Max W

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About Max W

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    marintax@sbcglobal.net

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  • State
    CA
  • Gender
    Male
  • Interests
    Boston Red Sox, Spanish Civil War History. Flamenco Music & Guitar

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  1. Cost of Room =$30. After returning $5, Cost = $25. After $2 tip, cost = $27 or $9/each. Remaining $3 is split up.
  2. Watch out for those Octonians. Rumor has it, that it is the Octonians building the N Korean missiles. After advanced college calculus and differential equations, I said that's enough math for me. Octonians - "egads".
  3. Did you advise him to seek mental help?
  4. Since the decedent was a widower, it won't be converted to an irrevocable trust and the house will be distributed to the two beneficiaries.
  5. The decedent's 1040 was filed. His only asset was his home that was rented out in his last year. His medical care offset the rental income and a small pension & SS. The home is valued at around $1M. The benes -2- will probably keep renting rather than selling.
  6. So, Sara, is what you are saying is that the estate lawyer should have filed the 8855? What if he didn't.?
  7. Client with a QRT died Dec 15, 2016. Can form 8855 still be filed, or does a short year for the trust have to be filed, and then a trust and estate return for 2017?
  8. FMV

    Yes, if the FMV is greater than the basis, then the adjusted basis is used. "If the FMV is equal to or greater than the donor's adjusted basis, your basis is the donor's adjusted basis at the time you received the gift" https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/capital-gains-losses-and-sale-of-home/property-basis-sale-of-home-etc/property-basis-sale-of-home-etc
  9. One sure way to find out if the individual EIN is good or not, is to apply for a new one. If it is still good, the application will be rejected.
  10. One thing that the IRS always seems to get right is to credit the return the correct amount of ES payments, whether posted on the return or not.
  11. t was purchased to be used exclusively as an office. As well as a working area, business records were stored there and there is a conference room where he met with clients. The boat was appraise for over $300K and purchased for $160K and the appraisal was over $300K. He thought he got a bargain, but an astute buyer would have smelled a rat, because it later turned out to be not seaworthy. If you consider that office rents in this area for similar facilities would be over $3500/m, it makes good economic sense.
  12. Client purchased a restaurant franchise late in 2016. Restaurant did not start operating until April 2017. The question - is the franchise fee a startup cost, which would be amortized over 15 years, starting in 2016; or does amortization (also 15 yrs) begin in April when operations started?
  13. Wait a minute! Everyone is jumping to conclusions without considering two things. 1. If a lien had been recorded on Naveen's home, the misfiling could have occurred at the county recorder's office. 2. Tax liens do not not attach to a specific property, but to All properties in the county of filing, And to any future properties. A lien attaches to all of your assets (such as property, securities, vehicles) and to future assets acquired during the duration of the lien. Liens on business also attach to accounts receivables. The lien notice went to Naveen's address, because that was the last address of record. If the address were a PO Box it would not mean that the PO Building had a lien on it. Naveen should check with her county recorder just to be sure under whose name the lien was filed.
  14. Never! After purchasing the boat, he found out it was not seaworthy. The previous owner had made some modifications that made it top-heavy. He had had the boat appraised prior to purchasing it and bought it at a discounted price thinking he had a deal, but when he found out that it was not seaworthy, if were to sell it now, he would lose $100K. I wonder if there was some collusion between the appraiser and the seller. Hmmm!
  15. Well, that's what I had in mind.