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Showing content with the highest reputation on 06/02/2020 in Posts

  1. "However, hours spent in the owner’s capacity as an investor, such as arranging financing, procuring property, reviewing financial statements or reports on operations, and traveling to and from the real estate, will not be considered hours of service for the enterprise."
    1 point
  2. One thing that eliminates QBI for commercial property is a Triple Net Lease. Another thing that also eliminates it for both biz and residential is renting below FMV. I think that that is more of an issue with residential, with people renting to children , or other relatives at discounted prices.
    1 point
  3. If you have trouble texting, you can always set up an inexpensive bluetooth keyboard & connect to your phone to use when typing a lengthy text. But that's a little cumbersome when you're on the go. There are probably more exotic ways to print texts, but I just take a screen shot & email it to myself. Or just print the screenshot directly to a printer connected to the phone via wifi. I don't feel the need to keep a written record of every text. It all depends upon the seriousness of the conversation. Some of my texts lately looked a lot like like this: ->: "Do you know when my stimulus payment's going to be here?" A-> "I don't know. Here's the link to IRS ........"
    1 point
  4. Based on your post, I would, yes. I tend to go with "work" being subject to self-employment tax, even if it's a one-time event. I believe "other income" is, well, income from something other than work, like a prize or debt cancellation. Lots of tax pros better than me would never subject income to SE tax for a one-time activity, like that week of hanging vinyl siding for the general contractor, but this is not that. Shoot, the real experts think practically nothing is subject to SE tax, Schedule SE should be seen less frequently than a Unicom, and I should just hang it up. I would of course ask him to provide legitimate expenses. I assume he has some if he's not looking to make a profit. Or do you mean he would do this work even if not compensated? I guess my answer is the same, either way.
    1 point
  5. Thank you all for the donations. I apologize for being such a slacker about responding to each of them individually. My work has increased considerably due to COVID-19, but I'm hoping to see that decrease a bit now that summer is arriving, which is usually my slow time. We'll see, though--everyone is looking for ways to do things online that had ordinarily been done in person before. Thank you all again! I hope you're all staying healthy and sane.
    1 point
  6. 1 point
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