Author Topic: any accountants out there that i can ask a question?  (Read 55706 times)

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #1260 on: March 14, 2017, 03:01:31 PM »
on that topic:
1) Does bank interest count towards the cap?
2) How about investments in Roth-IRA account and such?
My guess:
1) yes. It's unearned, investment income.
2) no. Anything in a retirement account is not counted toward current income.


Now, accountants?

Offline googwallet

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Re: any accountants out there that i can ask a question?
« Reply #1261 on: March 15, 2017, 12:32:55 AM »
My guess:
1) yes. It's unearned, investment income.
2) no. Anything in a retirement account is not counted toward current income.


Now, accountants?
Well said. No accountant needed, this information can be easily found online.

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1262 on: March 15, 2017, 10:50:13 AM »
Well said. No accountant needed, this information can be easily found online.
that can be applied to 99% of the things on DDF

Online Amusch

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Re: any accountants out there that i can ask a question?
« Reply #1263 on: March 16, 2017, 10:29:45 AM »
Can some of the money I pay someone for a car be a "gift" not counted toward the payment and tax for the car? (The equivalent of a signing bonus in sports)

Online ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #1264 on: March 16, 2017, 10:59:50 AM »
Can some of the money I pay someone for a car be a "gift" not counted toward the payment and tax for the car? (The equivalent of a signing bonus in sports)
I am guessing that if someone sells you a car for less than Fair Market Value, the difference between the sales price and FMV is a gift. So if for example the car is worth $10,000 and it is sold to you for $5,000. The seller gave you a $5,000 gift.

See https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes for some information about gifts.

Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #1265 on: March 16, 2017, 11:44:38 AM »
Can some of the money I pay someone for a car be a "gift" not counted toward the payment and tax for the car? (The equivalent of a signing bonus in sports)
Would you give the gift other wise?

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #1266 on: March 16, 2017, 11:45:51 AM »
Can some of the money I pay someone for a car be a "gift" not counted toward the payment and tax for the car? (The equivalent of a signing bonus in sports)

Can you lie on your taxes? Are you asking if you are allowed to or if you can get away with it?

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #1267 on: March 16, 2017, 11:51:08 AM »
I am guessing that if someone sells you a car for less than Fair Market Value, the difference between the sales price and FMV is a gift. So if for example the car is worth $10,000 and it is sold to you for $5,000. The seller gave you a $5,000 gift.

See https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes for some information about gifts.

Not necessarily true. If he was in a rush to get it off his hands and gave you a great deal, then you got a discount not a gift. However in this case his promise to give you the car was in exchange for the total consideration.

Online Amusch

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Re: any accountants out there that i can ask a question?
« Reply #1268 on: March 16, 2017, 12:19:13 PM »
Can you lie on your taxes? Are you asking if you are allowed to or if you can get away with it?

I'm asking if that's called lying. When a team signs a player for $15 million, but then calls $5 million of it a "bonus" for signing the contract, so they can get around CBA rules, are they lying? Does the commish not notice or care?

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #1269 on: March 16, 2017, 12:27:54 PM »
I'm asking if that's called lying. When a team signs a player for $15 million, but then calls $5 million of it a "bonus" for signing the contract, so they can get around CBA rules, are they lying? Does the commish not notice or care?

The $5 is still considered income for the IRS. So yes, it would be lying tax purposes but perhaps not for any fees due to MLB :).

The CBA is a negotiated agreement between the sides so they can decide to count what they want, and they decided (explicitly or implicitly) not to count bonuses. You don't get to negotiate with the government.
« Last Edit: March 16, 2017, 12:34:19 PM by yitzf »

Offline aryeh1

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Re: any accountants out there that i can ask a question?
« Reply #1270 on: March 19, 2017, 10:31:25 PM »
Got federal refund 2 weeks ago via dd but state have not,  I usually remember them come one after the other..am i wrong?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1271 on: March 19, 2017, 11:06:41 PM »
Got federal refund 2 weeks ago via dd but state have not,  I usually remember them come one after the other..am i wrong?
Yeah.. it can be a couple of weeks apart.

With federal you can track it online. Might be able to track state also but I doubt it.

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1272 on: March 20, 2017, 03:49:30 AM »
Got federal refund 2 weeks ago via dd but state have not,  I usually remember them come one after the other..am i wrong?
What state? (I see you're located in DDF. I don't think that state give tax refunds. :) )

Offline hachover

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Re: any accountants out there that i can ask a question?
« Reply #1273 on: March 20, 2017, 10:53:25 AM »
Got federal refund 2 weeks ago via dd but state have not,  I usually remember them come one after the other..am i wrong?

My experience has been state refunds come a few weeks after federal. You can check the status on the state's website, but unless it says something bad I wouldn't worry and just be patient.

Here are some links. If you need any other state, GIYF

NY: https://www8.tax.ny.gov/PRIS/prisStart
NJ: https://www16.state.nj.us/TYTR_TGI_INQ/jsp/prompt.jsp
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Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #1274 on: March 20, 2017, 10:50:28 PM »
Track Federal refunds here