any accountants out there that i can ask a question?

[aygart]

Were points earned recognized/reported as income?

Why does it depend on that? If the reason they do not get reported as income is because they are a rebate then they still are property with a value which he now exchanged for marketing.

[ExGingi]

Why does it depend on that? If the reason they do not get reported as income is because they are a rebate then they still are property with a value which he now exchanged for marketing.

That was my initial thought, but what was it a rebate for?

Annual fee paid? If so, then the amount claimed for the bank fee should be reduced.

Coin purchases?
Any other MS?

[aygart]

That was my initial thought, but what was it a rebate for?

Annual fee paid? If so, then the amount claimed for the bank fee should be reduced.

Coin purchases?
Any other MS?

Purchases of course.

[ExGingi]

Purchases of course.

So since AMEX gives one Starwood point per dollar spent, you would have to argue that over $100MM in personal purchases, for which no business expense was claimed, were incurred. If it were business expenses, then those expenses should have already been reduced by the rebate received.

[aygart]

So since AMEX gives one Starwood point per dollar spent, you would have to argue that over $100MM in personal purchases, for which no business expense was claimed, were incurred. If it were business expenses, then those expenses should have already been reduced by the rebate received.

sign up bonuses?

[ExGingi]

sign up bonuses?

So they were all earned as sign up bonuses for PERSONAL cards where annual fees were paid? And are we keeping an audit trail of MS, so that points earned for that, or where value of points exceeds spending.

Now, if you say, OK, I will recognize the points as income, but only to the extent of value that the party issuing the points carries them on their books as a liability, then one could argue that the value might be minimal, but I doubt whether you could have it both ways.

[hachover]

So since AMEX gives one Starwood point per dollar spent, you would have to argue that over $100MM in personal purchases, for which no business expense was claimed, were incurred. If it were business expenses, then those expenses should have already been reduced by the rebate received.

$1MM, or 100MM cents.

[Lamppost]

Question on how calculating taxes on stocks in done. Do the trading fee's of the brokerage firm count as a loss against the profit? For example, I have a stock that i bought 100 shares of @ 92.795=$9279.5. I sold it @ 104.0241=$10402.41. Profit =  $1122.91. But to buy the stock i paid a trade fee of $7 and to sell i paid $7.23. So would i deduct $14.23 of my profit for a total of $1108.68? Or is that fee considered to unrelated to the capital gains? Thanks!

[MarkS]

Broker fees increase your basis and therefore reduce your gain when you sell.

If you buy for $100 and pay a $10 fee, then sell for $200 and pay a $10 fee, your basis in the stock will be $120 and therefore your gain on sale is $80.

[ckmk47]

A 529 education plan. I put in the maximum that NYS will allow me to deduct from my income.  I took a withdrawal from the plan for qualified expenses. 
I read last year that money that was taken out can be put back into the plan within 60 days, for a further tax deduction.  Now when I look, it seems like only a mistaken withdrawal from the account can be put back into keep that amount not taxable.
Is there such a thing as putting back in money spent on qualified expenses for a further tax deduction?

[ckmk47]

Cross-posting- I asked in the stock thread, but haven't had an answer yet.

Donating stocks to charity allows you to deduct the amount the stock is worth at the time of donation, without declaring as income the capital gains the stock earned during the time you owned it.
Technically how is this done?
The charity has to own a brokerage account, and I fill out the charity transfer form, and they move the stock?
At what moment is the stock 'valued', so I know exactly how much I donated?

[mord1]

Cross-posting- I asked in the stock thread, but haven't had an answer yet.

Donating stocks to charity allows you to deduct the amount the stock is worth at the time of donation, without declaring as income the capital gains the stock earned during the time you owned it.
Technically how is this done?
The charity has to own a brokerage account, and I fill out the charity transfer form, and they move the stock?
At what moment is the stock 'valued', so I know exactly how much I donated?

I believe you are correct, the non profit owns the account and you transfer the stock to them, whatever the value is at the point of transfer that is the amount that is deductible and no capital gains

[mord1]

If a non profit has a dinner and gets some individuals to underwrite the cost of the dinner- shouldn't every person who comes to the dinner- their donation be 100% deductible and not reduced by the cost of the dinner? Can the organization write on the invitation that "your entire donation is 100% tax deductible"?

[aygart]

If a non profit has a dinner and gets some individuals to underwrite the cost of the dinner- shouldn't every person who comes to the dinner- their donation be 100% deductible and not reduced by the cost of the dinner? Can the organization write on the invitation that "your entire donation is 100% tax deductible"?

can those who did not pay attend?

[ckmk47]

I believe you are correct, the non profit owns the account and you transfer the stock to them, whatever the value is at the point of transfer that is the amount that is deductible and no capital gains

thanks

[Dawie]

can those who did not pay attend?

Yes

[avrumy]

Anyone know if there is a cheaper option for computing a second state return without buying a additional state from turbo tax?

[Bh101]

pm me

[hachover]

Anyone know if there is a cheaper option for computing a second state return without buying a additional state from turbo tax?

Most people qualify for Free WebFile with NJ returns (your location). Its actually pretty decent software for ordinary tax returns, but you have to know what to fill out because it doesnt prompt you. My suggestion is go through the turbotax (only costs when you file, not prepare) and then make sure what you get matches.

[churnbabychurn]

I want to use QB online, but fwiu there is no way to upload a file with JE.
I've heard that there is a solution to download
QB trial version on a desktop, leave it unregistered, and link it to qB online to upload JE.

Anyone with experience with this, or at least can tell me if this even makes sense?