Dr. Friday Radio Show – September 07, 2024

In this episode of the Dr. Friday Radio Show, tax expert Dr. Friday discusses various tax-related topics, focusing on inheritance, property sales, retirement accounts, and tax planning strategies. She provides valuable insights and answers caller questions on a range of financial matters.

Key Topics Covered:

• Selling inherited property and capital gains considerations
• Handling inherited homes among multiple siblings
• Spousal IRA inheritance rules and Required Minimum Distributions (RMDs)
• Cryptocurrency taxation and reporting requirements
• Tax implications of selling rental property
• First-time homebuyer credit repayment ending in 2023
• Importance of tax planning and adjusting W-4 forms
• Penalties and interest for underpayment of taxes
• Benefits of Qualified Charitable Distributions (QCDs) for seniors
• Tax deductions for medical expenses and charitable miles
• Importance of organizing tax documents throughout the year

Transcript

00:00.001 –> 00:07.640 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your financial woes. 00:07.640 –> 00:09.920 She’s the how-to girl. 00:09.920 –> 00:10.920 It’s the Dr. Friday Show. 00:10.920 –> 00:20.120 If you have a question for Dr. Friday, call her now, 737-WWTN. 00:20.120 –> 00:23.880 That’s 737-9986. 00:23.880 –> 00:27.400 So here’s your host, financial counselor and tax consultant, Dr. Friday. 00:27.400 –> 00:35.760 Good day, I’m Dr. Friday and the doctor is in the house. 00:35.760 –> 00:40.320 Just so you know, guys, I cannot see the screen for the callers. 00:40.320 –> 00:43.640 I’m in there, but it’s just a black screen. 00:43.640 –> 00:46.360 So if you want to join the show, you certainly can. 00:46.360 –> 01:00.520 We take our phone calls live, 615-737-9986, 615-737-9986, talking about my favorite subjects, which is taxes. 01:00.520 –> 01:01.520 Perfect. 01:01.520 –> 01:02.880 You did great. 01:02.880 –> 01:17.120 And we’re going to be dealing with any questions you might have when it comes to dealing with taxes or inheritance, or maybe you’re thinking about selling a piece of real estate, be that your primary home or a piece of rental property. 01:17.120 –> 01:24.800 How’s that going to affect your taxes or your Medicare if you’re actually over the age of 65 and receiving Medicare? 01:24.800 –> 01:29.560 Any of those kinds of questions may come in and it’s a great time to at least get you on the right track. 01:29.560 –> 01:35.160 Make sure that you’re at least asking the right questions and most importantly, is it going to be taxable or not? 01:35.160 –> 01:39.240 And if it’s taxable, have you set enough money aside to deal with it? 01:39.240 –> 01:45.960 Because nothing worse than filing your taxes, thinking you had everything in control, then find out you owe more money. 01:45.960 –> 01:46.960 Nothing worse than that. 01:46.960 –> 01:47.960 All right. 01:47.960 –> 01:48.960 Well, we’re lucky. 01:48.960 –> 01:49.960 JR is already on the line. 01:49.960 –> 01:50.960 So, hey, JR, what’s happening? 01:50.960 –> 01:51.960 Hey, good afternoon, Dr. Friday. 01:51.960 –> 01:52.960 Enjoy your show, believe it or not. 01:52.960 –> 02:04.080 I have a question about selling rental property. 02:04.080 –> 02:18.280 As I understand it, when you can sell rental property without capital gain, if you’ve lived in it for the last two out of five years, which I have not done, but I have an option of moving back there. 02:18.280 –> 02:20.480 It’s my