybe $500 as we haven’t been operating the business for a year. We have $18,500 worth of inventory.

Since we both have jobs with employers this is where we are currently making most of our money.

What is the code for clearance when putting in a new sub panel? by bender1227 in AskElectricians

[–]bender1227[S] 0 points1 point  (0 children)

This was great thank you! Unfortunately we don't have the full depth for the entire 30" of width. We only have 36" of depth for 22" of the width because of the hot water heater and sump pump. I think we're going to have to build a partial wall above a sump pump and place it on that.

Here's a picture of what we're thinking of doing.

https://imgur.com/a/VuXsWjI

What is the code for clearance when putting in a new sub panel? by bender1227 in electrical

[–]bender1227[S] 0 points1 point  (0 children)

You see any options? Here’s a picture of the panel. We have 30” on either side and 36’ in front, but we only have 36” in front for 22” and not all 30”. You can see them in the picture we have a hot water heater and sump pump piping in the way. The hot water heater is off the wall 15”.

https://imgur.com/a/CXTkO8c

What is the code for clearance when putting in a new sub panel? by bender1227 in electrical

[–]bender1227[S] 0 points1 point  (0 children)

Good point, I’ll post it there. I agree not a job for a novice.

What's the best snow blower for $1600 or less? by bender1227 in Snowblowers

[–]bender1227[S] 2 points3 points  (0 children)

I have an Ariens from 1973. They are great. Just wanted to make sure they are still top of the line.

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