NECPA in NEBRASKA Posted February 25, 2015 Report Posted February 25, 2015 I don't have to deal with this very often, but I really want to get it right. My client had to sell the stock that he owned in his employer when he retired. The gain is over $1 million. I know, some problem, but it will have to last for a long time. The NII tax is large, but I don't see any deductions other than part of my fee, investment interest and the portion of state income tax attributable to the investment income. That will be minimal, because thankfully, Nebraska does not tax capital gains on stock on account of employment by the corporation. I don't know how much more my brain can take this year. Can anyone think of anything that I'm missing? Thanks! Quote
Cathy Posted February 25, 2015 Report Posted February 25, 2015 Wish I could help, but after I reviewed the instructions for Form 8960, I wanted to throw up! 2 Quote
kcjenkins Posted February 25, 2015 Report Posted February 25, 2015 No, this one is pretty unavoidable. 1 Quote
NECPA in NEBRASKA Posted February 26, 2015 Author Report Posted February 26, 2015 (edited) Thank you. The instructions are ridiculous, but then most of them are. If I ever figure out the repair regs before they change them again, it will be a miracle. I don't mean to speak badly of them, but they are going to need to really up the game of most of their auditors when they start auditing this crap. Edited February 26, 2015 by NECPA in NEBRASKA Quote
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