|
#12
03-25-2005, 05:45 AM
| |||
| |||
 Re: Interest and capital gains "Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote: - quote - > David Woods, EA, ChFC, CLU wrote:
You're right Harlan. I confess. I hate the simple minded,> > "Katie" <katiej_1958[at]yahoo.com> wrote: > > > Thanks, David. I didn't know that. Massachusetts is so > > > weird <G> . > > Not just taxwise either. > Well, I know it's happy hour here, but.. is it confession > time there? (grin corrupt, *#^&ing, liberal democrats who control this state. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#11
03-25-2005, 03:50 AM
| |||
| |||
| Re: Interest and capital gains Harlan Lunsford <hlunsford[at]bellsouth.net> wrote: - quote - > What gave me a laugh once about 20 years ago, was when a
Hey! What's so funny??? I had to spend three years in law> client received a penalty notice from that state, and we > sent back a reply for waiver of said penalty, and some > person from their department of revenue wrote back to tell > us procedures for contesting the penalty. He said: > "....and if you feel agrieved by....." > "agrieved? (chuckle) school to learn how to use that word! Stu << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#10
03-24-2005, 03:48 AM
| |||
| |||
| Re: Interest and capital gains "bonifide" <sutthoff[at]bc.edu> wrote: - quote - > Sorry for my late reply.
What intent? Deductions are a matter of legislative grace.> Is it possible for investment related interest expense to be > capitalized in the property I sold (or will sell), thus > increasing the cost basis of the property or somehow carried > forward and amortized against income over a period of time ? > The problem I have understanding MA tax law on the matter > of investment related interest expense is that the expense > just seems to "disappear" so that it can't be used. Is this > really the intent of the law? There is no law directly or by reference in Massachusetts that authorizes a deduction of interest on investments. Hence there is no deduction. There is no Massachusetts (or Federal law) directly or by reference that allows a capitalization of interest on investments. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#9
03-24-2005, 03:29 AM
| |||
| |||
| Re: Interest and capital gains - quote - > > > > If you are a MA resident, I believe the interest expense
I still use it. All. THE. TIME.> > > > would be allowable as a deduction against other income, > > > > assuming it is deductible for federal purposes (as > > > > investment interest expense, perhaps). If you have no other > > > > income, of course, there would be nothing to deduct it from, > > > > and it would give you no tax benefit. > > > Sorry Katie. The only interest expense one can ever deduct > > > in MA is certain student loan interest within 60 months of > > > repayment and business interest expense either on sch c or > > > sch e. Investment interest expense is never deductible > > > under any circumstances. > > Thanks, David. I didn't know that. Massachusetts is so > > weird <G> . > I don't know if people still use the moniker, but MA used to > be called "Taxachusetts." -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#8
03-24-2005, 03:10 AM
| |||
| |||
| Re: Interest and capital gains Thomas Healy wrote: - quote - > I don't know if people still use the moniker, but MA used to
Tom, I had occasion to consult with another EA up there on a> be called "Taxachusetts." tax question last month, and she used the term,so it must still be current. What gave me a laugh once about 20 years ago, was when a client received a penalty notice from that state, and we sent back a reply for waiver of said penalty, and some person from their department of revenue wrote back to tell us procedures for contesting the penalty. He said: "....and if you feel agrieved by....." "agrieved? (chuckle) ChEAr$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#7
03-24-2005, 03:10 AM
| |||
| |||
| Re: Interest and capital gains David Woods, EA, ChFC, CLU wrote: - quote - > "Katie" <katiej_1958[at]yahoo.com> wrote:
Well, I know it's happy hour here, but.. is it confession> > Thanks, David. I didn't know that. Massachusetts is so > > weird <G> . > Not just taxwise either. time there? (grin ChEAr$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#6
03-21-2005, 05:04 AM
| |||
| |||
| Re: Interest and capital gains Sorry for my late reply. Is it possible for investment related interest expense to be capitalized in the property I sold (or will sell), thus increasing the cost basis of the property or somehow carried forward and amortized against income over a period of time ? The problem I have understanding MA tax law on the matter of investment related interest expense is that the expense just seems to "disappear" so that it can't be used. Is this really the intent of the law? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#5
03-21-2005, 04:45 AM
| |||
| |||
| Re: Interest and capital gains - quote - > > > If you are a MA resident, I believe the interest expense
I don't know if people still use the moniker, but MA used to> > > would be allowable as a deduction against other income, > > > assuming it is deductible for federal purposes (as > > > investment interest expense, perhaps). If you have no other > > > income, of course, there would be nothing to deduct it from, > > > and it would give you no tax benefit. > > Sorry Katie. The only interest expense one can ever deduct > > in MA is certain student loan interest within 60 months of > > repayment and business interest expense either on sch c or > > sch e. Investment interest expense is never deductible > > under any circumstances. > Thanks, David. I didn't know that. Massachusetts is so > weird <G> . be called "Taxachusetts." -- Tom Healy, CPA Boulder, CO Web: http://www.tomhealycpa.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#4
03-21-2005, 04:07 AM
| |||
| |||
| Re: Interest and capital gains "Katie" <katiej_1958[at]yahoo.com> wrote: - quote - > David Woods, EA, ChFC, CLU wrote:
Not just taxwise either.> > "Katie" <katiej_1958[at]yahoo.com> wrote: > > > bonifide wrote: > > > > I have a capital gain on a property I own in florida. I > > > > incurred some interest expense related to the property. > > > > Apparently MA tax law does not allow me to deduct the > > > > interest expense against the capital gain (My accountant has > > > > verified this). > > > > > > > So, My question is what happens to the interest expense? > > > > Can I use it in the future against some MA income or what? > > > > Does it hust disappear? Any help would be appreciated. > > > > Where can I get access to a comprehensive set of MA tax > > > > code? > > > Stand by to disregard my previous message (maybe Dick can > > > delete it for me). I answered on the premise that you were > > > a nonresident of MA, but evidently that is not the case. > > > > > If you are a MA resident, I believe the interest expense > > > would be allowable as a deduction against other income, > > > assuming it is deductible for federal purposes (as > > > investment interest expense, perhaps). If you have no other > > > income, of course, there would be nothing to deduct it from, > > > and it would give you no tax benefit. > > Sorry Katie. The only interest expense one can ever deduct > > in MA is certain student loan interest within 60 months of > > repayment and business interest expense either on sch c or > > sch e. Investment interest expense is never deductible > > under any circumstances. > Thanks, David. I didn't know that. Massachusetts is so > weird <G> . -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#3
03-17-2005, 05:51 AM
| |||
| |||
| Re: Interest and capital gains David Woods, EA, ChFC, CLU wrote: - quote - > "Katie" <katiej_1958[at]yahoo.com> wrote:
Thanks, David. I didn't know that. Massachusetts is so> > bonifide wrote: > > > I have a capital gain on a property I own in florida. I > > > incurred some interest expense related to the property. > > > Apparently MA tax law does not allow me to deduct the > > > interest expense against the capital gain (My accountant has > > > verified this). > > > > > So, My question is what happens to the interest expense? > > > Can I use it in the future against some MA income or what? > > > Does it hust disappear? Any help would be appreciated. > > > Where can I get access to a comprehensive set of MA tax > > > code? > > Stand by to disregard my previous message (maybe Dick can > > delete it for me). I answered on the premise that you were > > a nonresident of MA, but evidently that is not the case. > > > If you are a MA resident, I believe the interest expense > > would be allowable as a deduction against other income, > > assuming it is deductible for federal purposes (as > > investment interest expense, perhaps). If you have no other > > income, of course, there would be nothing to deduct it from, > > and it would give you no tax benefit. > Sorry Katie. The only interest expense one can ever deduct > in MA is certain student loan interest within 60 months of > repayment and business interest expense either on sch c or > sch e. Investment interest expense is never deductible > under any circumstances. weird <G> . Katie << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#2
03-12-2005, 01:57 PM
| |||
| |||
| Re: Interest and capital gains "Katie" <katiej_1958[at]yahoo.com> wrote: - quote - > bonifide wrote:
Sorry Katie. The only interest expense one can ever deduct> > I have a capital gain on a property I own in florida. I > > incurred some interest expense related to the property. > > Apparently MA tax law does not allow me to deduct the > > interest expense against the capital gain (My accountant has > > verified this). > > > So, My question is what happens to the interest expense? > > Can I use it in the future against some MA income or what? > > Does it hust disappear? Any help would be appreciated. > > Where can I get access to a comprehensive set of MA tax > > code? > Stand by to disregard my previous message (maybe Dick can > delete it for me). I answered on the premise that you were > a nonresident of MA, but evidently that is not the case. > If you are a MA resident, I believe the interest expense > would be allowable as a deduction against other income, > assuming it is deductible for federal purposes (as > investment interest expense, perhaps). If you have no other > income, of course, there would be nothing to deduct it from, > and it would give you no tax benefit. in MA is certain student loan interest within 60 months of repayment and business interest expense either on sch c or sch e. Investment interest expense is never deductible under any circumstances. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#1
03-09-2005, 10:17 PM
| |||
| |||
| Re: Interest and capital gains bonifide wrote: - quote - > I have a capital gain on a property I own in florida. I
Stand by to disregard my previous message (maybe Dick can> incurred some interest expense related to the property. > Apparently MA tax law does not allow me to deduct the > interest expense against the capital gain (My accountant has > verified this). > So, My question is what happens to the interest expense? > Can I use it in the future against some MA income or what? > Does it hust disappear? Any help would be appreciated. > Where can I get access to a comprehensive set of MA tax > code? delete it for me). I answered on the premise that you were a nonresident of MA, but evidently that is not the case. If you are a MA resident, I believe the interest expense would be allowable as a deduction against other income, assuming it is deductible for federal purposes (as investment interest expense, perhaps). If you have no other income, of course, there would be nothing to deduct it from, and it would give you no tax benefit. The Massachusetts form instructions will probably answer most of your questions. You can find a link to Massachusetts tax forms and instructions at www.taxadmin.org. If you really need to look at the statute, you can probably access it by starting with the State of Massachusetts web site. Katie in San Diego The foregoing is intended for educational purposes only and does not constitute legal or professional advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
03-09-2005, 10:17 PM
| |||
| |||
| Re: Interest and capital gains bonifide wrote: - quote - > I have a capital gain on a property I own in florida. I
The Massachusetts form instructions will probably answer> incurred some interest expense related to the property. > Apparently MA tax law does not allow me to deduct the > interest expense against the capital gain (My accountant has > verified this). > So, My question is what happens to the interest expense? > Can I use it in the future against some MA income or what? > Does it hust disappear? Any help would be appreciated. > Where can I get access to a comprehensive set of MA tax > code? most of your questions. You can find a link to Massachusetts tax information at www.taxadmin.org. If you really need the code, you can probably access it by starting with the State of Massachusetts web site. However, I think the answer to your question may be that the interest expense may be allowed for Massachusetts purposes (as whatever it is for federal purposes, e.g. investment interest), but it offsets only certain kinds of income, not including capital gains. If you have no other Massachusetts source income, the deduction does you no good. Katie in San Diego The foregoing is intended for educational purposes only and does not constitute legal or professional advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#-1
03-08-2005, 11:12 AM
| |||
| |||
| Interest and capital gains I have a capital gain on a property I own in florida. I incurred some interest expense related to the property. Apparently MA tax law does not allow me to deduct the interest expense against the capital gain (My accountant has verified this). So, My question is what happens to the interest expense? Can I use it in the future against some MA income or what? Does it hust disappear? Any help would be appreciated. Where can I get access to a comprehensive set of MA tax code? Thanks << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| capital, gains, interest |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| How best to enter paper Capital gains and return of capital PTH: I hold mutual funds that report both capital gains and return of capital at the end of year for tax purposes. Neither of these are actually paid... | Microsoft Money | 5 | 03-19-2008 10:08 PM | |
| capital gains tax laxmiv@yahoo.com: My client's mother recently became a U.S. Resident. She has no income in the U.S. She sold her residence last year (Nov 2003)in India for $625,000.... | Taxes | 3 | 07-31-2004 04:54 AM | |
| Capital gains tax ---MIKE---: Under the Bush tax cut, what year is there NO capital gains tax? -MIKE << -------------------------------------------------><< The Charter and... | Taxes | 2 | 02-29-2004 07:57 PM | |
| Capital Gains Tax RochonUSCG: My mother is selling her rental property to us for $20K, which she inherited from a friend 3 years ago in a succession. We are buying the property... | Taxes | 2 | 11-15-2003 05:51 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
