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About BulldogTom

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  1. First Sale of Rental Property

    The bulk sale disposition worksheet in AX will do the allocations for you....Just saying. Tom Modesto, CA
  2. First Sale of Rental Property

    Patrick, If you are using ATX, the disposition worksheets in the Fixed Asset tab will do a great deal of the work for you. It is clunky to work with when you go into the disposition tab, but it does a good job of getting everything where it needs to go on the tax return. Tom Modesto, CA

    We know for sure that the REITs and Large Real Estate Investors are going to get the benefit because they are usually Trusts, Estates, Partnerships or S-Corps. What we don't know is if a Schedule E meets the definition. Very few practitioners are willing to make that call quite yet, but most seem to believe it will apply to Schedule E as well. This is the most anticipated guidance from the IRS about the new tax law. Tom Modesto, CA

    I am glad I am not in Tennessee right now. I declare a "hug free zone" on this board for the next 3 hours. Tom Modesto, CA

    I don't think it is politics to state the obvious facts. The republicans needed to ensure that one of its senators voted for the bill, and they added language at the last minute to the bill, and after that language was inserted, the senator in question signaled his support. That is just how the sausage is made in DC. And it is apparent that the insertion at the last minute made the interpretation of the section hard, as the change to the bill is not harmonious with the rest of the sections. If this was inserted earlier in the process, legislative staff probably would have had more time to integrate it more properly in the bill and signaled a more clear intent of the impact to Sch E rental properties. No comments about whether this is good or bad, or who it favors...just a statement of the facts as we know them to have happened in the legislative process. This is no different than the last minute changes to the refundable portion of the Child Tax Credit. However, that change was just a number change, and not a change to the structure of the credit which was already written into the bill. After that change, two other senators signaled their support. And the sausage had a slightly higher content of one ingredient. Tom Modesto, CA
  6. Formation of LLC - Tax Advice

    I did not think about that for my Sole Proprietors. So if it is a side hustle, legitimate, but not the full time occupation of the owner, and they don't take a draw but leave the profits in the company, you think the owner will have to determine what is reasonable compensation and deduct that amount from the income of the SCH C to arrive at QBI for the deduction? Tom Modesto, CA
  7. W2 Verification Code

    I had heard this was coming this year. Guess who has one on their W2? Me! Our company uses Paychecks and they have included the verification code on our W2's. Looks like the long computer generated passwords that you get on some sites. I missed seeing it, but my spouse picked up on it. @Medlin Software Are you putting these on your W2's? Tom Modesto, CA
  8. Pass Through Scenario - Please share thoughts

    I made a mistake. The S-Corp is a member of an LLC taxed as a partnership. Tom Modesto, CA
  9. Bitcoin Bitcoin Bitcoin

    Silly question....they make change virtually any way they want. Tom Modesto, CA
  10. 2018 FWH

    Your update will be out in 20 minutes....correct? I feel for you on this one. Everyone is waiting to see if it makes a difference. I tried to calculate my withholding and I think it comes to about $15-20 per week less. Tom Modesto, CA
  11. Bitcoin Bitcoin Bitcoin

    But there were only 3 channels. 2 VHF, and 1 UHF. Tom Modesto, CA
  12. End of Entertainment Expenses?

    That is my understanding as well. Business meals are still allowed at 50%. Tom Modesto, CA
  13. Bitcoin Bitcoin Bitcoin

    When I was about 4 or 5 years old, my mom brought home a 13" black and white tv that she scored from S&H Green Stamps. It was a big deal to us. We were dirt poor and that was the first TV I remember us having in the house. Oh...the good ol' days. Tom Modesto, CA
  14. Someone from Missouri Please Help

    That is my fault. You can ask Judy to give me a warning point for hijacking your thread. Sorry about that. Tom Modesto, CA
  15. Someone from Missouri Please Help

    All Y'all are still talkin' 'bout that dang Obamathingy that makes ya pay up for the exchange money they give ya to git that insurance no one will take? Tom Modesto, CA