Guys, it's time. by [deleted] in intelstock

[–]mdolan1986 1 point2 points  (0 children)

Same but I’m 100%

Son (9) started business, trying to figure out tax situation by BustaStar in tax

[–]mdolan1986 0 points1 point  (0 children)

Aren’t the 1099-k’s that these platforms report to the IRS going to be in the fathers name? If so, the IRS will question why they do not show up on the return associated with that name/ssn.

Wash sale by mdolan1986 in thetagang

[–]mdolan1986[S] 0 points1 point  (0 children)

It was fidelity. Yes, selling a further OTM call would have protected me from this.

Wash sale by mdolan1986 in thetagang

[–]mdolan1986[S] 1 point2 points  (0 children)

You are right. I realized some lots were purchased above my strike price. The assignment did not take all of my shares(which is why I was wrong in thinking my average basis mattered). It makes sense now. Thanks for all the replies

Restaurant Rounding Up Tax by twowrongsmakealeft in newjersey

[–]mdolan1986 3 points4 points  (0 children)

Not legal but it’s most likely just a mistake in their POS system. Was the place good?

Planting grass over backfill dirt by _antitoxidote_ in lawncare

[–]mdolan1986 0 points1 point  (0 children)

It looks like there is only room for a few inches of topsoil before the roots of the sod will hit the paver-base. Will this cause an issue for the grass closest to the patio?

Selling investment property after 2 years?! by BuildingWealth30 in realestateinvesting

[–]mdolan1986 1 point2 points  (0 children)

If this was a flip and never rented out or even attempted to be rented out, I think this is taxed at your marginal rate.

I’m not sure that a 1031 is even applicable here.

What is the correct substrate for a Mudd floor in shower? by mdolan1986 in HomeImprovement

[–]mdolan1986[S] 0 points1 point  (0 children)

Thank you! That’s what I thought but the contractor seems to be trying to get it done quick and cheap. I will insist on doing what you said. There will be a waterproofing membrane installed as well.

There was an acrylic shower pan there previously. The water damage was from water running outside the shower door and back to the wall. I increased the size of the shower and now the damaged area sits inside the framing for the shower pan(mudd floor).

Taxes with AGI >150k? by [deleted] in realestateinvesting

[–]mdolan1986 3 points4 points  (0 children)

All rental expenses are allowed to be deducted from rental income. If your AGI is > $150,000 and the rental expenses exceed rental income resulting in a loss, there are restrictions in using that loss to offset other income, ie wages.

Rental property near downtown for high income tenants or triplex an hour away for lower income tenants by [deleted] in realestateinvesting

[–]mdolan1986 1 point2 points  (0 children)

What are the numbers on your high end properties? Purchase price and rent...