Is there a tax consequence on a partial withdrawal if the
withdrawal has not exceeded the cost basis
dikahn on
What is this about?
dikahn@aol.com
-----Original Message-----
From: Lynn Smith via bivio.com <user*26152700001@bivio.com>
To: club_cafe <club_cafe@bivio.com>
Sent: Thu, Oct 11, 2018 6:47 pm
Subject: [club_cafe] tax basis on partial withdrawal
Is there a tax consequence on a partial withdrawal if the
withdrawal has not exceeded the cost basis
Lynn Smith on
I meant to write tax basis not cost basis
An example
A person has market value of 20,000 and a tax basis of $10,000 if the person takes a cash partial withdrawal of $5,000 is there a tax on the $5,000 that was withdrawn
A person has market value of 20,000 and a tax basis of $10,000 if the person takes a cash partial withdrawal of $5,000 is there a tax on the $5,000 that was withdrawn
Is there a tax consequence on a partial withdrawal if the
withdrawal has not exceeded the cost basis
Laurie Frederiksen on
The member making the partial withdrawal will not owe any current taxes on that withdrawal as long as, at the end of the year, he/she has withdrawn less than their cost basis in the club.
This explains what their cost basis in the club is along with the other information that will be shown on the withdrawal report you should prepare for them after the end of the current calendar year.
A person has market value of 20,000 and a tax basis of $10,000 if the person takes a cash partial withdrawal of $5,000 is there a tax on the $5,000 that was withdrawn