Tag Archives: financial advisor

Ask TaxMama Issue 536 – Celebrations and Disasters

Dear Family, Happy 60th Birthday to Stevie G! January 15th already. My how time flies. Today, your 4th estimated tax payment is due for 2009. You may need to make a payment you didn’t realize you owed. If you received the benefit of the Making the Work Pay Credit, please check to make sure you […]

Investment Advice

Today TaxMama hears from Anne in Minnesota with this question. “With a $10,000 CD maturing, am I better off paying down the $40,000 mortgage on my condo; or to reinvest in some other vehicle? I am almost 70 years old and do not have much more than an additional few thousand dollars saved for whenever […]

Transferring an IRA Triggered 10% Penalty

Courtesy of David & Mary Mellem, EAs We’re not talking about a normal transfer of an IRA here. We are talking about a taxpayer who transfers an IRA from which the taxpayer was taking substantial equal periodic payments. First an overview: A taxpayer is generally subject to income tax on distributions from an IRA account […]

IRS Issues Guidance on New Build America Bonds

IR-2009-33, April 3, 2009 WASHINGTON — The Internal Revenue Service today issued guidance on the new Build America Bond program. This program allows state and local governments to issue taxable bonds for capital projects and to receive a new direct federal subsidy payment from the Treasury Department for a portion of their borrowing costs. The […]

Why Should I Care?

Today TaxMama hears from Julie who says “Why should I care about people who got messed up with subprime or ARM mortgages? Did they not know enough to read their contracts? I had a financial advisor back in 2004 who presented an adjustable rate based on the LIBOR Index. I told him to forget it […]

Is Inheritance Taxable

Today TaxMama hears from Manny in NY has a question that comes up often. “I will be buying a house in NYC and my wife inherited six figures from her grandfather. We plan to use that money for the down payment. Is this inheritance tax free? Or will it be taxed on our 2007 tax […]

TaxMama’s Tax Quips and Egg Donor

Today TaxMama hears from Puzzled in San Francisco, CA who wants to know: “My financial advisor told me there is a great deal of uncertainty with regard to egg donor compensation. Many egg donor boards mention that if the compensation if considered “pain and suffering” then it’s not taxable. I would much rather keep the […]

Big Gains

Today TaxMama hears from Marty in Calif., who relates. “I own a piece of land in Florida that I own free and clear and now have up for sale (as of Jan. 1, 2006) and the listing price is $5.74 million. It was valued at $426,000 when I acquired it several years ago. A financial […]