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Each topic on this site has a unique web address that allows it to be saved as a bookmark in your browser. This gives users another way to keep and retrieve topics at a later date in addition to using the forum's search function or requesting that a topic be pinned. It is particularly useful for finding topics where the subject is less than 4 letters (ex: QBI) or where search results may bring up a lot of hits. Eventually I'll move this post to the "Help" section, but putting it in General Chat for a while first.

NEVER MIND.......THANKS ANYWAY!

Is he for hire?

I think I am glad that Cathy asked so Elrod would post this picture! Nice finish to the day!

As was mentioned above, it is distributed (essentially 'sold') to the taxpayer/shareholder at Fair Market Value. That is required. The individual person is a separate taxpayer/entity. They will restart depreciation using their 'purchase' cost. After 20 years, and factoring in 20 years of depreciation, do you really think there won't be much of a gain? That would be ideal, but I suspect the gain due to the depreciation could be large.

You have a potentially big issue here, because when the bldg is distributed to the owner from an S Corp, IRS rules require it to come out at FMV, which if the bidg has been in the S Corp for awhile, more than likely would trigger a large taxable gain. In the past I have had to head off several clients from setting up S Corps to hold rental property for this exact reason.

I separated out an existing pinned topic on ATX tips and tricks and added a quote from the latest post in there. That pinned topic now appears at the very top of General Chat.

I'm gettin' an early jump on the holiday this year since I'm famous (notorius my wife says) for coming up empty-handed on Saint Valentine's Day. No more heart-shaped little box of candy. More later.

I don't want to post it publicly because ATX might read this forum and I don't want them to change it. PM me if you want to know how it's done.

Running a couple of days late this year.....I'm on "My ATX" page trying to get to where I can download software that I have paid for in full. When I go to click "Download" it disappears as does every other title I need. When I click on Home, it disappears as well. Anyone have a clue? Thanks! Cathy

I want details and pictures!

Oooo, can't wait to see this!

Some of my customers literally do no have a computer, and therefore have no email address. Some don't have cell phones either. I don't think that I have any that don't at least have a home telephone, but it is possible to survive without a screen. Obviously, if they don't have email i can't put it on there and I don't see how they can require people to have an email address.

Its a wonderful thing when we solve our own problems..You will be much stronger now ..Cathy. Good luck with this tax season, Elrod.

Don't enter it on the return itself; add a column in the Return Manager for the email addy and/or phone #

I think that we all agree this is most likely an employee/employer situation, but that was not the question in the OP. At least, not as I read it. I think the question is whether or not these reps can take the QBI deduction since they are being giving a 1099 and treated as self employed. And while I would hesitate to prepare the return for the "employer" in this instance because I don't think he/she is obeying the law regarding employment taxes, etc., I would prepare a return for the people getting the 1099's and I would most likely take the QBI unless there is some other factor that would preclude it (income too high, SSTB, something else) because those employees do not really get to choose their status.

If cryptocurrency is sold, then there would be gains to be reported on 8949 to pass to Sch D as I remember it. In the last CPE I took discussing this they argued your kids would technically have this if they played world of warcraft. Oh the pits the IRS keeps digging. At some point we'll all just join the vanlife movement and turbotax will be the only option

That is the magic word, to me. If the entity being paid could not have others work, (and also whenever they elected, not for a specific amount of time within a window, and did not have other clients, business license, business insurance, etc.) then employee is proper. In the OP, the deduction for a day off is employee all the way. Probably not a huge chance of getting caught, but I personally would not be comfortable with a 1099 in the OP.

IRS says they'll never call, wants a phone number on your return. IRS says they'll never email, wants an email address on your return.