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We'll each get back thirty-five cents per year involved. Reportable as income. Pardon me for not holding my breath.

IRS will put 87,000 new employees on the task of determining how much they owe us, and charge their time in the cost of running the program and send us all a bill.... OK, that is stupid, but I thought it was funny before I actually typed the sentence. Tom Longview, TX

I look forward to buying a gas station coffee with my refund... or a small box of mints.

Non-taxable and no 1099 issued. Leave off return. My one CO client didn't include a 1099 so I'm assuming she didn't receive one. She did mention it in an email a month ago and she included it on her summary sheet. She's good at giving me stuff, if she received a 1099 she'd have given it to me.

Using the Supreme Court's ruling, Ann gifted Bob the lot and the realtor the commission. That won't work on the tax return though because there are tax forms that need to match the returns. Ann has a 1099S for $10k and a basis of $5k + $3k selling expense = $2k gain. Realtor has a 1099 for $3k income. Bob bought for $10k (matching the 1099S) so that's his basis. Or in harmony with the SC, his basis is hers, $5k. Ann must file a gift tax return for the $17k she gave Bob.

Will we get interest? And a 1099INT? And a 1099MISC? Tom Longview, TX

I always used HP which have lasted forever, real workhorses. But when I wanted a smaller, faster printer for tax returns only, just black toner and nothing fancy, my IT guy said he still loves HP for high end printers but now recommends Brother for more reasonably priced printers for us small tax offices. I've had the Brother HL-L2370DW since before Covid and am very happy with it. I can't remember the price, but maybe $199 or less here in pricey Fairfield County, CT.

If they were not an owner, then section 125 is possible. For owners, we get to deduct on our personal returns so the liability is nearly a wash.

Good question which may not have a good answer because of how long it's taking the IRS to process amended tax returns. Since it's a small balance I would probably go ahead and pay it.

me, I would just pay the 2021 owed and go from there. sometimes IRS overlooks. Add small interest amount.. D

I see that box to check. But where is the statement? I can't find where to print the statement. And what about K-3?

Sounds like time for a side by side, line by line comparison. Distributions with ample basis should not change anything but basis, but as has already been suggested, perhaps your AMT basis worksheet is wrong.

Make the structure fairly inexpensive like a carport.

8801 AMT credit is not allowed in years in which the taxpayer is paying AMT. As to your first question, check the data to see if the taxpayer's basis differs for AMT compared to the basis for regular tax purposes.

Un-researched, but first blush seems like a bridge too far... I think the portion that is related to the installation of the solar is all that you get. Using your above situation and changing it a bit, I want solar on my house but I need to rebuild my house to make it strong enough to meet the local codes. Can I do a full tear down and rebuild and take the solar credit for all the cost? I don't think so. Tom Longview, TX

I’ve read any older children (not an infant) are special needs.

Was a 1099 issued? If yes, do you believe the irs' right hand knows what it's left hand is doing? If yes, leave it off the return. If no, add as other income, deduct as other adjustment.

Yes, the rental-only expenses (cleaning, management or VRBO fees, and the like) do not need to be pro-rated. And you have the depreciation recapture rules correct as well.

I thought fair rental days were days available for rent. But you are under vacation rental which has different rules.

Of course, you can start a business actively prospecting for customers late in the year and have zero income.

Thank you. That's exactly my understanding as well. Fair rental days are the days actually rented. All other "personal use", falls under "personal". On Schedule E, you would enter those two figures when the rental was not for the entire 365 days.

My understanding is fair rental days is the number of days actually rented. Personal use days are a combination of the days you, any family members and any friends that didn't pay rental stayed there.

My mind is blown. Thank you for the information. This would explain why I've had corrected 1099's on this exact matter.

If they do or not, they definitely have a filing requirement in the new state since the business is now operating in the new state. From the sound of your OP, they operated in both states in 2022. Thus they have to file in both.

It sounds like they are qualified non personal use vehicles. Any vehicle that is “not likely to use more than a de minimus amount for personal purposes.” Because of its design. They are exempt from substantiation requirements but can only use actual expenses for a deduction.

I picked up a client some years ago that had prepared his own returns in TT for years. He had an S-corp and three rental properties. Some years, the rentals were reported in the S-corp. Some years on the 1040. One property was a historic building and had carryover business credits. Oh, and he was a real estate professional too. It was approximately 15 years of screwed up returns. I prepared a disclosure with calculations showing for regular tax and AMT, what the NOLs, credit carryovers, etc. etc. what they should have been for each year and the correct figures for the year. And didn’t amend.

Sounds like the son knows more about taxes than you do. I'd give the info back to him with a suggestion that he employ his expertise and prepare the return himself.

Dividends are only qualified if the underlying security is held for 61 days during the 121-day period surrounding the dividend date. Preparers of Form 1099-DIV are allowed to include dividends as qualified in Box 1b for which it is impractical to determine if the holding period has been met. The instructions for Form 1040 say that you must exclude any dividends reported in Box 1b if the security was not held for 61 days (see here). I suspect that very few people are diligent about doing so.

But you still provided a service. They learned what to say and what not to reveal to the next accountant they interview.

Does the 30% commission count as a gift, too? From the Supreme Court ruling on gifts in Commissioner v. Duberstein:

I am sure the IRS will appeal this. It will be in court system forever.