Tax Tip Archives - Icon

Tax Tip Archives

The information below is a general guideline. As always, it's best to consult with a tax professional as to how changes in the tax law affect your own situation. You may also contact me at

Investment Travel

The cost of travel for the management or conservation of investments is generally deductible. This includes trips to the broker or financial advisor, as well as trips to look after the investment property (even if it is in FL, and you live in New England). It does not include trips to shareholders meetings, except in special circumstances such as proxy fights. No deduction is allowed for expenses allocable to a convention, seminar or similar meeting dealing with investments.

Substantiating Gambling Losses

Adequate records must be kept to support gambling winnings and losses. Include the following:

Remember: You can only deduct gambling losses to the extent of gambling income.

Additional rules might apply. For instance, transportation, meals and lodging are not deductible for a non-professional gambler. To learn how you can obtain the maximum benefit, please give me a call.

Are you getting the "saver's credit"?

If you're not sure what the "saver's credit" is, you have company. Members of the Senate Finance Committee believe many people who are eligible to claim the credit are unaware of its existence.

Find Some Good Winners and maximize use of cash

Go ahead and cash in a few long term capital gains- sell your winners. Offset losses, or put more money in your cash flow. Be careful to avoid a "wash sale" by re-buying the same security within 30 days (i.e. wait at least 31 days if you do). You only have to pay tax on these gains by April 15, 2020, so you have a year's use of the gains before you ante up to the taxman.

Also remember- this year (2019), the long term capital gains rate for the lowest tax brackets is still 0%. Consider gifting appreciated stocks to an adult child (18 or older so you're not subject to expanded kiddie tax laws) or a relative living on a fixed income or low income.