Hi Daryl!
DS> Plus extra zero's on your salary sheet. <G>
BM> Too bad they're on the left!
DS> That way, you don't have to pay taxes on it...but I'm sure
DS> the government will find a way to collect. Besides, The IRS
DS> is actually THEIRS!!
Perhaps they'll take the outer casing to the zero and so you'll be left
with less mpthing.
DS> I'm concerned that I'm going to have to pay a capital gains
DS> tax on selling my car last June, due to medical/vision issues
DS> that made me give up driving. I had great difficulty driving
DS> at night with haloes around any kind of light (streetlight,
DS> vehicle light, etc.)...and my vision would blur on me without
DS> warning during the day...making it too dangerous to drive.
Might be worth an appointment with a tax preparer. Not necessarily H&R
Block, Jackson-Hewitt and the like, but probably more the local groups
who have some training and do taxes for seniors, generally for free or
very low cost.
I'd also would prepare a list of potential deductions to offset any
capital gains tax you may need to pay -- at least you'd be paying less.
And 'incone averaging' might be another way to reduce/eliminate.
DS> The thing is, what I paid for the car originally (it was a
DS> 2013 Chevy Cruze), and what I got when I sold it back to the
DS> dealership was $4400 less than what I paid for it...so, to me,
DS> that means I took a LOSS. The money went to pay for outpatient
DS> heart surgery, transportation via Lyft, medications, groceries,
DS> and other medical bills.
Though when you purchased from the dealership they reported the sale as a
gain and paid taxes. Then when re-purchased they would probably be
reporting that as a loss So would average out in the eyes of the IRS.
» BarryMartin3@ «
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