Smoe of our members would like to know if we need to file any tax info with our presonal tax returns. We will be filing a k- for our club. Tehy would like to know if we need to file anywhere else. We did not ...
It can certainly be done and there are no special permits required. I would caution you from the contract law statutes that are in place regarding contract arrangements with minors. Any person under the age of 18 can walk away from a contract without any ...
Does anyone know if children under the age of 18 can be official members of an investment club? If so how does one go about doing this legally? Does anyone have samples of permission slips or whatever it takes. Thanks
I understand the concept of the Unrealized Gains/Losses equaling the total of all gains/losses realized by memnber distributions. We have made 7 such distibutions and all were in cash. However, when I add the total of Gain Loss Realized from the withdrawal reports I get ...
I'm not sure that I understand your problem. When I run a balance sheet for 12/31/02, I get exactly what I should. Balance sheets are typically prepared on a "historical cost" basis. If you are looking for a report that shows what each investment was ...
Does the withdrawing member use this row "Gain/(Loss) Realized on Withdrawal (B)-(A) " from the withdrawal report when filing for their own personal income tax? Tommy
We had two members withdraw from our club as of 1/01/03. We issued checks to each of them in late January and went through the "member withdrawal" procedure at bivio at that time, making the withdrawals effective 1/01/03. Now we have rec'd "identify debit" notices ...
How can you get a balance sheet for 12/31/02 that shows the investment balances as of that date? When we run it for 2002, the bank balance is correct but the investment balances are for today 2/5/02.
I don't work for bivio so I certainly can't say if they will fix it soon or not. In fact, I don't think there's anything that needs fixing. The problem isn't with bivio, it's with the complex interaction of the tax laws and REITs and ...
on line #2 (Capital Gain Distribution) of my 1099 I have listed an "unrecaptured sec. 1250 gain, how should that be entered into bivio? Bivio choices are: 1. Dividend 2. Interest 3. Short term Capital gain 4. Medium Term Capital Gain 5. Long Term Capital ...
NAIC recommends avoiding stocks where Institutional Ownership exceeds 80%. Conundrum: I've noticed that several stocks selected for the Stock to Study as well as stocks recommended by the NAIC Investor Advisory Service (IAS) exceed this percentage. While I realize that every rule has exceptions, what ...
1) The withdrawal report can be found through a link at the bottom of the accounting>>reports page. 2) Gain or loss on the withdrawal from the club is reported on Schedule D, line 1 or 8 depending on how long the person was a member. ...
In general, there isn't much difference between the K-1 an ongoing member and a withdrawn member receives -- the end of year percentage (line d) will be 0% and the final K-1 box (line i) will be checked. There will be entries on line(s) 22 ...
Does anyone know how a member's K1 should read if they withdraw out of the club during the year? Can they deduct the loss on their 1040 if their distribution is less then the total amount they put in or are they taxed on the ...