Posts by Christopher Williams
Year-End Tax Preparation
Happy Holidays from Kram, McCarthy, Ayers & Frost! As tax season is upon us, here are some useful tips that can help guide you as you prepare your individual, business, and/or virtual currency filings for 2019! Click on the links below as needed. 2019 Year-End Letter – Virtual Currency 2019 Year-End Letter – Individual 2019 Year-End…
Read MoreThose Pesky Wash Sale Rules
Investors looking to realize capital losses at the end of the year need to be made aware of the Wash Sale Deferral Rules under I.R.C. 1091. Disposing of a stock or security at a loss and then within the 61-day time frame (30 days before + trade date + 30 days after) acquiring (or enters…
Read MoreTax Court Case Emphasizes Importance Of Identifying Securities To Be Sold
When a taxpayer holds multiple lots and/or shares of the same securities with different costs basis and/or holding periods, the default method of determining which securities are sold first is the first-in, first-out (FIFO method). Taxpayers are allowed to elect out of the FIFO method and direct their broker to specifically identify the lots and/or…
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