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Man on your stock market gains in other investment income just not easy.
-- through occurs in young partner -- it's here thank goodness to help -- you were here we talked about how.
A lot of your clients -- capital gains almost unnecessarily now right at the end of the year because they didn't know what the tax laws are gonna say yeah or they knew it was only going up.
Saturday accelerated -- -- and treasury is going to see lots of tax receipts and next week right now while this accelerated income to 1099 -- from your -- are different this year there's a lot more stuff on them some necessary some of it is not.
Well they're required to start reporting.
Cost basis and be realized gains on certain securities.
But not all of it is there they are required to report all proceeds so some -- cost basis will be there and some well.
You have to go back to your statements to figure out the cost basis for those that are missing.
The other things better than -- think at the other end and you get lulled into the fact that you've got this big package that's 1099 and you think all just bring that to my accountant.
-- that's all I need to look at.
But there's lots of information that's not on there that's relevant and a lot of it.
Our our deductions switcher or helpful to you for example.
Margin interest that's not on the 1099.
So pull out your last statement by your December statement to get you to date.
On bonds if you have a number of bonds in your portfolio.
There -- it's also accrued interest paid it purchase.
So if you've bought a bond during the -- taxable bond.
And -- paid interest to the person you bought it from essentially unless you bought it when it was -- he's bought it from somebody.
You reduce your interest income by the accrued interest you paid when you bought the bonds and that's that's not that may not be on your -- I mean I.
Premiums a lot of people who are buying bonds right now the bonds are paying more than the current interest rate credit by the -- premium.
If it's taxable bond you get to amortize that premium.
That means you take a little adoption against the interest income you have on an annual basis now you have a choice you could either amortize it.
Or take a capital loss when you sell it.
Well guess what you brokered doesn't know which one you're doing so so you have to figure that -- that since -- bring everything bring your statement spring every bring your statements at least you're December statement with the 1099 I know that you your clients are all.
Financial services that's right.
Got to ask you -- this carried into the proposal if it didn't really affect the industry.
Oh it's huge for had -- in private equity industry but we seen the -- proposal being raised before.
It's it's a very difficult thing to legislate.
But I think if if that's the industry were looking to target.
You've been you've already -- that in the changes in the 2013 tax -- Because we have higher.
Capital gains rates -- -- we get the three point 8% Medicare tax so that -- the industry has already seen.
Their capital gains rate go from fifteen.
223 point eight eighths after -- that's sick it's already happening but yet they're gonna keep coming down -- -- -- -- -- -- and -- -- more time thank you didn't.
All right the 77 hamas'.
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