It’s my annual “Taxes from A to Z” series! Next up: O is for OID OID stands for Original Issue Discount. You’ll likely hear this concept discussed in the context of bonds, and you might even have received a Form 1099-OID. There are many sophisticated OID concepts, but we’re going to focus on the most…
Taxes From A to Z: W is for Worthless Securities
Taxes from A to Z (2014): E is for EE bonds
As December 31 creeps closer, we keep hearing stories about how the combination of increased taxes and sequestration is literally the end of the world. It has a whole zombie apocalypse feel to it. But should we ready our bunkers and stock up on canned goods just now? Not quite. Outside of taking note of…
Taxpayer asks: My mother in law has lost about 7000 in the past year with her stocks and bonds. She is thinking about taking them all out and paying off her mortgage. What kind of penalty will she pay and is there any additional IRS penalties that she is not aware of? Is there any…