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So I asked my wife if a porterhouse steak was close enough to heart shaped to qualify as a valentine? She said sure! My wife is the best! Tom Modesto, CA

FOR HIRE............

I believe if property has not changed hands why not move property to 8825 under 1120S, rental income/losses will get automatically taken care of.

Nevermind !!

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'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.

He didn't meet the 5 year rule, so the penalty applies. The distribution itself is not taxable because he had basis exceeding the distribution.

Is he for hire?

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

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

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.

try these: Asbach luscious dark chocolate filled with brandy. Europeandeli dot com

i'll be happy just to get the damn box of chocolates - probably the leftovers from Christmas!

Catherine is correct. Here is a screen shot and hope this helps. Go to setup and options and click on data entry. Check the box by magnify data entry.

I couldn't find a way from within the Drake program to make the Client Manager text larger, but I can do this by adjusting the Windows setting for scale. It will, however, make all of your icons and fonts larger, and you may not like that. It's easy enough to go back if you decide that a change in this setting isn't to your liking. An easy way to find this is while on the main Windows desktop, right click in a blank space that will bring up a popup box, and then click on "Display Settings" there. That will launch a page where display adjustments are made. The option you are looking for to change is under "Scale and Layout" that is probably set to 100% (recommended). If you adjust that to a higher percentage, your Client Manager within Drake should appear larger. It will also enlarge your desktop icons and text within other apps. You'll have to try this to see if it is bothersome in other programs.

If the dad qualifies, and if moving $4,000 or whatever is needed for dad's benefits to taxable scholarship for daughter's return, and if her standard deduction will wipe out any taxes on her return or at least keep her in a lower tax bracket than dad, then you may have a better result for the family as a whole. Please run the returns with dad taking AOC or T&F or LLC and daughter having more taxable scholarship to see what gives the whole family the best outcome. Compare that set of returns with the ones you mention above. If you can lower the family's tax liability, the dad will think you are a hero, and you will have their whole family as tax clients forever.