BY: Todd Horwitz, Host & Senior Contributing Analyst
PUBLISHED: July 2, 2015
Steve then goes on to answer in detail a common question he receives pertaining to donations in excess of $10,000 to family members. Steve discusses how an individual may donate up to $14,000 per individual and that if there are more than two people on your account you can double the deduction. Steve then speaks to the lifetime exemptions when gifting money to relatives, to wit he maintains that knowing the way the IRS views this type of transaction is absolutely vital. Steve concludes his answer the question by educating listeners as to how to appropriately comply with the IRS tax code regarding other types of gifts.
Steve comments how a taxpayer can deal with the repayment of a loan. He talks about how investors can take a loss on a loan, what the steps are to make sure that the IRS can’t rule against you on any repayment, this is important if you don’t take the right steps you may end up paying taxes on a loan that should be a write off.
Bubba comments on rising volatility and how that affects the price of options. Steve talks about the ability to carry losses backward and forward as a professional trader. He maintains that it is important that you have an accountant that understands the difference between short and long term gains, re: trading. If your accountant is not sophisticated enough to know how to deal with trading losses and gains you may end up paying tax on money that you should have written off.