Leaderboard

Judy is so darn smart. Someday I am going to grow up and be smart like her. We need a reaction that says we agree with the poster when they give great advice like this. Like an "A+" or a checkmark. Tom Modesto, CA

It would be a wonderful thing if we could get compensated for being the gatekeepers, wouldn't it? Just think of it. ChaChing!

I never received the add'l 5% off communication. I renewed on 5/30. Ill give them a call on Monday. Thank you!

I ate too many doughnuts... Then this dude beat me up...@#%$*&

Will the crypto exchange they use generate a 1099? Most don't and even those that do won't for small amounts. If they want to do taxes, have the client pay them and deduct it from the distribution. It isn't a loan and it isn't a gift. Technically should be run through a partnership but I doubt the IRS is going to get upset if the taxes were paid. If the client has carry forward capital losses that they burn up with the gain, ethics can come into play.

Yes, you will recalculate any refundable credits that are impacted by a change in AGI, or MAGI and household income in this case. It goes in the "after carryback" column of form 1045, and you will complete a form 8962 with the revised figures. It's in the instructions for form 1045, line 21.

Uber. Hey, how about Danbury, CT, for the NY/CT-ATP two day seminar every December?! Ethan Allen Hotel has nice rooms.

Betcha' y'al think that Donut Day was something dreamt up by Krispy Kreme or some other donut company. In fact is wan't any food company, or any other business. It was the Salvation Army who 80 years ago initiated Donut Day in honor of the Doughnut Girls who served treats to our soldiers during WW1. In case anyone doesn't get the connection, the soldiers of WW1 were called Doughboys, a term that originated during then Mexican-American War of 1846. But that;s not all. There are tax implications as well as some additions to the list. To find out more, here is the article from Forbes, https://www.forbes.com/sites/kellyphillipserb/2018/06/01/free-doughnuts-and-a-side-of-sales-tax-trivia-on-national-doughnut-day/#68d8172f65c7

Yeah, But I can eat a whole box of holes, whereas I can't eat just one donut. We used to have a place her that make "Texas" donuts. They were the size of a 13" dinner plate. I miss that place.

Once I was driving in NYC and came to a street where the cars blocking me had the right of way. I stopped and waited but cars kept coming. Finally I decided to risk everything and try to cross. The cars all stopped and I got through. I got to a hotel in Brooklyn that had a parking lot and stayed there--took the subway everywhere I had ti go from then on.

Yes, driving in the city can be daunting. It's the crowds that worry me so I only take public transport going to Manhattan. There is no parking unless you don't mind parking garages that all seem to be valet only (Spothero.com is my go to for a spot in cities). But since most streets and avenues are numbered, people like us would never get lost, maybe even be able to give out directions to the numbers challenged people.

I know just how you feel; I'm real picky about my donuts too. I insist they have a hole in the middle.

Why couldn't he report income on Sched D and issue nominee 1099B's to the other participants, offsetting that part on Sch D? https://www.kerezmancpa.com/2014/01/file-nominee-1099s/

"But if this is going to be an ongoing arrangement, it sounds to me like they should form an investment partnership to hold all the money and report all the income and then each investor would get a K-1 to reflect their share of the gains or losses. But I know that is not helpful retroactively" I agree with Gail.

I don't think it can be considered a loan, since from the original post it doesn't sound like there would be an obligation to pay the loan back if the investment had lost money instead of making money. Nor was the documentation for a loan done stating when and how it would be paid back with what rate of interest. Sara's answer seems to me to be closest to what he wants to accomplish. Or pay the taxes himself, figure what the amount is that his tax increased because of investments for other people, and have them reimburse him. But if this is going to be an ongoing arrangement, it sounds to me like they should form an investment partnership to hold all the money and report all the income and then each investor would get a K-1 to reflect their share of the gains or losses. But I know that is not helpful retroactively.