Subj : Conference Hosts
To   : Daryl Stout
From : Barry Martin
Date : Sat Jan 07 2023 08:53:00


Hi Daryl!

 BM> Perhaps they'll take the outer casing to the zero and so you'll be left
 BM> with less mpthing.
 DS>   What's mpthing?? Is it less than nothing?? That's what the US
 DS> is running on with a $31 trillion plus deficit.

'Mpthing' is pronounced something like when a person is gagged and 
trying to talk through the gag.  In this case the person has their hands
over their mouth in shock to the deficit number, 

And since it's the government it's like the contestant on Jeopardy! who
at the end has a negative score: doesn't play but still goes home with
$1000.


 BM> Might be worth an appointment with a tax preparer.  Not necessarily H&R
 BM> Block, Jackson-Hewitt and the like, but probably more the local groups
 BM> who have some training and do taxes for seniors, generally for free or
 BM> very low cost.
 DS>   I checked with my tax preparer, and they said because I took a
 DS> loss with selling the car (what I got in selling it, compared to
 DS> what I paid for in buying it), I wouldn't have to pay any taxes.

Well that's good.


 DS>   I also checked with the county Personal Property Tax
 DS> Department, and since I no longer have a vehicle (and doubt I
 DS> will ever again), they "closed that account". I'll still have to
 DS> pay the real estate tax on the house, though... but at least it
 DS> isn't due until October 10. Statements on those won't be mailed
 DS> out until mid-March.

And hopefully you are setting aside that payment.


 BM> I'd also would prepare a list of potential deductions to offset any
 BM> capital gains tax you may need to pay -- at least you'd be paying less.
 DS>   The only ones I have are medical...thankfully, many times, the
 DS> medical facility will just "write off" the charges.

Well the good news is the list of potential deductions was for the 
capital gains on the car, of which you have been told doesn't exist so 
not needed.  And couldn't use the written-off bills as they are zero.


 BM> And 'income averaging' might be another way to reduce/eliminate.
 DS>   Well, considering I get the same amount each month on
 DS> disability, that's my version of "income averaging". They say
 DS> "money talks"...mine just waves "good-bye".

From what I understand 'income averaging' is done over the past several 
years to offset a spike in income.  That way a smaller group of money is
waving bye-bye.


 BM> Though when you purchased from the dealership they reported the sale as
 BM> a gain and paid taxes.  Then when re-purchased they would probably be
 BM> reporting that as a loss So would average out in the eyes of the IRS.
 DS>   I had to pay $730 in sales tax to the state to get the car tags
 DS> after I bought it (it's around 8% of the total cost paid). But,
 DS> as noted, the tax preparer told me I didn't have to worry on
 DS> that. Also, I told them since I no longer drive, taking Lyft to
 DS> and from there (about 35 miles away) would be prohibitively
 DS> expensive, they said I could scan in all the items, create a PDF
 DS> file, and send it to them. Then, if signature was needed, they
 DS> would email that form to me, I'd print it, sign it, scan it in,
 DS> make a new PDF, and email it back to them. Then, I pay for the
 DS> services via my debit card over the phone. Then, I don't have to
 DS> make an in person trip to their office.

That's good.  Saves a a bunch of time and money.  Time you have, money 
not so much.

 
                         ¯    BarryMartin3@    ®
                         ¯   @MyMetronet.NET   ®

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