Leaderboard

Lucky you Tom.....I had to call a tech person to get my XP going......Look!

I was looking for a financial series I had written for my church a few years back and could not find it on my current computer (Win 10). So I pulled my Win 7 machine out of storage and hooked it up. Nope, not there either. So I pulled out my really old Win XP machine. Shocked that it fired right up (but it took a while - gotta love that new SSD in my current computer). It was amazing that I could plug in my Logitech wireless keyboard and mouse and they worked perfectly with XP. I remember I never wanted to leave that operating system and only did so when there was no other choice. Found what I was looking for, but it was different to see that old operating system. And no, I did not connect it to the internet while I was on it. I have no idea if there are any boogey men out there just waiting for an XP machine to connect to the interweb thingy and steal all my old data, but I was not taking a chance. Tom Modesto, CA

My dedicated fax machine is an old XP computer. Faxes come there then I can transfer, if desired, to my main computer now Win 10. There are differences, indeed!

Remote Desktop. It's been in windows for many versions now. We use it for several clients, but it's been recently "jazzed up", although the technical details are above my pay grade. https://support.microsoft.com/en-us/help/4028379/windows-10-how-to-use-remote-desktop

i called them they gave me a 50% discount to stay.

The only trust eligible for the exclusion is a grantor trust. see reg 1.121-1(c)(3)(i) I believe it would have been allowed under a provision of the EGTRRA of 2001, but that was subject to sunset.

Thanks folks - I need to get this straight...because it will determine whether we choose the credit or not. Remember they are in a 35% tax bracket (plus 5% for state), so we want to be careful to not lose more than we gain. Start-up Costs: $2000. Credit equals 50% of first $1000, or $500 credit. Deduction for start-up costs: $2000 minus $500 credit, or $1500?? I'm trying to read Judy's text above. If the deduction is only $1000, taking the credit is almost worthless. Thanks for all who have responded... p.s. this has convinced me I need to brush up on the general business credits. There's a wheelbarrow full of them.

This is what is great about this board. You learn something new almost every day.

If he meets the qualifications (small enough employer), then there is an up to 50% credit on the fee for the first three years. Info here: Retirement plan startup cost credit - IRS

Thanks Abby! For the cost basis, I use the capital account withdrawal as the ending basis. Not the original amount paid. Then the gain subject to recapture as ordinary income listed in the K-1, is reported on the 4797 as ordinary income, this amount is subtracted from the capital gain amount. Say the Sales Price is 10,000, and the basis is 6,000, and the gain subject to recapture is $3,000, you would have a $1,000 capital gain and a $3,000 ordinary income gain. For a loss transaction, say the sales price is $10,000 and the basis is $15,000, and the amount subject to recapture is $3,000, you would have a $8,000 capital loss, and a $3,000 ordinary gain on the Form 4797. I am hoping I am seeing this correctly. Thanks for your help.