Dr Friday Radio Show – February 3, 2024

The Dr. Friday Radio Show
The Dr. Friday Radio Show
Dr Friday Radio Show - February 3, 2024
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In this episode of the Dr. Friday Radio Show, Dr. Friday tackles the latest in tax legislation and offers expert advice on managing your finances in light of new changes. Key highlights include:

  • Overview of the Tax Relief Act of 2024: An introduction to the new tax legislation and its key components.
  • Changes to Child Tax Credit: Detailed explanation of the expanded child tax credit and how it affects families.
  • 100% Depreciation Rules Extended: Insight into the extension of 100% depreciation through 2025 and its benefits for business owners.
  • Adjustments Based on Inflation: Discussion on the adjustment of refundable tax credits in response to inflation, including the specific figures for 2024.
  • Implications for Early Tax Filers: Advice for those who have already filed their taxes and how they might be affected by the new changes.
  • Retirement Savings Strategies: Solutions for retirees looking to contribute to a Roth IRA through earned income, including tips for those with unique circumstances like farm income.

This episode is essential for anyone looking to stay informed on the latest tax laws and learn strategies to optimize their tax filing and financial planning for the upcoming year.

Transcript

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No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your
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financial woes.
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She’s the how-to girl.
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It’s the Dr. Friday Show.
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If you have a question for Dr. Friday, call her now, 737-WWTN.
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That’s 737-9986.
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So here’s your host, financial counselor and tax consultant, Dr. Friday.
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Good day, I’m Dr. Friday and the doctor is in the house.
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We have some breaking news.
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Back on the 31st of January, we finally got a new, the Tax Relief of American Families
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and Workers Act of 2024 came through.
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It’s going to be interesting to see exactly how that’s going to affect some.
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If you already filed your taxes, you may find that there could be some new changes.
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Most of it’s going to come into 2024, but they did change the child tax credit.
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They expanded some of that.
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They extended some of the 100% depreciation through 2025.
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And this year, if you’d already filed your taxes, you would have only had an 80% on most
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of your depreciation.
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So that will be a big situation.
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So again, if you have already filed, they did do some things that went backwards and
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we’re going to cover some of that as we move forward.
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And it may affect if you’ve already filed.
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Again, opened on January 29th, the tax season.
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And so I guess, you know, it’s like hunting season.
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I always say the tax season started on that, but you know, there is always new and exciting
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things continuously happening.
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A portion of the refundable tax credit is based on inflation.
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So the amount of 1600, they did change that.
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So again, if you filed your taxes already in 2024 for the year of 2023, there has been
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some changes.
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So you may want to double check now, according to the IRS, any changes that happen, they
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will be count and they will be making the adjustment on your behalf.
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But we all know how well that often works for many of us.
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So we just want to make sure that we understand all these things that went into effect, how
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it went into effect and where we’re at.
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If you have questions, of course you can join the show.
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615-737-9986.
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And we’re going to talk about this new change that came along.
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The bill that went into effect due to the Senate, there was a little quabbling of the
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GOP, some wanted to extend additional tax credits of other sorts.
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They agreed to push some of this in and move forward versus holding the entire bill up,
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which would have been a bit of a problem.
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Again, the biggest part is currently the depreciation was 80% in 2023, that extended up to 100%
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up through 2025.
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So if you’re a business owner or something, that could put more money in your pocket,
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helping you in this tougher time with inflation.
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All right, we’re going to go right to the phones.
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We’ve got Joyce just in Tennessee here and we’ll see if we can help Joyce and we’ll talk
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more about this new tax relief bill.
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Hey Joyce, what can I do for you?
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Thank you for taking my call.
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We are retired, but we live on a farm, so we sell hay and that’s how we get our earned
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income to put money in a rod.
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But we’re getting to the age where we may not be able to do that.
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And I was just wondering why it’s considered earned income so we can keep putting money
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into a rod.
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We have an 11-year-old grandson that’s autistic and we want to leave that for him.
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So we have, social security doesn’t count, does it?
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No, no.
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You have to have some sort of earning and it really can’t be passive.
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It needs to be earning.
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So like you say, selling the hay or something like that would qualify, farm income would
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qualify in that.
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And even though you have a child that is autistic, I have a niece that is also, does he have
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any ability on the farm to do any, I mean, you guys have a farm, I’m assuming, right?
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Yeah, yeah, we do.
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No, he lives with our son and daughter-in-law in a different county.
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No, but I’m afraid he will never be able to hold a job.
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So that’s why we’re trying to leave that.
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All right.
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Now, we have a pension from the Tennessee Consolidated Retirement thing.
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That doesn’t count either, does it?
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No, again, those are all non-passive or incomes that you’re getting after the fact.
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That’s correct.
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So someone either has to be agreed or at Home Depot or something through the farm would
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be the only, you know, considered earnings.
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Okay.
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Now, if we get to where we’re getting, where we can get a pay, if we were to rent the farm
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to a neighbor, will that count?
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It’s rental income and that’s not really considered earned income.
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So the answer again is no, unfortunately.
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Now maybe you can get, I do have some where you may be able to have someone else work
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the farm and they share the profits.
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Okay, do a split then.
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Exactly, and that way then you wouldn’t have to worry about it.
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Yep.
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What about we have an extra house on the farm, so rental income doesn’t count?
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No, it does not, even though it’s a nice secondary little income potentially, but no.
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And what about interest income?
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Nope.
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Again, none of that is from earnings.
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I know, you’re trying.
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Unfortunately, I mean.
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Yeah, we might be able to get a neighbor to do it and split it.
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Right.
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Because we can do hay now, but I can tell our health is going down and so I was just
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trying to figure out.
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Oh, now what about, well, we have a 401(k) where he’s deferred income years ago and we’re
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having to take an RMD.
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Would that count?
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No, requirement of, required distribution would not work either.
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Okay.
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Well, boy, that just struck out.
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I know.
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Anyway, I thank you for the information.
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It really requires, hey, no problem.
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Sorry, I wasn’t a lot of help there, but I like the way you’re thinking.
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You were a lot of help.
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Thank you.
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Okay, thank you.
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All right, let’s hit Ron in Manchester.
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Hey, Ron, what can I do for you?
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Hi.
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Can you hear me?
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Yes, sir.
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Okay.
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For the lady that’s looking for self-employment income, she might consider renting out personal
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property.
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Like a tractor or something?
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I’m not sure that will work, but if you rent personal property, I do know that you have
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a self-employment tax on it.
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Right.
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So, yeah, and that’s a great definition, Ron, that I’d say, but the difference between the
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RMDs, the interest, all of those is that they’re passive, which I said, but you don’t pay self-employment.
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So the only time you can give into a Roth is any income that is earned, and therefore
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you pay self-employment tax.
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So that’s a great example.
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Yeah, that’s just for her.
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I’m not 100% sure that would work, but I do know that self-rental and personal property
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rental is considered self-employment or self-employment tax.
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Okay, I like that.
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Thank you so much.
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No problem.
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Thank you.
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All right.
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That was great advice.
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Hopefully Joyce, you heard that where he’s saying potentially if it’s personal property
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and you can find some way to rent that out to somebody, it is considered self-employed.
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And that’s what we’re looking for, farm income, self-employed income, both follow the self-employed
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side and as long as you earn up to, theoretically, I guess if you’re over 65, I think it’s 7,000.
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So seven and seventy, you put $14,000 a year into that Roth while you’re still earning.
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All right, let’s hit Rosie real quick and then we’ll be heading to our first break.
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Hey, Rosie.
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Hey, Dr. Friday.
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Thanks for taking my call.
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Quick question.
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Can you explain sometime during the show how the new free IRS filing works?
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Because from what I’ve read, we’re a test pilot in Tennessee, but it’s only for federal
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and state employees and only if we have W-2s.
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Right.
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So I can tell you if I know that the free filing has an income bracket that it will,
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I mean, you know, for anyone that’s filing for free, I want to say, and I’m going to
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look on the IRS website real quick, I think it’s 65,000 and that is individual or joint,
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I believe.
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It doesn’t make a definition.
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So you’re just, oh, sorry, just a gross income, 79,000 or less.
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And then it has to be only basically W-2.
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So if you’re self-employed, you’ve got rentals, even let me double check.
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I’m pretty sure that even if it’s earned income credit, it doesn’t apply.
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The new one does have state filings.
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So if you’re in California or Kentucky or something, apparently you will get a free
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state filing with that.
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Other than that.
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I’m sorry.
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I thought, I thought that this was a brand new, like there was, there was one for the
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income bracket of 79,000.
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And there’s direct filing, which people have to know how to do their taxes to use that,
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which that’s what I use.
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But isn’t there like a brand, brand new one?
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No, the only other one I know is where you can go out.
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I mean, some of the it’s like AAA and some of them have, you know, services where they
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can go out, but you’re right.
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When I’m on the website, I’m looking at the IRS website.
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They’re giving me two, one a fillable, free fillable form, which I would not suggest if
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it does the math.
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Maybe you can e-file it, but you’d have to really understand your taxes.
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It may, if it’s only a W-2.
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Second is, it says, yeah, okay, well that’s great.
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But I mean, it isn’t for everyone that that one could lead to, if you don’t know for sure
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where the numbers go on the forms, you know what I mean?
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It may not be as simple as all I’m saying.
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And then option one was an adjusted gross AGI or with the 79 or less.
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That’s the only two options they’re providing to us at this time on the IRS website.
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Interesting.
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I’m going to look up the article and I’ll.
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Give me, yeah, either email it to me, cause it’d be great to know Rosie, cause I’m all
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for if you don’t have to pay to have your taxes done.
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I mean, as much as I love doing taxes, I mean, it’s silly for someone that just has a W-2
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or you know, very simple return to pay someone, you know, a hundred bucks to do their taxes
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when they could do it for free.
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I mean, that’s a lot of money.
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So I’m with you on that.
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Yeah, the article I read, yeah, the article I read said a direct file with a fillable
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form only 2% of the taxpayers do it.
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And that’s why I do it.
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Cause I I’m retired CPA, so I can do that.
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Okay.
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Yeah.
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So you understand it, but I mean, you also know, you know, and again, I think that would
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be, I mean, but I think it’d be more difficult for a lot of people just considering the mistakes
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that walk in the door in my office where people have done it.
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So yeah.
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And I can tell you’re not working, but I mean, if you do have the background or understand
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them and I have people that still print the forms, actually fill them out and then come
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us to us and see how, you know, then we put them in electronically.
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But so there are people that do, but still 79 or less.
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And that’s if you’re married or single, that’s tough because married couples are more up
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to exceed that.
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I’m going to pull up that article.
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Yes.
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Send it to me.
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And Tennessee as a pilot program.
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Okay, cool.
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I’ll do that.
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Send it to me.
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Okay.
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Thanks Rosie.
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Okay.
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Thanks for calling.
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Okay.
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So we’re going to get ready to take our first break.
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And if Rosie gets that information, I will share it guys.
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But there’s more than one, because again, sometimes the income bracket locks out some
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of my clients, even if they could do them.
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And if you have to go buy the software and do it yourself, not everyone has the aptitude
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to do that.
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So, um, but if there’s another pilot program out there, we will push that and see what
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we have.
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Meanwhile, we’re going to take our first break and we’ll be right back with the Dr. Friday
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show.
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All right, everybody.
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We are back here live in studio.
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And I did want to put a heads up.
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I do know that VITA with United Way is another place.
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If you want someone to help you do your taxes, they are out there doing taxes as well.
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Um, so if, uh, if you want to look up on the internet, well, United Way and tax prep or
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VITA, V I T A, you can probably find locations that might be in there.
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Cause I know in 2020 and 21, I think they didn’t have as many locations, but, um, I
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believe they’re back at it full force.
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So, um, if you have a need to have someone help you, I don’t know if they have any limitations
00:13:18.580 –> 00:13:24.620
or anything like that, but, um, that being said, they’re a good organization.
00:13:24.620 –> 00:13:30.260
So if you need someone to help you do your taxes for free, also know farm, uh, farm credit
00:13:30.260 –> 00:13:33.140
does some taxes, uh, in some of the areas as well.
00:13:33.140 –> 00:13:37.140
So just saying it’s great to have, you know, a tax person.
00:13:37.140 –> 00:13:42.900
And I will not, I will say this as a caveat to all that this is for simple tax.
00:13:42.900 –> 00:13:48.960
If you have someone that you need, you’re doing rental properties, you have investments
00:13:48.960 –> 00:13:54.020
into stocks or you’re buying and selling stocks, or you’ve got K ones, or you’ve got a little
00:13:54.020 –> 00:13:58.700
bit more of a complicated tax return, then yes, I think you need to have someone like
00:13:58.700 –> 00:14:04.180
myself, an enrolled agent, a CPA, someone that is going to know and understand taxes,
00:14:04.180 –> 00:14:08.980
not only doing the taxes correctly, but also in case someone sends you a love letter, we
00:14:08.980 –> 00:14:10.860
all know the IRS likes to do that.
00:14:10.860 –> 00:14:15.380
They can be there to help explain and help you understand what the problem is and help
00:14:15.380 –> 00:14:17.180
you get the resolution.
00:14:17.180 –> 00:14:21.020
And sometimes when you go to some of these other organizations, they’re good about preparing,
00:14:21.020 –> 00:14:24.340
but a lot of times they’re not there to, to be year round.
00:14:24.340 –> 00:14:28.460
So it’s not always easy to get help in some of those situations.
00:14:28.460 –> 00:14:33.620
So just saying, uh, but again, you need to file taxes, number one.
00:14:33.620 –> 00:14:38.020
And if you’re not sure you need to file taxes, um, it’s, it’s a pretty straight mathematics
00:14:38.020 –> 00:14:39.020
situation.
00:14:39.020 –> 00:14:42.940
So, um, our office can help you or again, you can call any of those organizations and
00:14:42.940 –> 00:14:47.900
they’ll tell you, you do not always have to file taxes under certain circumstances.
00:14:47.900 –> 00:14:53.700
Taxes are only required if your income is at a certain or you received your income at
00:14:53.700 –> 00:14:54.820
a certain point.
00:14:54.820 –> 00:15:02.220
So, um, you know, you have that situation and you know, it comes up to, uh, where you’re
00:15:02.220 –> 00:15:03.220
at.
00:15:03.220 –> 00:15:14.060
So if you want to join the show, you can 615-737-9986, 615-737-9986.
00:15:14.060 –> 00:15:19.420
Taking more of your calls, um, a portion of the 2000 can be applied to refundable credits
00:15:19.420 –> 00:15:23.820
up to inflation rates, about $1,600 in 2023.
00:15:23.820 –> 00:15:27.700
And for taxpayers who want to more children, the refundable portion is limited to the excess
00:15:27.700 –> 00:15:32.180
of the balance of the tax credit amount from which taxpayers would otherwise be entitled
00:15:32.180 –> 00:15:33.180
to base.
00:15:33.180 –> 00:15:40.780
So the number of children or 15% of which the earned income exceeds over $2,500.
00:15:40.780 –> 00:15:46.100
That is the child portion of the refundable child tax credits.
00:15:46.100 –> 00:15:51.420
Um, so some of that is changing and we’re going to get a little bit into how some of
00:15:51.420 –> 00:15:56.100
that and some of this, um, applied to 23, 24 and 25.
00:15:56.100 –> 00:15:58.980
Again, prior to this 23 was not in on it.
00:15:58.980 –> 00:16:04.020
And so, you know, you want to make sure that you, if you filed your 2023 tax return, you
00:16:04.020 –> 00:16:10.100
might want to just revisit, um, based on some of the new numbers and new changes.
00:16:10.100 –> 00:16:17.060
Most people will not be affected by these, but I often find individuals that file on
00:16:17.060 –> 00:16:22.180
January 29th this year or before that are people that usually are expecting a very large
00:16:22.180 –> 00:16:29.100
income refund or, uh, should say a refundable tax credits and all that.
00:16:29.100 –> 00:16:33.380
And so, you know, they’re looking and it’s possible that you left a few dollars on the
00:16:33.380 –> 00:16:34.380
table.
00:16:34.380 –> 00:16:35.380
Possible.
00:16:35.380 –> 00:16:37.480
I can’t say it’s, it’s perfect, but possible.
00:16:37.480 –> 00:16:43.060
So just make sure that any of the current changes, if you went to someone and did your
00:16:43.060 –> 00:16:49.300
taxes, then again, just make sure that those taxes are done properly and that you’re in
00:16:49.300 –> 00:16:54.260
awesome shape to move forward and get everything done the way you want it done.
00:16:54.260 –> 00:16:57.260
So you have no problems in dealing with that issue.
00:16:57.260 –> 00:16:58.260
All right.
00:16:58.260 –> 00:16:59.260
You want to join the show?
00:16:59.260 –> 00:17:00.260
You can 615-737-9986.
00:17:00.260 –> 00:17:01.260
Let’s hit Jerry in Pulaski.
00:17:01.260 –> 00:17:02.260
Hey bud, how’s it going?
00:17:02.260 –> 00:17:05.260
Good morning.
00:17:05.260 –> 00:17:11.480
How are you doing?
00:17:11.480 –> 00:17:12.480
I am doing awesome.
00:17:12.480 –> 00:17:13.480
And yourself?
00:17:13.480 –> 00:17:14.480
I’m doing good.
00:17:14.480 –> 00:17:27.020
On taking an RRMD, does the IRS require you to kind of spread the parts you’re going to
00:17:27.020 –> 00:17:34.780
send them in or can you wait till the end of the year and send that to them?
00:17:34.780 –> 00:17:40.660
So that is, I mean, bottom line, easy answer is they want their share as you take it out,
00:17:40.660 –> 00:17:42.660
but it would depend on when you take it.
00:17:42.660 –> 00:17:47.500
So if you take it out, if you owe more than 500 over the year, then theoretically you’re
00:17:47.500 –> 00:17:50.160
required to pay quarterly.
00:17:50.160 –> 00:17:54.820
So it’d be easier just to have them take it out at the time that you take the distribution
00:17:54.820 –> 00:17:56.500
then than to wait.
00:17:56.500 –> 00:18:00.620
But it just depends if you take it out in December, you have until, you know, basically
00:18:00.620 –> 00:18:01.900
April to make the payment.
00:18:01.900 –> 00:18:02.900
So the first estimate.
00:18:02.900 –> 00:18:03.900
Okay.
00:18:03.900 –> 00:18:04.900
All right.
00:18:04.900 –> 00:18:05.900
I certainly appreciate it.
00:18:05.900 –> 00:18:06.900
Thank you for calling me several times.
00:18:06.900 –> 00:18:07.900
Thank you.
00:18:07.900 –> 00:18:08.900
All right.
00:18:08.900 –> 00:18:09.900
Thanks, buddy.
00:18:09.900 –> 00:18:10.900
I appreciate it.
00:18:10.900 –> 00:18:11.900
All right.
00:18:11.900 –> 00:18:12.900
Let’s see if we can get Nick in Manchester.
00:18:12.900 –> 00:18:13.900
Hey, Nick, what’s happening?
00:18:13.900 –> 00:18:14.900
Not much.
00:18:14.900 –> 00:18:15.900
Just had a question for you.
00:18:15.900 –> 00:18:16.900
Okay.
00:18:16.900 –> 00:18:17.900
I know dependencies on tax returns.
00:18:17.900 –> 00:18:29.980
Stuff like that usually don’t include wives, but my wife has been a stay at home mom for
00:18:29.980 –> 00:18:33.700
four years and I’ve been the sole income provider for the family.
00:18:33.700 –> 00:18:37.740
Is there any way I can claim her as a dependent?
00:18:37.740 –> 00:18:41.100
Well you do when you click the box saying you’re married.
00:18:41.100 –> 00:18:46.140
So in essence, if you didn’t claim her as your wife, you would be single or head of
00:18:46.140 –> 00:18:49.600
household, which are both less than being married.
00:18:49.600 –> 00:18:52.980
So you get the credit because you’re checking the box and putting married.
00:18:52.980 –> 00:18:55.380
So you get a higher deduction because of that.
00:18:55.380 –> 00:19:00.300
So you are claiming her as a dependent, just not in the same way you may claim your children
00:19:00.300 –> 00:19:01.300
as dependents.
00:19:01.300 –> 00:19:02.300
Okay.
00:19:02.300 –> 00:19:07.100
So there’s, there’s no actual like tax return or like, you know, like with a child, I think
00:19:07.100 –> 00:19:12.540
it’s the answer to that question would be is there is no child credit or any credit
00:19:12.540 –> 00:19:15.460
for any dependent over the age of 17 basically.
00:19:15.460 –> 00:19:22.180
So if your child is your parent or anyone else is a dependent, you won’t be able to
00:19:22.180 –> 00:19:25.900
claim any additional credit other than what you’re getting on that situation.
00:19:25.900 –> 00:19:26.900
Okay.
00:19:26.900 –> 00:19:27.900
All right.
00:19:27.900 –> 00:19:28.900
Let’s hit Tom in Nashville.
00:19:28.900 –> 00:19:29.900
Hey Tom, what’s happening?
00:19:29.900 –> 00:19:34.540
This is quite complicated, but I’ll try and keep it very simple.
00:19:34.540 –> 00:19:42.420
I purchased a property like two years ago and well, it turns out it’s virtually worthless.
00:19:42.420 –> 00:19:46.580
Structurally it’s garbage and would have to be torn down and basically rebuilt to be of
00:19:46.580 –> 00:19:47.580
any value.
00:19:47.580 –> 00:19:54.780
And I’m curious how that loss or if it can be spread over time, cause I’m still going
00:19:54.780 –> 00:19:55.780
to be owning the property.
00:19:55.780 –> 00:20:01.100
And so is there a way to spread that or how do I realize there’s losses?
00:20:01.100 –> 00:20:03.140
In selling, right?
00:20:03.140 –> 00:20:08.940
So the only way to realize it would be to physically sell it or to give it to a charity,
00:20:08.940 –> 00:20:13.540
which may be the proper great property to do, not to say the charity would love it.
00:20:13.540 –> 00:20:19.100
But you have to physically have the loss, even though you know it’s a loss.
00:20:19.100 –> 00:20:22.660
I mean, until it really hits you and you’re able to say, okay, I sold it for a dollar
00:20:22.660 –> 00:20:24.540
and I paid a hundred thousand.
00:20:24.540 –> 00:20:27.380
I have a $99,000 loss.
00:20:27.380 –> 00:20:32.020
Then at that time you will actually have the loss and then we can put that on your tax
00:20:32.020 –> 00:20:35.900
return and you can offset other gains with that loss.
00:20:35.900 –> 00:20:36.900
Okay.
00:20:36.900 –> 00:20:42.300
And in the meantime, the only actualized losses would be like money that is spent on directly
00:20:42.300 –> 00:20:43.300
on the property, right?
00:20:43.300 –> 00:20:44.300
Theoretically.
00:20:44.300 –> 00:20:50.140
I mean, if it’s not a rental property, then there’s really no place or a second residence.
00:20:50.140 –> 00:20:55.480
The property taxes, if you’re itemizing could go off, but any other improvements you’re
00:20:55.480 –> 00:21:01.220
doing to that property, if it’s not your primary or second home or a rental, it’s really just
00:21:01.220 –> 00:21:06.060
adding to the value when you decide to either develop, rent it or sell it.
00:21:06.060 –> 00:21:09.620
Well, it’s a primary home and a rental, the duplex.
00:21:09.620 –> 00:21:10.620
Oh, catch 22.
00:21:10.620 –> 00:21:11.620
Right.
00:21:11.620 –> 00:21:12.620
Okay.
00:21:12.620 –> 00:21:17.220
So, you know, obviously at this point, yes, if it’s your primary and it fits under the
00:21:17.220 –> 00:21:22.580
energy credits, your best bet is the, is the rental side of the duplex would have the better
00:21:22.580 –> 00:21:29.020
tax deduction per se, because anything you do on that half or on that share of property,
00:21:29.020 –> 00:21:33.620
be it, maybe you do one big improvement and it’s 50/50 or based on square footage, then
00:21:33.620 –> 00:21:39.740
you’d be able to deal with the, um, the loss or depreciate that repair over a period of
00:21:39.740 –> 00:21:41.300
time, depending on what it is.
00:21:41.300 –> 00:21:42.300
Interesting.
00:21:42.300 –> 00:21:46.180
That was, that was very informative and, uh, I appreciate it.
00:21:46.180 –> 00:21:47.180
Thanks Tom.
00:21:47.180 –> 00:21:48.180
If you need any more questions.
00:21:48.180 –> 00:21:49.180
Thanks.
00:21:49.180 –> 00:21:50.180
Thank you.
00:21:50.180 –> 00:21:51.180
All right.
00:21:51.180 –> 00:21:52.180
Let’s see if Rosie is back real quick.
00:21:52.180 –> 00:21:53.180
I mean, she’s got an answer for me.
00:21:53.180 –> 00:21:54.180
Hey, Dr. Rosie, real quick.
00:21:54.180 –> 00:21:55.180
Um, I found the article.
00:21:55.180 –> 00:22:00.900
I’m going to email it to you and I’m friday@dfriday.com and I’m perfect.
00:22:00.900 –> 00:22:05.700
And uh, it’s an NPR article and then I, I had, you know, links to the IRS, you know,
00:22:05.700 –> 00:22:10.180
the, um, the, uh, internet, um, how it happens.
00:22:10.180 –> 00:22:15.860
And so I, um, drill down and it appears that it might not be available until mid-March
00:22:15.860 –> 00:22:21.780
and it, um, also appears I won’t be able to use it anyway because, um, it’s only 1099.
00:22:21.780 –> 00:22:30.540
Um, it has a 1099 interest, 1500 hour cap, but it doesn’t have any other 1099 provisions
00:22:30.540 –> 00:22:33.620
for, um, like pensions or anything or retirement.
00:22:33.620 –> 00:22:36.860
But I will, I will email you the article.
00:22:36.860 –> 00:22:37.860
Thank you, Rosie.
00:22:37.860 –> 00:22:38.860
I really appreciate it.
00:22:38.860 –> 00:22:39.860
Thank you.
00:22:39.860 –> 00:22:40.860
You’re welcome.
00:22:40.860 –> 00:22:41.860
Talk soon.
00:22:41.860 –> 00:22:42.860
Thanks for your help.
00:22:42.860 –> 00:22:43.860
Thanks.
00:22:43.860 –> 00:22:44.860
Okay.
00:22:44.860 –> 00:22:45.860
All right.
00:22:45.860 –> 00:22:46.860
Um, so we’re going to take some more calls at 615-737-9986.
00:22:46.860 –> 00:22:52.780
If you’ve got questions or comments, I mean, it’s helpful because a lot of people are listening
00:22:52.780 –> 00:22:57.100
now and they’re in the same situation that you might be, or they’re thinking about these
00:22:57.100 –> 00:22:58.100
different situations.
00:22:58.100 –> 00:23:03.340
So it’s very helpful when people are willing to call the radio show, um, because not everybody
00:23:03.340 –> 00:23:06.220
has that DNA to, to want to do that.
00:23:06.220 –> 00:23:11.100
So again, the phone number here in the studio for the radio is 615-737-9986.
00:23:11.100 –> 00:23:18.980
We’ll talk, take your calls concerning obviously the 2023 taxes, but some people may be planning
00:23:18.980 –> 00:23:19.980
for 2024.
00:23:19.980 –> 00:23:26.340
And, um, I’m going to do some breakdown a little bit here on what we have expected with
00:23:26.340 –> 00:23:28.060
the new, uh, again, they did pass.
00:23:28.060 –> 00:23:33.820
A new law in January 20, a new new act, I guess you would say it’s the tax relief of
00:23:33.820 –> 00:23:36.860
American families and workers act of 2024.
00:23:36.860 –> 00:23:39.500
I think it’s a funny name.
00:23:39.500 –> 00:23:42.300
American families of workers who else would be we’re in the United States.
00:23:42.300 –> 00:23:43.300
All right.
00:23:43.300 –> 00:23:44.660
So we’re going to take this break and we get back.
00:23:44.660 –> 00:23:49.740
We get some more of your phone calls again, 615-737-9986.
00:23:49.740 –> 00:23:51.060
We’ll be right back.
00:23:51.060 –> 00:23:52.060
Alrighty.
00:23:53.060 –> 00:23:59.060
We are back here live in studio and lucky me, I have a couple of waiters.
00:23:59.060 –> 00:24:02.820
So let’s see if we have Brian that tilled the longest in the borough.
00:24:02.820 –> 00:24:06.180
Hey Bri, what’s happening and how can I help you?
00:24:06.180 –> 00:24:08.540
Uh, Hey, Dr. Friday.
00:24:08.540 –> 00:24:09.540
Yeah.
00:24:09.540 –> 00:24:16.860
The question is this, I work for a company that’s headquartered out of town and I have
00:24:16.860 –> 00:24:19.820
my own office at my house that I work out of.
00:24:19.820 –> 00:24:23.500
Is that deductible in any way, shape or form on my taxes?
00:24:23.500 –> 00:24:29.660
No, because you’re a W I’m making a guess, Brian, that you’re a W2 employee.
00:24:29.660 –> 00:24:31.100
Yes, I am.
00:24:31.100 –> 00:24:32.100
Okay.
00:24:32.100 –> 00:24:37.380
So as long as you’re a W2 under the current laws, that is not something that’s on the
00:24:37.380 –> 00:24:42.700
table to be rescinded, which we used to be able to use a 2106 and be able to write off
00:24:42.700 –> 00:24:45.740
expenses that would apply in that situation.
00:24:45.740 –> 00:24:50.620
But under the current tax law, if you have a W2, there are no deductions allowed to you.
00:24:50.620 –> 00:24:51.620
Gotcha.
00:24:51.620 –> 00:24:53.620
That’s what I thought.
00:24:53.620 –> 00:24:54.620
Just wanted to confirm it.
00:24:54.620 –> 00:24:56.180
I sure appreciate that help.
00:24:56.180 –> 00:24:57.180
Thanks.
00:24:57.180 –> 00:24:58.180
I appreciate the phone call.
00:24:58.180 –> 00:25:00.180
All right, let’s hit George in Mount Juliet.
00:25:00.180 –> 00:25:01.180
Yes.
00:25:01.180 –> 00:25:02.180
Mount Juliet.
00:25:02.180 –> 00:25:03.180
Hi Dr. Friday.
00:25:03.180 –> 00:25:06.180
I have a quick question for you.
00:25:06.180 –> 00:25:10.300
I’m retired and I just, I don’t work or anything.
00:25:10.300 –> 00:25:13.420
I just draw my social security.
00:25:13.420 –> 00:25:20.740
And if I’m not mistaken, I haven’t had to file taxes in the last couple of years because
00:25:20.740 –> 00:25:25.900
I haven’t made the maximum to have to file taxes.
00:25:25.900 –> 00:25:30.580
But this year I made $30,756.
00:25:30.580 –> 00:25:33.980
Will I have to file taxes this year?
00:25:33.980 –> 00:25:34.980
Yes.
00:25:34.980 –> 00:25:35.980
Okay.
00:25:35.980 –> 00:25:41.500
And will that be on the overage over the 25?
00:25:41.500 –> 00:25:42.500
Are you married or single?
00:25:42.500 –> 00:25:43.500
Single, well, my wife deceased.
00:25:43.500 –> 00:25:44.500
Okay.
00:25:44.500 –> 00:25:45.500
Sorry.
00:25:45.500 –> 00:25:55.500
It would be, you would have the like 14,000 standard deduction that you would deduct.
00:25:55.500 –> 00:26:00.340
A portion, maybe a small portion of your social security would be taxed.
00:26:00.340 –> 00:26:06.300
But theoretically, you’d be looking at probably around, I don’t know, 16, 17,000 and maybe
00:26:06.300 –> 00:26:10.540
your social 20, 20,000 paying tax on.
00:26:10.540 –> 00:26:12.940
That’s a quick mathematics there.
00:26:12.940 –> 00:26:15.340
And that should probably be a couple thousand maybe.
00:26:15.340 –> 00:26:22.020
Well, see, I didn’t, I didn’t pay, you know, I just, the only thing that run me over really
00:26:22.020 –> 00:26:25.060
was the interest off the money I have in the bank.
00:26:25.060 –> 00:26:26.060
Okay.
00:26:26.060 –> 00:26:29.140
So is the 30,756 including your social security?
00:26:29.140 –> 00:26:30.140
Yes.
00:26:30.140 –> 00:26:31.140
Oh, yes.
00:26:31.140 –> 00:26:33.140
I made, I made about 25,000.
00:26:33.140 –> 00:26:37.380
I think social security, I’ve got it right here.
00:26:37.380 –> 00:26:38.380
I got you.
00:26:38.380 –> 00:26:42.500
So you only made like five or 6,000 above your social security.
00:26:42.500 –> 00:26:43.500
Right.
00:26:43.500 –> 00:26:46.500
Ah, you don’t need to file.
00:26:46.500 –> 00:26:53.940
I made last year, I made 25,000, 800 and I’m $582.
00:26:53.940 –> 00:26:58.860
And that was because of getting that low range that we got back in 23, we didn’t get much
00:26:58.860 –> 00:26:59.860
at 24.
00:26:59.860 –> 00:27:00.860
Right.
00:27:00.860 –> 00:27:06.540
And then I, then I had 2000 on one savings account and a couple thousand on another one.
00:27:06.540 –> 00:27:09.740
But the total for all of that was 30,756.
00:27:09.740 –> 00:27:10.740
Okay.
00:27:10.740 –> 00:27:13.460
Yeah, you confuse me, Georgie.
00:27:13.460 –> 00:27:14.460
Okay.
00:27:14.460 –> 00:27:17.620
So the way the provisional tax code works though, is we have to know how much is the
00:27:17.620 –> 00:27:19.700
social security and how much is everything else.
00:27:19.700 –> 00:27:26.220
So in this conversation, you’ve got 6,000 roughly of money that is not social security.
00:27:26.220 –> 00:27:29.060
And then we take half of that and it’s less than 25.
00:27:29.060 –> 00:27:32.780
So you do not have to file.
00:27:32.780 –> 00:27:33.780
No filing required.
00:27:33.780 –> 00:27:41.460
You mean, other words, not what let me give you the total total amount.
00:27:41.460 –> 00:27:45.460
One bank account was 200, uh, $2,212 interest.
00:27:45.460 –> 00:27:46.460
Okay.
00:27:46.460 –> 00:27:49.460
And one was $2,960.85 interest.
00:27:49.460 –> 00:28:01.540
And then it was 25,882 in social security money.
00:28:01.540 –> 00:28:02.660
All right.
00:28:02.660 –> 00:28:07.540
So what we have to do is we take the two, uh, 25,882.
00:28:07.540 –> 00:28:10.220
We have to divide that by two, which gives us 12,000.
00:28:10.220 –> 00:28:14.720
I’m just going to use whole numbers, which gives us about $13,000.
00:28:14.720 –> 00:28:21.460
And then we take the little less than 6,000 that you had an interest that adds up to $18,000.
00:28:21.460 –> 00:28:26.980
You have the ability to earn up to 25 before you have to file taxes.
00:28:26.980 –> 00:28:30.260
Oh, see, I thought it was, I thought.
00:28:30.260 –> 00:28:33.660
I know, I know it’s a different tax code.
00:28:33.660 –> 00:28:37.500
It’s called the provisional tax code for people that are in retirement and live mostly off
00:28:37.500 –> 00:28:38.500
social security.
00:28:38.500 –> 00:28:44.220
So in your situation, you are still okay not to file taxes and may different for different
00:28:44.220 –> 00:28:46.300
people, but for my Georgie, he is okay.
00:28:46.300 –> 00:28:52.500
Well, that’s good because I didn’t want to have to pay for filing it if I didn’t need
00:28:52.500 –> 00:28:53.500
to.
00:28:53.500 –> 00:28:59.140
And of course, the only two times I never filed taxes was the last two years.
00:28:59.140 –> 00:29:01.420
I mean, I filed every year when I worked.
00:29:01.420 –> 00:29:05.300
So, you know, I kind of made me nervous.
00:29:05.300 –> 00:29:10.420
I don’t want to get in trouble with them, but I hear you totally off of social security.
00:29:10.420 –> 00:29:11.420
I don’t have.
00:29:11.420 –> 00:29:12.420
All right.
00:29:12.420 –> 00:29:13.420
Thanks for calling Georgie.
00:29:13.420 –> 00:29:14.420
I appreciate you.
00:29:14.420 –> 00:29:17.420
We’re going to go to Jamie in Laverne.
00:29:17.420 –> 00:29:20.380
Hey, Jamie.
00:29:20.380 –> 00:29:21.380
Can you hear me, Jamie?
00:29:21.380 –> 00:29:22.380
Laverne?
00:29:22.380 –> 00:29:23.380
I had the wrong name.
00:29:23.380 –> 00:29:24.380
Hey, there’s a voice.
00:29:24.380 –> 00:29:25.380
That’s all right.
00:29:25.380 –> 00:29:32.380
My truck, my truck stole the phone from me, but I’m here now.
00:29:32.380 –> 00:29:37.380
I sold two pieces of property last year.
00:29:37.380 –> 00:29:45.380
One was my primary residence, but I had it for a year and a half instead of two years.
00:29:45.380 –> 00:29:48.460
Am I going to have to pay capital gains on that?
00:29:48.460 –> 00:29:53.380
And my second question is also sold a piece of vacant land.
00:29:53.380 –> 00:29:59.140
And I got a 1099 from the title company on that.
00:29:59.140 –> 00:30:04.100
And I’m not sure if I need to file that 1099 or not.
00:30:04.100 –> 00:30:05.100
So both of them.
00:30:05.100 –> 00:30:08.780
I mean, no matter what, if you sell your primary home, you still need to report it.
00:30:08.780 –> 00:30:11.180
So the IRS was knowing it’s your primary.
00:30:11.180 –> 00:30:16.500
Can I ask when you sold the house, was there a reason for selling or just you decided to
00:30:16.500 –> 00:30:17.500
relocate?
00:30:17.500 –> 00:30:20.580
I mean, not for work or, you know, like advancement or something.
00:30:20.580 –> 00:30:22.620
Yeah, we just decided to relocate.
00:30:22.620 –> 00:30:23.620
Okay.
00:30:23.620 –> 00:30:26.380
So you already know.
00:30:26.380 –> 00:30:29.060
Primary home, you’re going to have to pay capital gains because you didn’t live there
00:30:29.060 –> 00:30:31.420
two out of the last five years.
00:30:31.420 –> 00:30:37.860
So whatever the gain on that and the same thing on the vacant land, the 1099S that you
00:30:37.860 –> 00:30:40.620
received is saying how much you sold it for.
00:30:40.620 –> 00:30:41.660
It should be.
00:30:41.660 –> 00:30:43.700
And then whatever you paid for, you’d still report.
00:30:43.700 –> 00:30:47.100
And the difference would be our capital gain on both sides, right?
00:30:47.100 –> 00:30:49.780
So whatever you have on both sides would be capital gain.
00:30:49.780 –> 00:30:51.020
So same on your primary.
00:30:51.020 –> 00:30:55.180
How much you paid for any major improvements that it would have increased value.
00:30:55.180 –> 00:30:59.860
And then what you sold it for, closing cost fees, et cetera, et cetera, get you to your
00:30:59.860 –> 00:31:03.300
capital gains or your investment.
00:31:03.300 –> 00:31:06.420
And how do I prove to them what I put into it?
00:31:06.420 –> 00:31:11.740
Like if I, if I did some improvements, pay cash for that, am I just out of luck there?
00:31:11.740 –> 00:31:13.380
You, you kind of are.
00:31:13.380 –> 00:31:18.180
If you can get a receipt from the company that did it, you know, your guy or whoever
00:31:18.180 –> 00:31:19.180
did it.
00:31:19.180 –> 00:31:22.980
Otherwise, yes, I try to tell people if even if you’re paying cash, I don’t have a problem
00:31:22.980 –> 00:31:23.980
necessarily with that.
00:31:23.980 –> 00:31:28.340
It’s just that you need to have a receipt showing what was done and who did it.
00:31:28.340 –> 00:31:29.340
Okay.
00:31:29.340 –> 00:31:30.340
All righty.
00:31:30.340 –> 00:31:32.180
We’re going to know if that’s what I needed.
00:31:32.180 –> 00:31:33.180
Thank you.
00:31:33.180 –> 00:31:34.180
Cool.
00:31:34.180 –> 00:31:35.180
All right.
00:31:35.180 –> 00:31:36.180
Let’s go to Teddy.
00:31:36.180 –> 00:31:37.180
Teddy and is it Devin Hickson?
00:31:37.180 –> 00:31:38.180
Maybe my eyesight’s not so good.
00:31:38.180 –> 00:31:39.180
I need a bigger monitor.
00:31:39.180 –> 00:31:40.180
Yeah.
00:31:40.180 –> 00:31:41.180
Hey, Teddy.
00:31:41.180 –> 00:31:42.180
Thanks for taking my call.
00:31:42.180 –> 00:31:49.180
I was wondering if you’re making a, if you’re transferring money from your savings into
00:31:49.180 –> 00:31:53.060
your check, and is that considered an income?
00:31:53.060 –> 00:31:54.060
No, sir.
00:31:54.060 –> 00:31:56.060
That’s just a transfer of income, a transfer of funds.
00:31:56.060 –> 00:31:59.060
Well, that’s all I need to know then.
00:31:59.060 –> 00:32:00.060
I appreciate it.
00:32:00.060 –> 00:32:01.060
Wow, Teddy.
00:32:01.060 –> 00:32:02.060
That was a good one.
00:32:02.060 –> 00:32:03.060
Thanks.
00:32:03.060 –> 00:32:04.060
I appreciate the call.
00:32:04.060 –> 00:32:07.300
And I will say, even though it seemed like an easy answer for Teddy, I’ve had more than
00:32:07.300 –> 00:32:12.680
one person think because they’ve moved money from one type of investment to another that
00:32:12.680 –> 00:32:17.820
they’ve created a taxable, and you can sometimes, but not just from a checking to savings or
00:32:17.820 –> 00:32:18.820
like kind.
00:32:18.820 –> 00:32:22.780
If you have a Roth IRA and you move it to another Roth, or you have a standard IRA and
00:32:22.780 –> 00:32:26.560
you move it to another standard again, those are not taxable situations usually unless
00:32:26.560 –> 00:32:33.020
you keep any money out, then it can become a taxable situation on how it works or where
00:32:33.020 –> 00:32:34.280
it’s going to come out of.
00:32:34.280 –> 00:32:36.800
So we have that to work with.
00:32:36.800 –> 00:32:39.280
So if you have any questions, those are great calls, guys.
00:32:39.280 –> 00:32:40.280
I appreciate it.
00:32:40.280 –> 00:32:47.460
And just again, anytime you have any kind of property sale, just a point of interest,
00:32:47.460 –> 00:32:52.940
that information, even if in the case of Jamie, he said he received a 1099.
00:32:52.940 –> 00:32:57.140
I have had many people never received 1099s.
00:32:57.140 –> 00:33:02.540
And so it’s really important that if you sell something like that, the government does get
00:33:02.540 –> 00:33:03.540
the information.
00:33:03.540 –> 00:33:04.740
Title changes names.
00:33:04.740 –> 00:33:06.400
That is all trackable.
00:33:06.400 –> 00:33:10.700
So just so you know, it’s important to put it on your tax return, report the income or
00:33:10.700 –> 00:33:16.060
loss and take it from there from the extent of what you want done or how you’re going
00:33:16.060 –> 00:33:17.440
to want it done.
00:33:17.440 –> 00:33:20.400
But make sure, and again, Jamie also had a good point.
00:33:20.400 –> 00:33:25.260
I can’t tell you how many people come in and when we all do major improvements, just added
00:33:25.260 –> 00:33:30.580
another building to my property, you need to save those receipts because all we have
00:33:30.580 –> 00:33:35.460
when we start is whatever we purchased the home for, or in my case, if I built the house,
00:33:35.460 –> 00:33:40.340
I have the original loan, what we paid for it, the contractor’s agreement, et cetera,
00:33:40.340 –> 00:33:41.340
et cetera.
00:33:41.340 –> 00:33:45.980
So at that point, the house was done, but then we added this and we did this.
00:33:45.980 –> 00:33:50.980
All of those increased the value of the property, paving the driveway, whatever.
00:33:50.980 –> 00:33:55.900
And every time you do those, if you don’t keep those receipts, the IRS doesn’t know
00:33:55.900 –> 00:33:59.780
how you did it as far as they know you could do it yourself and it didn’t cost you anything.
00:33:59.780 –> 00:34:05.780
So again, important part of that conversation and trying to go back is hard, especially
00:34:05.780 –> 00:34:11.780
some of my clients, I mean, they’ve lived in the houses for 20, 30 years and it’s hard
00:34:11.780 –> 00:34:18.140
to go back and say, “Oh yeah, we remodeled the kitchen five years ago,” or “We put a
00:34:18.140 –> 00:34:19.140
new roof on.”
00:34:19.140 –> 00:34:24.140
Now again, in some cases, insurance covers it and that is not an improvement if you didn’t
00:34:24.140 –> 00:34:25.580
pay for it.
00:34:25.580 –> 00:34:29.620
The insurance company paid for it, therefore it didn’t increase it because of your out
00:34:29.620 –> 00:34:30.620
of pocket costs.
00:34:30.620 –> 00:34:34.960
So this is stuff that you did out of pocket costing out of your pocket.
00:34:34.960 –> 00:34:37.300
So then, you know, and don’t forget your closing cost fees.
00:34:37.300 –> 00:34:39.840
When we buy and sell, we usually pay some sort of fees.
00:34:39.840 –> 00:34:45.520
So it’s good to have those, maintain those statements so that you have them on file.
00:34:45.520 –> 00:34:50.100
So if you decide to sell something, you have the records of the original purchase and all
00:34:50.100 –> 00:34:53.660
the fees that might have been part of that because that adds to it as well.
00:34:53.660 –> 00:34:56.300
All right, so we’re going to take another quick break here.
00:34:56.300 –> 00:34:57.300
You can join the show.
00:34:57.300 –> 00:35:00.940
We’re getting to the last section, but if you’ve got any questions, you can certainly
00:35:00.940 –> 00:35:12.220
call us right now in the studio at 615-737-9986, 615-737-9986, taking your calls, talking about
00:35:12.220 –> 00:35:13.220
taxes.
00:35:13.220 –> 00:35:17.500
I’m an enrolled agent licensed by the Internal Revenue Service to do taxes and representation.
00:35:17.500 –> 00:35:18.980
That is all I do.
00:35:18.980 –> 00:35:22.220
So if you’ve got questions about that, I’m pretty good at it.
00:35:22.220 –> 00:35:24.060
I’ve been doing it for about 25 years.
00:35:24.060 –> 00:35:28.500
So if you’ve got a question, give us a call and we’ll be right back with the Dr. Friday
00:35:28.500 –> 00:35:29.500
Show.
00:35:29.500 –> 00:35:30.500
All righty, we are back here.
00:35:30.500 –> 00:35:38.500
I’ve got to put a little bit of a caveat out there.
00:35:38.500 –> 00:35:44.140
I’ve been saying the Tax Relief of American Families and Workers Act of 2024, it has not
00:35:44.140 –> 00:35:45.580
been signed into the bill.
00:35:45.580 –> 00:35:47.180
President has not yet signed it.
00:35:47.180 –> 00:35:48.620
So I might be ahead of myself.
00:35:48.620 –> 00:35:54.180
I saw that it had passed the Ways and Meanings and the Congress and the Senate.
00:35:54.180 –> 00:35:56.460
So we’re waiting to see what the next step is.
00:35:56.460 –> 00:36:02.140
Who knows, it may change, but it would give a couple hundred dollars per child credit,
00:36:02.140 –> 00:36:04.100
refundable credit to some people.
00:36:04.100 –> 00:36:08.740
So if you haven’t filed your taxes, you might want to hold back just to see because it’s
00:36:08.740 –> 00:36:11.540
easier to get all your money at one time than to file early.
00:36:11.540 –> 00:36:16.100
All right, let’s go to Glenn in Brentwood, please.
00:36:16.100 –> 00:36:18.780
Glenn in Brentwood.
00:36:18.780 –> 00:36:19.780
Hi there.
00:36:19.780 –> 00:36:20.780
Hey there, bud.
00:36:20.780 –> 00:36:21.780
Hello.
00:36:21.780 –> 00:36:22.780
Hi.
00:36:22.780 –> 00:36:26.500
OK, I came down in 2018 from Canada.
00:36:26.500 –> 00:36:29.180
I’ve been working here since.
00:36:29.180 –> 00:36:36.540
I collect a pension from Canada and I just did my taxes, well, actually, the 18, 19,
00:36:36.540 –> 00:36:42.900
20 and 21 a couple of weeks ago in Canada.
00:36:42.900 –> 00:36:49.260
And I got dinged pretty bad because there was no allowance given because I’m classified
00:36:49.260 –> 00:36:51.940
as a non-resident of Canada.
00:36:51.940 –> 00:37:00.700
I have a friend down here in Ohio and he actually he does any income that he gets from pension,
00:37:00.700 –> 00:37:04.820
he does on his when he does the IRS thing.
00:37:04.820 –> 00:37:08.340
I’ve never done I’ve never claimed it.
00:37:08.340 –> 00:37:14.700
So I’m getting taxed 25 percent of everything off my pension.
00:37:14.700 –> 00:37:19.660
So would it be wiser to just add it to what I make here?
00:37:19.660 –> 00:37:23.100
Well, are you a U.S. citizen or a Canadian?
00:37:23.100 –> 00:37:25.300
Well, no, I’m a permanent resident.
00:37:25.300 –> 00:37:27.820
They’ve classified me as because I have a green card.
00:37:27.820 –> 00:37:29.700
OK, yeah, that’s I just wasn’t sure.
00:37:29.700 –> 00:37:32.420
So you’re you’re filing a non-resident return here.
00:37:32.420 –> 00:37:36.300
But yes, it would be easier probably to claim it here.
00:37:36.300 –> 00:37:39.540
And then I’m assuming your your friend is also doing the IRS.
00:37:39.540 –> 00:37:43.380
He might be doing FBAR because you actually have bank accounts and overseas.
00:37:43.380 –> 00:37:46.540
But I would think you would have to.
00:37:46.540 –> 00:37:53.140
I mean, again, as a non-resident, I don’t do a lot of non-resident 1040s.
00:37:53.140 –> 00:37:58.100
But in the case of that, I would say you would be reporting it here and then you would get
00:37:58.100 –> 00:38:03.220
the credit for paying tax here, I would think, in Canada, since we have a treaty between
00:38:03.220 –> 00:38:04.220
the company.
00:38:04.220 –> 00:38:05.220
Yes.
00:38:05.220 –> 00:38:11.260
But would it would end up by end up having to pay the same whether I did it here or there?
00:38:11.260 –> 00:38:12.260
I don’t think so.
00:38:12.260 –> 00:38:13.260
I think you might pay.
00:38:13.260 –> 00:38:15.900
And again, you’d want to find out before you do this, OK?
00:38:15.900 –> 00:38:20.020
But I think you might pay less because of the credit.
00:38:20.020 –> 00:38:21.020
They give a certain percentage.
00:38:21.020 –> 00:38:23.300
So I think you might actually end up paying less.
00:38:23.300 –> 00:38:26.580
OK, well, thank you very much for the thank you.
00:38:26.580 –> 00:38:27.580
Great question.
00:38:27.580 –> 00:38:28.580
All right.
00:38:28.580 –> 00:38:29.580
Let’s go to Linda in Columbia.
00:38:29.580 –> 00:38:31.460
Hey, Linda, what can I do for you?
00:38:31.460 –> 00:38:33.500
Hi, Dr. Friday.
00:38:33.500 –> 00:38:37.140
I have some questions having to do.
00:38:37.140 –> 00:38:40.060
There’s been a number of deaths in the family lately.
00:38:40.060 –> 00:38:45.500
And my biggest issue right now is that my husband and I had purchased a rental house
00:38:45.500 –> 00:38:49.700
in like 2014 for about twenty thousand dollars.
00:38:49.700 –> 00:38:54.100
OK, then he passed in February of twenty one.
00:38:54.100 –> 00:38:55.100
OK.
00:38:55.100 –> 00:39:01.260
And then I sold the house last year in June for two hundred and seventy five.
00:39:01.260 –> 00:39:02.260
All right.
00:39:02.260 –> 00:39:04.780
But there’s kind of a couple of steps in there.
00:39:04.780 –> 00:39:07.060
You guys own that rental jointly.
00:39:07.060 –> 00:39:08.060
Yes.
00:39:08.060 –> 00:39:09.060
OK.
00:39:09.060 –> 00:39:13.020
So theoretically, at the time you inherited his share.
00:39:13.020 –> 00:39:16.180
Yeah, that’s my question.
00:39:16.180 –> 00:39:18.180
So there would be a step up in basis, theoretically.
00:39:18.180 –> 00:39:24.140
So you’d need to know the value of the home back in twenty twenty one to be able to find
00:39:24.140 –> 00:39:26.300
out what 50 percent of that home was earth.
00:39:26.300 –> 00:39:30.260
So you’d have the one twenty you actually had sixty thousand and he had sixty thousand
00:39:30.260 –> 00:39:32.060
according to tax law.
00:39:32.060 –> 00:39:37.540
And then in twenty one, when we lost him, whatever the house was worth, you would increase
00:39:37.540 –> 00:39:41.220
it his share because you inherited his share at that time.
00:39:41.220 –> 00:39:45.380
So you might have a higher basis than the one hundred twenty is what I’m saying, Linda.
00:39:45.380 –> 00:39:50.660
OK, very good that I was kind of hoping that but only on his half, only on his half.
00:39:50.660 –> 00:39:51.660
Right.
00:39:51.660 –> 00:39:53.260
Because it was jointly held.
00:39:53.260 –> 00:39:54.420
OK.
00:39:54.420 –> 00:39:56.700
And then I have another question.
00:39:56.700 –> 00:40:05.540
My dad passed away in November of twenty two and I had a bunch of US savings bonds, the
00:40:05.540 –> 00:40:06.980
double E series.
00:40:06.980 –> 00:40:11.780
And I went ahead and cashed them in last year.
00:40:11.780 –> 00:40:14.220
And there was there was a profit of it.
00:40:14.220 –> 00:40:19.460
And I got a ten ninety nine, I guess it is from the federal government stating that there
00:40:19.460 –> 00:40:20.460
was a profit.
00:40:20.460 –> 00:40:26.940
But since he passed, is there a step up in that?
00:40:26.940 –> 00:40:28.580
That’s taxable income to you.
00:40:28.580 –> 00:40:31.900
OK, so there’s no change in that.
00:40:31.900 –> 00:40:34.020
OK, no step up in that one.
00:40:34.020 –> 00:40:38.100
Yeah, the main thing was that house, if there’s a house with that, because that that was a
00:40:38.100 –> 00:40:39.820
huge chunk there.
00:40:39.820 –> 00:40:40.820
It is.
00:40:40.820 –> 00:40:41.820
Yeah.
00:40:41.820 –> 00:40:44.300
So I would try to get some estimates and see if you can work that out, you know, from twenty
00:40:44.300 –> 00:40:46.340
one and then get yourself a basis.
00:40:46.340 –> 00:40:47.340
OK.
00:40:47.340 –> 00:40:48.340
Yes.
00:40:49.340 –> 00:40:50.340
Thank you very much.
00:40:50.340 –> 00:40:52.660
Let’s say Jack in Springfield real quick.
00:40:52.660 –> 00:40:53.660
Hey, Jack.
00:40:53.660 –> 00:40:57.660
OK, I’ve got a similar question.
00:40:57.660 –> 00:40:59.460
I had a deal last year.
00:40:59.460 –> 00:41:00.460
We inherit.
00:41:00.460 –> 00:41:06.700
Well, actually, me and my brother inherited my mother’s estate and had a piece of property
00:41:06.700 –> 00:41:09.700
there and we sold the property last year.
00:41:09.700 –> 00:41:10.700
Excuse me.
00:41:10.700 –> 00:41:11.700
Last year.
00:41:11.700 –> 00:41:15.980
And but it was a lifetime estate for her.
00:41:15.980 –> 00:41:22.620
Now, do how much tax implications because we we inherit, we actually the death was last
00:41:22.620 –> 00:41:26.260
year and we sold it last year.
00:41:26.260 –> 00:41:31.180
So at the time your mama died, you would have the value of the home.
00:41:31.180 –> 00:41:33.100
I’m just going to use a number, Jack, for examples.
00:41:33.100 –> 00:41:34.100
Right.
00:41:34.100 –> 00:41:38.020
So at the time Mama passed, that property was worth two hundred thousand dollars.
00:41:38.020 –> 00:41:40.140
And then that same year you sold it.
00:41:40.140 –> 00:41:42.500
So the value is pretty much the same.
00:41:42.500 –> 00:41:44.620
But let’s just say you sold it for two hundred thousand.
00:41:44.620 –> 00:41:47.020
That means you’d have a zero capital gains.
00:41:47.020 –> 00:41:48.020
OK.
00:41:49.020 –> 00:41:52.340
I was just wondering because we actually she dated it.
00:41:52.340 –> 00:41:54.420
You know, it was a lifetime estate for her.
00:41:54.420 –> 00:41:55.420
Right.
00:41:55.420 –> 00:42:00.140
So she I was wondering if we would have to go back to the time that she gave us that
00:42:00.140 –> 00:42:01.380
lifetime estate.
00:42:01.380 –> 00:42:05.860
No, lifetime estates usually require that you can’t sell it.
00:42:05.860 –> 00:42:06.860
You’re locked out.
00:42:06.860 –> 00:42:07.860
Yeah, right.
00:42:07.860 –> 00:42:08.860
We’re going to get it.
00:42:08.860 –> 00:42:10.900
So at the time of death is when we take those over.
00:42:10.900 –> 00:42:11.900
OK.
00:42:12.180 –> 00:42:14.380
One other quick question.
00:42:14.380 –> 00:42:18.220
The thing with eBay this year, what did they ever decide to do on that?
00:42:18.220 –> 00:42:21.180
They stuck to the twenty thousand two hundred for twenty twenty three.
00:42:21.180 –> 00:42:26.140
This coming year, twenty twenty four will be five thousand or two hundred transactions.
00:42:26.140 –> 00:42:28.940
Two hundred transactions or five thousand twenty twenty four.
00:42:28.940 –> 00:42:29.940
What did you say?
00:42:29.940 –> 00:42:30.940
Yes, sir.
00:42:30.940 –> 00:42:33.660
Twenty thousand or five or two hundred transactions.
00:42:33.660 –> 00:42:35.740
I didn’t do nearly that much.
00:42:35.740 –> 00:42:36.740
OK.
00:42:36.740 –> 00:42:37.740
All right.
00:42:37.740 –> 00:42:38.740
OK.
00:42:38.740 –> 00:42:39.740
All right.
00:42:39.740 –> 00:42:40.740
Let’s see if we can hit Rebecca in Tennessee real quick.
00:42:40.740 –> 00:42:41.740
We got two minutes.
00:42:41.740 –> 00:42:42.740
Rebecca, what do you got for me?
00:42:42.740 –> 00:42:43.740
Yes.
00:42:43.740 –> 00:42:44.740
I’m back.
00:42:44.740 –> 00:42:50.860
I got a settlement with back pay from Social Security and then I got a settlement from
00:42:50.860 –> 00:42:54.060
work for my disability.
00:42:54.060 –> 00:43:01.020
And my question is, should I have been charged taxes on the back pay from Social Security?
00:43:01.020 –> 00:43:03.580
That’s my first question.
00:43:03.580 –> 00:43:09.340
And well, my second question, I owe twenty thousand dollars and I’m on disability.
00:43:09.340 –> 00:43:14.300
So what are my chances of getting IRS to settle?
00:43:14.300 –> 00:43:19.820
Because I’m wanting to get married, but I don’t want them to put a lien on his house
00:43:19.820 –> 00:43:20.820
or anything.
00:43:20.820 –> 00:43:22.500
So that’s a concern.
00:43:22.500 –> 00:43:23.500
All right.
00:43:23.500 –> 00:43:26.380
Well, first question, Social Security disability.
00:43:26.380 –> 00:43:28.740
It would depend on how much other income you made.
00:43:28.740 –> 00:43:32.700
If you only got Social Security disability, period, it’d be zero no matter how much they
00:43:32.700 –> 00:43:33.700
paid you.
00:43:33.700 –> 00:43:38.220
But since you got a settlement from your employer at the same time, theoretically up to eighty
00:43:38.220 –> 00:43:40.420
five percent could be taxable.
00:43:40.420 –> 00:43:42.060
OK, of your Social Security.
00:43:42.060 –> 00:43:44.540
So I don’t know the story on that one, too.
00:43:44.540 –> 00:43:48.820
They cannot put a lien against your new husband’s house if you’re not an owner on that house,
00:43:48.820 –> 00:43:53.740
because he does not become responsible for your tax debt.
00:43:53.740 –> 00:43:58.020
I would suggest talking to an enrolled agent or someone and see if you can get it all resolved
00:43:58.020 –> 00:44:02.900
before the marriage just makes life a little easier because you may have to file separately
00:44:02.900 –> 00:44:06.400
just to keep your debt off of him and not in the sense.
00:44:06.400 –> 00:44:10.580
But his refunds could end up going back towards your debt just the way it’s filed, unless
00:44:10.580 –> 00:44:13.680
you do an injured spouse or innocent spouse, depending.
00:44:13.680 –> 00:44:16.060
So there is some windows on that one.
00:44:16.060 –> 00:44:20.820
But other than that, you probably just need to talk to someone to see how much you would
00:44:20.820 –> 00:44:23.020
owe in the combination of taxes.
00:44:23.020 –> 00:44:25.420
OK, thank you so much.
00:44:25.420 –> 00:44:26.420
Thanks.
00:44:26.420 –> 00:44:27.420
Appreciate it, Rebecca.
00:44:27.420 –> 00:44:29.220
OK, that was a fast one.
00:44:29.220 –> 00:44:31.500
And we only have about a minute or so left here.
00:44:31.500 –> 00:44:34.220
So again, I love it when you guys call in.
00:44:34.220 –> 00:44:35.820
I appreciate that.
00:44:35.820 –> 00:44:37.220
And some really great questions.
00:44:37.220 –> 00:44:42.660
So hopefully if you weren’t able to get through or I wasn’t able to get to your questions,
00:44:42.660 –> 00:44:49.060
you can email Friday at DR Friday dot com again Friday at DR Friday dot com.
00:44:49.060 –> 00:44:50.980
And then we’ll do our best to get back with you.
00:44:50.980 –> 00:44:54.000
I will tell you, it’s a very busy time.
00:44:54.000 –> 00:44:56.060
So we’re a little slower than we normally are.
00:44:56.060 –> 00:45:03.900
And then also, if you want to reach our office, you can call Monday morning at 615-367-0819.
00:45:03.900 –> 00:45:07.140
Hopefully any of my returning clients make sure you call if you don’t have an appointment
00:45:07.140 –> 00:45:08.140
yet.
00:45:08.140 –> 00:45:09.140
We’ll get you on the calendar.
00:45:09.140 –> 00:45:12.940
615-367-0819.
00:45:12.940 –> 00:45:16.220
If you have no idea who I am and you’ve just kind of turned on the radio and you heard
00:45:16.220 –> 00:45:20.540
this crazy lady talking about taxes and you’re like, oh my God, you can check us out on the
00:45:20.540 –> 00:45:23.700
Web at DR Friday dot com.
00:45:23.700 –> 00:45:27.780
That’s DR Friday dot com.
00:45:27.780 –> 00:45:32.300
Again, I’m an enrolled agent licensed with the Internal Revenue Service.
00:45:32.300 –> 00:45:34.900
I do taxes and representation.
00:45:34.900 –> 00:45:36.780
That is what I do all the time.
00:45:36.780 –> 00:45:39.780
I’ve been doing it for almost 25 plus years.
00:45:39.780 –> 00:45:42.020
It has been I enjoy it.
00:45:42.020 –> 00:45:45.940
And there’s always a lot of changes and things happening, just like I kind of jumped ahead
00:45:45.940 –> 00:45:52.860
on that tax relief of American Families and Work Act of 2024 because it has 2023.
00:45:52.860 –> 00:45:54.180
I was hoping they passed it.
00:45:54.180 –> 00:45:55.620
They had not passed it yet.
00:45:55.620 –> 00:45:57.700
Apparently has not been signed by the president.
00:45:57.700 –> 00:46:01.900
So we’re going to wait and see what comes of that and you know where we want to move
00:46:01.900 –> 00:46:02.900
with it.
00:46:02.900 –> 00:46:06.660
But if you need help with tax issues, you haven’t filed taxes in a number of years,
00:46:06.660 –> 00:46:08.100
you need help with resolution.
00:46:08.100 –> 00:46:13.500
Give our office a call again at 615-367-0819.
00:46:13.500 –> 00:46:14.820
Hope you guys have a great Saturday.
00:46:14.820 –> 00:46:16.220
Cop you later.
00:46:16.220 –> 00:46:18.800
(upbeat music)