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Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
Another nice feature of the final net investment tax regulations released last week is that certain losses are now allowed to offset other net investment income. In the original proposed regulations, you could not have a loss (such as the sale of stock) reduce your other net investment income. Once you reached zero, you were stuck at that number.
The final regulations now allow at least three new ways of using losses:
The final regulations are much more favorable to taxpayers than the original proposed regulations in these areas. The computations on these allowed losses can be very complex so I would suggest having a qualified tax advisor help you with this.
On a personal note, my scheming wife somehow talked me into staying in Cabo a few more days. I must admit I did not put up to much of a fight.
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