Tammy Tays asked:


I’m looking at an old investment statement and was wondering if “Federally Taxable” means that is the amount owed to the IRS for that particular statement? I’m looking at a line that is listed under “source of income” first column is Federally taxable credit interest earned. The second column is “current period” then the dollar amount under that. The third column is “year to date” and then there’s a much larger dollar amount under there. I’m reading this as the current period amount shown could be whats owed to the IRS correct?

LEON

Ed R asked:


I really screwed up and have over $50,000 in investment losses this year! Our gross income from salaries for this year will only be around $50,000.

In addition, I lost $5000 in my Roth IRA. I just read that I can only deduct $3,000 in investment losses. Does that include IRAs PLUS regular investment activities?

Also, will any interest I accrue via CDs or dividends from stocks or mutual funds essentially be tax-free now since I have such a large investment loss? Or is that a different category?

Please help, I really screwed up this year and am hoping somebody has some suggestions to make this better. Thanks in advance!

LOUIS

Sir Anon asked:


A few years ago I invested in (and went to work for) a start-up LLC with a lot of momentum and potential. Unfortunately, there weren’t enough sales to keep it going and I was laid off, and my investment became essentially worthless.
Additionally, I can’t even write off my investment for taxes. The company’s founder still keeps the LLC alive on a part-time basis, and it does still have some assets left and never officially folded. But as the LLC is basically dead (no employees for 2+ years; virtually no chance of recovering) the shares I bought are essentially worthless.
Is there anything I can do to at least show the loss for tax purposes, even though (on paper) my share of the company is still worth thousands of dollars? Also, because there’s only 1 employee left (the founder) who works on behalf of the company anymore, it’s a struggle each year to even get a Schedule K-1 from the LLC to do my taxes (don’t have one yet this year). What should I do if I don’t receive a K-1?

NOE

Confused as usual asked:


I have “interest” in 2 natural gas wells. The investment in minimal, but still I know somewhere/ somehow I can deduct all or part on my taxes, but don’t know how. Also, I invested in one last year and only reported the income, not the expense, can I now do it this year for last year’s investment? All help is WONDERFUL! Thanks!

SCOT

dar asked:


What form do I use?
Is there a limit to the fees (I payed about $8K for investment fees)?
Do the fees get bundled into other “deductoins” so that I have to meet a threshold of expenses?

Thanks all!

MOHAMED

n k asked:


I’m doing well in stock market, I would like to open an investment company (home base business). There are many options, but I don’t know which one is the best for me.
I live in Pennsylvania; I also look for something that allows me to deduct the most from tax.

ROY