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Abby Normal

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About Abby Normal

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    ATX Supreme Master

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  • State
    MD
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    Male

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  1. First Sale of Rental Property

    Yes, the land and building are separate dispositions. First you have to decide how much of the sales price was for the land. Then prorate the closing costs by the same percentage. We use the most recent assessment to ballpark how much is land vs. building. We do the same when a building is purchased.
  2. IRS E Services web site

    CAF check failure just means your POA has not yet been processed by the IRS.
  3. CHECK MY MATH

    The 10% brackets remained the same, just adjusted for inflation.
  4. First Sale of Rental Property

    Yes.
  5. Poorly written scam tax emails

    LOL
  6. Corporation bought a jeep for the owners daughter...

    The preparer is the one who made the mistake by not asking for the registration and invoice before adding the asset. Also, what was put down for mileage on the 4562 each year? Was personal use of vehicle calculated and added to W2s? I don't blame the customer, here.
  7. CHECK MY MATH

  8. CHECK MY MATH

    Yeah, we should be saying 'real estate investors' who had REITs added to the 20% QBI deduction at the 11th hour.
  9. CHECK MY MATH

    The refundable portion only increased by $300 over previous law. The real people getting screwed are those who were in the 28% bracket but are now in the 32% bracket, with high SALT and high investment fees or employee business expenses. I have a pilot whose taxable income is going to increase by around 30k, due to losing deductions and personal exemptions.
  10. CHECK MY MATH

    Imagine that! <Steps slowly back from the edge of politics.>
  11. W2 Verification Code

    If we have to start entering them, I'm going to make my scan searchable so I copy/paste the code in. I already make my complex clients scans searchable so I can find things easier, like when they have 6 brokerage accounts I can search for the account number.
  12. Fingertiptax facts

    It's less glossy than last year, which makes it easier to read.
  13. Corporation bought a jeep for the owners daughter...

    This is why you should ask for a copy of the title and invoice on all vehicle purchases. AND get business/personal mileage on all vehicles every year. To make it right, you need to amend 2011-2016 to remove the vehicle and all related expenses from the corporation. They lied to to you and need to pay for their sins... plus tax and penalties.
  14. Drake tax planner

    ATX is working on it now and hope to have it ready by start of efiling. https://community.atxinc.com/forums/permalink/253810/253819/ShowThread.aspx#253819
  15. Audio Tax podcasts

    I've tried a few in the past and none were useful. And don't listen while commuting. You'll fall asleep and run off the road!
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