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Thanks, I think I’ll keep everything for the 6 yrs. The IRS did a CP2000 for that tax yr because I itemized and forgot to (I guess include the refund for my state taxes as income) can’t remember exactly, but had something to do with that. But, to be on the safe side will keep the “stuff”. I rec’d the CP2000 in 2020.
Hardly ever itemize.
Found info about yrs to depreciate – then something about “bonus depreciation”. If I understand this would mean If the roof cost 10,000 I could take that depreciation immediately – Of course it may cause a lost for that year.
Though – on the other hand – if I sell the property in a few yrs, I would have to “recapture” that $10,000.
Researching just led to more questions that answers:)
Thanks – too bad.
Thanks, I thought he probably had it wrong, as it didn’t make sense. Oh, well — the RMD is one thing I never planned for –
I don’t have a “for sure” answer, but logic would say it should be Q as the rest was. My comment is a “been there” advice watch TIAA like a hawk. There attention to detail seems to be lacking. I have had trouble initially with a RMD – Most recently not rec’d forms they would be sending & no computer acknowledgement that they were sending and it’s been over a wk. Most time the acknowledgment comes the same day. So always check up on what they do.
Thanks for the advice – I understand about the potential foul up, my first RMD was a mess due to miscommunication with the firm – luckily it was the first RMD so wasn’t in trouble with IRS, however ended up having to pay more taxes than needed since there were 2 in that yr.
Been looking at automatic as a way to eliminate remembering to call each yr.
Had overlooked the fact there could be mess ups even if automatic.
Florida, Sounds like it depends on who you end up with – I’ll try again – maybe I’ll have better luck the next time. Glad you had good results.
Florida, you had much more communication than I did with the person that answered the phone, maybe I’ll check in 2021 as the person I spoke to didn’t appear to be able to assist me in any way except to say they’d rec’d. I called the number they listed on the CP2000 – maybe there was a better number.
Thanks for responding, Florida. Be prepared to “wait” on the phone. I was “in line” we will answer your call in 30 minutes – sure after well over an hr. they finally answered that they got the fax – but hadn’t done anything – nor would they be able to answer anything. There ya go. It’s now 2 months. I am tempted to “write (letter)” yes the fax was sent & IRS “said” it was there, but does interest keep going – if I did make an error? I really have no idea.
Update: Called the company direct & they said I didn’t have to take the RMD this year – I made sure they understood for what account and had another another person listen on the line – Not that I don’t trust, but had an an issue with them the 1st yr I had to take a RMD. So being cautious. At least that’s one less thing to worry about this year 🙂
I’ll call them direct to clarify what they said back in March. As, I was given to understand this yr. only I wouldn’t have do take a RMD. However, in looking at what the law said I may have to with this account.
Maybe I should clarify – I was told by TIAA that I can’t take my RMD as a QCD in this account. When I was notified I had to do RMD’s I asked & they said I couldn’t do a QCD. I Have Not set this account to have an amount taken out every month or routinely. I call tell them to send a ck for the RMD. In March I called (was finally going to have something done so I wouldn’t have to call every yr). At that time since (one of the accts require a spousal waiver, the person said I may want to wait as there was something in the works at Fed. level. I’m “guessing” since I hadn’t set this up to be drawn out routinely is why I might not have to take this out. I’d prefer not to.
ThanksOctober 18, 2020 at 2:21 pm in reply to: Itemize deductions – must I claim state taxes paid #8004
I got it now – Went back to computer copy what was sent – when I entered info. computer program automatically transferred state tax amount to itemized deduction. Then I was suppose to put an amount in the following yr. as income.