Why are the portfolio expenses non-deductible this year.
Our clubs expenses are usually deductible but this year they
show as not deductible. Does anyone know why?
show as not deductible. Does anyone know why?
|
Our clubs expenses are usually deductible but this year they
show as not deductible. Does anyone know why?
Thanks. Just wanted to make sure that I didn't make a mistake!
Sent from Yahoo Mail for iPhone
Sent from Yahoo Mail for iPhone
On Wednesday, February 20, 2019, 6:54 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Because they changed the tax laws for 2018.
If you want to know why, you need to ask your legislators that voted for the changes.
Laurie Frederiksen
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Click here to Subscribe to the Club Cafe email list. Click here to UnsubscribeOur clubs expenses are usually deductible but this year they
show as not deductible. Does anyone know why?
|
Thanks. Just wanted to make sure that I didn't make a mistake!
Sent from Yahoo Mail for iPhoneOn Wednesday, February 20, 2019, 6:54 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Because they changed the tax laws for 2018.
If you want to know why, you need to ask your legislators that voted for the changes.
Laurie Frederiksen
Invest with your friends!
www.bivio.com
Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+
Click here to Subscribe to the Club Cafe email list. Click here to UnsubscribeOur clubs expenses are usually deductible but this year they
show as not deductible. Does anyone know why?
Some states, such as New York, will allow the deductions, but they are still
subject to the 2% rule so not many can take advantage of this.
-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Janice
Specht via bivio.com
Sent: Wednesday, February 20, 2019 7:50 PM
To: club_cafe@bivio.com
Subject: [club_cafe] Why are the portfolio expenses non-deductible this
year.
Our clubs expenses are usually deductible but this year they
show as not deductible. Does anyone know why?
---
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subject to the 2% rule so not many can take advantage of this.
-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Janice
Specht via bivio.com
Sent: Wednesday, February 20, 2019 7:50 PM
To: club_cafe@bivio.com
Subject: [club_cafe] Why are the portfolio expenses non-deductible this
year.
Our clubs expenses are usually deductible but this year they
show as not deductible. Does anyone know why?
---
This email has been checked for viruses by Avast antivirus software.
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>>
Our clubs expenses are usually deductible
>> but this year they show as not deductible.
>> Does anyone know why?
You probably weren't paying attention (few people do) to the tax changes, but the list of "deductible" items is much shorter with the new tax law. While that steps on a few toes, that is indeed simplification. On your personal income taxes, it is much more likely you will find the standard deduction more financially advantageous. This is one reason, taking away some of the detail items from the long form. They also took away the "personal exemption" for each individual on the tax return. Since the new standard deduction is nearly twice as large, and most tax brackets reduced approximately 2%, the great majority of taxpayers come out ahead... unless they had a big and complicated itemized deduction.
I've been preparing personal income taxes for moderate/low income individuals nearly 20 years, under the AARP Tax-Aide program.
Hope this helps -- Mark Johnson
Our clubs expenses are usually deductible but this year they
show as not deductible. Does anyone know why?
|
On Wed, Feb 20, 2019 at 10:08 PM Linda Wiltse wrote:
Some states, such as New York, will allow the deductions, but they are still
subject to the 2% rule so not many can take advantage of this.
Is this attachment an official part of the federal form that must be mailed to the IRS? Saving 25 printed pages and trees
On Thu, Feb 21, 2019 at 06:32 Laurie Frederiksen <laurie@bivio.biz> wrote:
To add to Lindas comment, since portfolio expenses may still be deductible on certain state tax forms, each partner will now see the amount allocated to them shown on an attachment to their K-1 form that we have included this year.
Laurie Frederiksen
Invest with your friends!
www.bivio.com
Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+
Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe
subject to the 2% rule so not many can take advantage of this.
|
Is this attachment an official part of the federal form that must be mailed to the IRS? Saving 25 printed pages and treesOn Thu, Feb 21, 2019 at 06:32 Laurie Frederiksen <laurie@bivio.biz> wrote:
To add to Lindas comment, since portfolio expenses may still be deductible on certain state tax forms, each partner will now see the amount allocated to them shown on an attachment to their K-1 form that we have included this year.
Laurie Frederiksen
Invest with your friends!
www.bivio.com
Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+
Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe
subject to the 2% rule so not many can take advantage of this.
I agree with that recommendation. Take it to the legislature. We need to be in moe contact.
Ann Merrick
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Laurie Frederiksen <laurie@bivio.biz>
Sent: Wednesday, February 20, 2019 5:54 PM
To: The Club Cafe
Subject: Re: [club_cafe] Why are the portfolio expenses non-deductible this year.
Sent: Wednesday, February 20, 2019 5:54 PM
To: The Club Cafe
Subject: Re: [club_cafe] Why are the portfolio expenses non-deductible this year.
|
Our clubs expenses are usually deductible but this year they
show as not deductible. Does anyone know why?
Where do I find this form?
Colleen
I agree with that recommendation. Take it to the legislature. We need to be in moe contact.Ann Merrick
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Laurie Frederiksen <laurie@bivio.biz>
Sent: Wednesday, February 20, 2019 5:54 PM
To: The Club Cafe
Subject: Re: [club_cafe] Why are the portfolio expenses non-deductible this year.
Because they changed the tax laws for 2018.
If you want to know why, you need to ask your legislators that voted for the changes.
Laurie Frederiksen
Invest with your friends!
www.bivio.com
Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+
Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe
Our clubs expenses are usually deductible but this year they
show as not deductible. Does anyone know why?
This year (2019 return) the portfolio expenses show as
investment expense and deductible this year. Does anyone
know why? Thanks.
investment expense and deductible this year. Does anyone
know why? Thanks.
"Portfolio expenses (2%)" (reported as 13W on your K-1) are not deductible on your federal individual income tax return. They may be deductible on your state income tax return if your state does not conform to federal rules. In 2018, they were reported as 18C on your K-1,
Ira Smilovitz, EA
This year (2019 return) the portfolio expenses show as
investment expense and deductible this year. Does anyone
know why? Thanks.