Good guide to investment taxation.
November 10, 2008 6:54 PM   Subscribe

Taxfilter: I am looking for a nice guide to US taxes that strikes a balance between 'Your First Tax' and 'US Section 52612.3524.23p.' I am particularly interested in investment taxation -- both the rules, procedures and suggested strategies. Though if someone can answer a specific question -- what California form is the equivalent of IRS form 1045 -- that would be handy too.

I have looked at "Investment taxation : practical tax strategies for financial instruments " and it's quite interesting. Yes ... believe it or not, I think taxes are interesting. Any other resources that are deep, cover exotic strategies, but are instructive and not just a hardcover-bound version of the legal code? And I am somewhat interested in the mechanics of filing: again, I'm reasonably competent at math so hand-holding is not required, but pointers to correct forms, correct lines (ie, classification) to record a gain/loss on, etc would be nice.

My specific question that inspired this, and that I would love to get answered as well, is the following: I am likely to have sufficient section 1256 loss this year to be able to carry it back against last year's gains. What California form would I need to file to get this to happen? IRS Form 1045 is the federal version, but the state one isn't obvious. I understand that filing a revised tax return may be an option ... but ewww.

The broader question is that I can't be the first one to encounter this question, yet the internet seems to have no mention of it. So I suspect there's a nice dead-tree book somewhere for me. After all, any accountant worth his salt knows this, and she had to learn somewhere!
posted by bsdfish to Work & Money (1 answer total)
 
I don't know the answer to your specific question, but it sounds like you should get your hands on some law and/or business school textbooks. You should be able to get access to your local university's library as a visitor- you won't be able to take books out, but you can look at them while you are there. Go to the business or law school library, not the general undergrad library. I know there are books out there that cover individual tax, corporate tax, taxation of financial instruments, investment taxation in general, etc. from both legal (i.e. more theoretical) and accounting (practical) viewpoints. The librarians will help you find what you want.
posted by ohio at 7:26 AM on November 11, 2008


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