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!
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!
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posted by ohio at 7:26 AM on November 11, 2008