I need to lose $5000. (long term capital gains) in order to make over $20,000. Obamacare...

JSOP said:
One of the most creative way for you to gift somebody something tax-free is to actually make that person sue you and then you lose on purpose. Any gift then that is awarded to your intended recipient through a court judgment is tax-free. :) That's the law. Any money won through court judgment is tax-free. That explains why everybody loves to sue so much in America.
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Class action lawyers love it anyway LOL, JSOP. Make sure you dont get carried away on that;some love to waste your time in court, ;like lawyers. AS far a staying in a TRAINWRECK like ACA=get a new CPA ,that sound like bad advice/ bad advice, unless you live in a stupid HI tax state. IF you like TRAINWRECKS GE went up some ticks, but most all trends are down,down============================================================================== I usually get 2 CPA opinions+ fire the one that promotes a TRAINWRECK like ACA.:cool::cool:
 
Peter8519 said:
Somehow, it's not easy to have a profitable investment plan. Why sabotage a profitable plan just to qualify for Obamacare when everyone hates it ?
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Good rebuke Peter Trend8519;
but like one trader noted ,some like to be slaves in EGYPT. [I don't] But I did notice, that the IRS perhaps forgot LOL ,to mention in 2017 instructions, NO penalty for ACA TRAINWRECK avoidance============================================.I chose to live in a state with no income tax but 95%/+ like states with income tax.:cool::D
 
murray t turtle said:
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Class action lawyers love it anyway LOL, JSOP. Make sure you dont get carried away on that;some love to waste your time in court, ;like lawyers. AS far a staying in a TRAINWRECK like ACA=get a new CPA ,that sound like bad advice/ bad advice, unless you live in a stupid HI tax state. IF you like TRAINWRECKS GE went up some ticks, but most all trends are down,down============================================================================== I usually get 2 CPA opinions+ fire the one that promotes a TRAINWRECK like ACA.:cool::cool:
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Concerning the ACA...My wife and I make (save) a ton of money every year from the subsidy. It is worth the tax planning. We save this money on the backs of younger healthier people...Just the way they made it.

Concerning my CPA, when I interview new CPAs (I've had 3 over 40 years), I ask them a question. I'll say "how many times did it take you to pass the state exam"? This gives me a framework about how sharp they are. My current CPA is not that sharp (3 times to pass the state exam).

But the guy is cheap and he knows taxes. The problem that I've seen, is he doesn't know business. Three things I caught him saying were (I believe) completely wrong concerning sound business practices. He told me to enjoy life and pull money from my Roth IRAs...Not from the CDs. Worst thing possible. The Roth IRA can be passed to my kids tax free and they could let it grow tax free!! Take the money when they need or want to. Also for some reason, if we ever had to file for bankruptcy, the IRAs are safe. He also mentioned that I may want to start taking SSI (before it's too late). I get where he is coming from. But that would push me over the $68,000. level. SSI also grows at a 7% rate by waiting each year. I do plan to take it (Lord willing)...But there needs to be the right timing. The last thing he said that made me question his business sense, was he suggested California municipal bonds (state and federal tax free). That was a great idea years ago. But California (along with Illinois and some other states) are headed into bankruptcy in the next few years!! Pensions are killing the states and soon a president will have to walk these states into reorganization. The bonds may pay 80 cents on the dollar. Not a great business move. So I let him do our taxes ($500. for a CPA + 1 or 2 hours per year for advise...Not bad), but I take his business advise with a TON of salt...
 
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Cabin111 said:
Concerning the ACA...My wife and I make (save) a ton of money every year from the subsidy. It is worth the tax planning. We save this money on the backs of younger healthier people...Just the way they made it.

Concerning my CPA, when I interview new CPAs (I've had 3 over 40 years), I ask them a question. I'll say "how many times did it take you to pass the state exam"? This gives me a framework about how sharp they are. My current CPA is not that sharp (3 times to pass the state exam).

But the guy is cheap and he knows taxes. The problem that I've seen, is he doesn't know business. Three things I caught him saying were (I believe) completely wrong concerning sound business practices. He told me to enjoy life and pull money from my Roth IRAs...Not from the CDs. Worst thing possible. The Roth IRA can be passed to my kids tax free and they could let it grow tax free!! Take the money when they need or want to. Also for some reason, if we ever had to file for bankruptcy, the IRAs are safe. He also mentioned that I may want to start taking SSI (before it's too late). I get where he is coming from. But that would push me over the $68,000. level. SSI also grows at a 7% rate by waiting each year. I do plan to take it (Lord willing)...But there needs to be the right timing. The last thing he said that made me question his business sense, was he suggested California municipal bonds (state and federal tax free). That was a great idea years ago. But California (along with Illinois and some other states) are headed into bankruptcy in the next few years!! Pensions are killing the states and soon a president will have to walk these states into reorganization. The bonds may pay 80 cents on the dollar. Not a great business move. So I let him do our taxes ($500. for a CPA + 1 or 2 hours per year for advise...Not bad), but I take his business advise with a TON of salt...
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I still like the idea of CA muni bonds; but only if they get another gov like Reagan. As Don Rickles roasted gov Reagan '' Gov Regan or Reagan= what ever your name is ....LOL.'' And since i dont live in CA, NOT a CA bond buy prediction LOL ......CA has so many illegal aliens; i prefer to buy my watermelons or oranges from low tax TX -Mex border towns. But i still like IBD ,a CA company.:cool::cool::caution::caution:
 
Cabin111 said:
I ask them a question. I'll say "how many times did it take you to pass the state exam"?
1 or 2 hours per year for advise...Not bad), but I take his business advise with a TON of salt...
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So you have a test question, yet you hire the guy who fails the question because he is cheap. With a grain of salt. Smart...
 
Pekelo said:
So you have a test question, yet you hire the guy who fails the question because he is cheap. With a grain of salt. Smart...
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My old CPA passed it the first time...Smartest CPA in the city (went to Cal Berkeley). He charges about $1,500. for the same return...Who would you rather have?? If I know my business, my current CPA is fine. If I were 80 years old or a widow (er) I would go with the best CPA.
 
Cabin111 said:
Concerning the ACA...My wife and I make (save) a ton of money every year from the subsidy. It is worth the tax planning. We save this money on the backs of younger healthier people...Just the way they made it.

Concerning my CPA, when I interview new CPAs (I've had 3 over 40 years), I ask them a question. I'll say "how many times did it take you to pass the state exam"? This gives me a framework about how sharp they are. My current CPA is not that sharp (3 times to pass the state exam).

But the guy is cheap and he knows taxes. The problem that I've seen, is he doesn't know business. Three things I caught him saying were (I believe) completely wrong concerning sound business practices. He told me to enjoy life and pull money from my Roth IRAs...Not from the CDs. Worst thing possible. The Roth IRA can be passed to my kids tax free and they could let it grow tax free!! Take the money when they need or want to. Also for some reason, if we ever had to file for bankruptcy, the IRAs are safe. He also mentioned that I may want to start taking SSI (before it's too late). I get where he is coming from. But that would push me over the $68,000. level. SSI also grows at a 7% rate by waiting each year. I do plan to take it (Lord willing)...But there needs to be the right timing. The last thing he said that made me question his business sense, was he suggested California municipal bonds (state and federal tax free). That was a great idea years ago. But California (along with Illinois and some other states) are headed into bankruptcy in the next few years!! Pensions are killing the states and soon a president will have to walk these states into reorganization. The bonds may pay 80 cents on the dollar. Not a great business move. So I let him do our taxes ($500. for a CPA + 1 or 2 hours per year for advise...Not bad), but I take his business advise with a TON of salt...
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How many times a person has passed a certain exam is NOT always a good indication of how knowledgeable or sharp they are, mind you. Some people are just not good at taking tests. They have all the knowledge, all the skills and would even be able to give you good advice on real situation but when it comes to taking tests, they get all confused and lost and have no idea what the test questions were asking and they end up do poorly. Written tests should not be used as the tool or the only tool to assess someone's grasp of knowledge. It doesn't even reflect how the knowledge and skill is going to be used. When you consult a CPA, you are not going to give them a test to write LOL so why should they obtain their permission to give consultation via a written test?
 
Yes, many people are not good at taking test, and they become very good in their field. But it gives you a basis to start. My CPA went to a Podunk University. The school was really only known nationally for two thing...Being a good teachers college and graduating CPAs who pass their state exams the first time (much higher than the national average)!!

So you have a complicated surgery coming up. You have two choices for doctors. One trained at Harvard/Stanford Medical School (on scholarship...No family money) or one who graduated from the medical school in Grenada...Took a few times to pass his/her exams. The one from Grenada may have a better bedside manner. May be more loving and caring. May consult with colleagues sooner. But I would still take Harvard or Stanford Medical to Podunk when my life is on the line...

Now if I cut open my arm at 2am and need 5 stitches at the local hospital, the Grenada doctor would be just fine...Maybe even more careful and concerned...Answer questions. He/she may even do a better job sewing me up and doing the follow up. Just me...Both are qualified to practice medicine in the US. But,...
 
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