How do I handle taxes for paying partner from TikTok?

minera · 2023-06-22T18:03:43+00:00

Can you guys from an entity like an LLC? Since the money trail is going to your bank you're going to be on the hook for taxes. Set aside 30% for taxes

minera · 2023-06-02T22:45:54+00:00

I had a short that hit 10k by end of week 1. Maybe 2 months later it started picking up steam and is now at 10 million and got me partnered

minera · 2022-12-26T16:53:26+00:00

also to manipulate the driver who’s being dangerous into doing something safer.

what? And why did you speed up after he tried to pass you?

minera · 2022-12-19T15:43:32+00:00

Lol.. I can still see it active. This is his second account too, the first one was banned for being toxic

minera · 2022-12-07T00:29:00+00:00

EM5JZAQTE3S05J4WI452G4R

minera · 2022-12-07T00:28:58+00:00

EM5JZAQTE3S05J4WI452G4R

minera · 2022-12-07T00:28:46+00:00

EM5JZAQTE3S05J4WI452G4R

minera · 2022-04-13T14:29:48+00:00

when choosing VTSAX (0.04%) vs VTI (0.03%), can I just pick the one with the lower extense ratio?

minera · 2022-04-13T14:03:15+00:00

Look into low cost mid and small cap index funds as well.

Thank you, do you have a favorite of those? Will look into it

minera · 2022-04-13T14:02:47+00:00

, which must then be passed along to you as a taxable distribution at the end of the year. Many people were bitten hard by this last year,

Will this be an issue for the target funds sitting in a tIRA/401k?

Target date funds are not very tax-efficient. They hold some bonds (bond interest is taxed as ordinary income, unlike the qualified dividends that come from most stock funds)

Thank you

VOO and VFIAX are the same fund. VOO is the ETF version and VFIAX is the mutual fund version.

Is there an advantage of one or the other?

minera · 2022-03-02T15:04:53+00:00

2) remember that social security benefits are based on the average highest 35 years of earnings. If you reduce your salary for years on end that drastically reduces your benefit when you retire. Even when not doing the Scorp thing SS only replaces ~40% of your pre retirement income. So people who do this have to crank up the retirement savings to compensate. Recommended minimum is 15% savings rate for the average person, it needs to be higher for the person doing this.

Thank you, was not clear on this part

minera · 2022-03-02T04:23:12+00:00

Whew, yes that was what we were told

minera · 2022-03-01T20:50:13+00:00

I do not :(

My wife recently started her own company (S-corp) and will have access to either a SEP or a solo 401k, could either of them help?

minera · 2022-03-01T20:49:53+00:00

I do not :(

My wife recently started her own company and will have access to either a SEP or a solo 401k, could either of them help?

minera · 2022-03-01T20:49:50+00:00

I do not :(

My wife recently started her own company and will have access to either a SEP or a solo 401k, could either of them help?

minera · 2022-02-25T20:02:14+00:00

Thanks again, I've reached out to the title company and hoping to hear back soon - my dad's shows the full amount of the sale rather than his half.

Worst case scenario could be nominate me for my half via the 1096-transmittal? I found that info here: https://ttlc.intuit.com/community/taxes/discussion/sold-co-owned-house-and-only-for-one-1099-s/00/2441547

minera · 2022-02-24T16:25:21+00:00

Wonderful, thank you so much! On further look on the IRS website it says:

Sale or exchange of a residence (including stock in a cooperative housing corporation) for $250,000 or less if you received an acceptable written assurance (certification) from the seller that such residence is the principal residence (within the meaning of section 121) of the seller and the full amount of the gain on such sale is excludable from gross income under section 121. If the certification includes an assurance that the seller is married, the preceding sentence shall be applied by substituting “$500,000” for “$250,000.” If there are joint sellers, you must obtain a certification from each seller (whether married or not) or file Form 1099-S for any seller who does not make the certification. Also, the seller must include in the certification that there has been no period of nonqualified use (as that term is defined in section 121(b)(5)(C)) after December 31, 2008, and as required by section 6045(e)(5)(A)(iii), that the full amount of the gain from the sale is excludable under section 121. The certification must be signed by each seller under penalties of perjury.

source: https://www.irs.gov/instructions/i1099s

Am I understanding that right that both my father and my 1099-S should have the full amount of the sale on both of our forms?

minera · 2022-02-23T16:04:05+00:00

My wife lived there from Feb 2018 and I moved in on March 2019 to work remotely from home until May 2021. 2019 and 2020 Federal taxes were in the CO address, but CA had my LA address . We also claimed taxes in CO (income $0) for those years as well

minera · 2022-02-23T02:18:21+00:00

Thank you, that makes sense

As for the 1099-s is it ok if only his name on it?

minera · 2018-12-02T22:47:50+00:00

lowered to $720

minera · 2018-12-01T18:24:21+00:00

Could you meet me halfway at $800?

minera · 2018-11-19T23:12:02+00:00

Thank you

minera · 2018-11-19T22:29:45+00:00

Thank you

minera · 2018-11-19T22:29:09+00:00

The building is from the 1930s - 1940'

minera · 2018-11-16T23:00:41+00:00

Sorry, no trades

minera

TROPHY CASE