We have a member that would like to withdraw some of the profits that have built up in her account over the years but not withdraw from the club. Is that possible and if so how do you do it.
You do not have to have equal ownership by partners in an investment club.A In fact it is discouraged because, while some might think it simplifies things, A it will actually complicate your record keeping. It also causes issues because potential new members may be ...
This year (2019 return) the portfolio expenses show as investment expense and deductible this year where last year they were not deductible due to a change in the tax law. Does anyone know why? Thanks.
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In doing our club taxes, the dividends differ between broker and bivio by $48. I have traced this to a dividend that is on the 1099 but not in the bivio summary. It is a dividend received in 2020 for a stock with ex-dividend date ...
When I go through the questions to prepare for the taxes, it shows the club registered with me with my address. Our club is made up of relatives in different states. Our treasurer is in a different state with a different address. Is it ok ...
We are looking at a foreign stock that is on the American Depositary Receipt. Has anyone invested in a foreign stock that is on this trading platform and, if so, has it caused problems when you do your taxes for the year? Zeta Keystone Investment ...
Laurie, et., al. I have two Clubs that use Folio and I am the Treasurer (for life!) for both. We have developed a "work around" the Bill Pay issues for those Partners who wish to use it without the ridicules hold period. I always send ...
I believe Ira's explanation needs clarification. For clubs that opt out, the IRS will audit the partnership and then provide a schedule of each partner's share the partnership audit adjustments. The IRS can't make any adjustments to a partner's tax return without first auditing the ...
Does the 1065 (page 3) need to have a partner designated as a representative for the IRS if the return has opted out of the centralized partnership audit regime?
I just got this message from our president: "AZ is requiring electronic filing starting with this tax year(?) unless one obtains a waiver. Does BIVIO provide such options and how much? " We have always mailed in our returns. How do we do it electronically? ...
Hello. During a discussion with some other clubs it was suggested to me that individual club members should sign an agreement that they adhere to their club's bylaws. These signed agreements would be filed in our Bivio file folder. Does anyone have experience with this ...