All Forum Posts by: Joe Wood

Good morning everyone,

I have a question regarding section 179 and if I would be able to deduct certain expenses against my income. 

My question is whether or not I can expense the full amount of my purchases against my W2 income/IRA withdrawal income, not just rental/business income.

I purchased a truck for $40k and other equipment for close to $20k.

My rental income is only around $12k annually. 

Hello everyone,

Interested to see what are some good ways to increase deductions in order to reduce taxable income. I am already acquiring one more property, but looking to see if anyone has some creative ideas out there.

Thank you gentlemen. @Paul Allen @Dmitriy Fomichenko

@Paul Allen @Dmitriy Fomichenko

Hey guys, I forgot to mention this was an inherited IRA.

I spoke with two financial advisers, both saying that the IRS states you can't do the 60-day rollover with inherited IRA's. They were both very certain of this.

My accountant on the other hand says that I can and it just has to go into any IRA.

Do you guys know whether or not this is correct?

Thank you Dmitriy Fomichenko Very helpful.

@Paul Allen

Thank you very much. I was unaware of only one indirect rollover being allowed.

I already took possession on one, which I will need to put into the IRA. Is there a form I need to fill out for my accounting purposes? Does this have to be done during the 60 days as well? or just before I file taxes?

Good morning all,

Question regarding transferring IRA from one firm, to another.

Since the account is a traditional and subject to tax, just wanted to make sure I am able to transfer within 60 days in order to avoid tax.

Does it matter if I transfer into a new IRA account?

Reason being is the current firm I have my money invested in is being managed by a financial adviser, which makes shifting money around in the account extremely difficult. I'm looking to self manage the account, which requires me to transfer.

Interested as well. Yonah Weiss

Lance Lvovsky So the accountable plan will only be able to expense mileage along with the actual vehicle purchase too? Or is it just which ever yields a greater deduction? Also, are you familiar with the maximum return for a vehicle purchase? I see if it's under 6000 pounds, it's a certain limit, around 11k I believe.

Rocky V. Awesome! Nice truck too.. looking to pick up something like that next year