Leaderboard

SMLLCs are assigned two EINs, one for the owner and one for the entity. But if a single-member LLC is a disregarded entity that does not have employees and does not have an excise tax liability, then it does not need an EIN. It should use the name and TIN of the single member owner for federal tax purposes. https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies

As a matter of fact, in the polling question regarding this subject; most of us disagreed with the answer. Will have to look it up in the home study book. I, personally, did not think that was the correct answer.

Sometimes I think I need to consider it a medical expense due to the therapeutic benefits provided by this group.

Actually it sounds to me like there is a much clearer picture after mom's death. As I understood OP, the question was whether mom received a step up basis upon death of daughter; or if she retained her pre-gifting basis due to a life estate and a gift that was bequeathed back to her. That is now a moot point since either way mom had ownership at the time of her death and therefore her estate gets a step up in basis.

Interesting discussion about ride-share and delivery services providers. I've always assumed that from a financial standpoint, choosing to engage in it is just trading eventual long-term wear and tear on their vehicle for some cash in the present (minus the current cost for gas). That's probably an over-simplification but it's based on my experience preparing Schedule C over the years, Apparently some people seem to make it work, and in fact a couple of my Uber rides in recent weeks were in Teslas. On the other hand, I'd think many net fuel savings calculations with EV's generally under-estimate the true amortized cost of eventual battery replacements either through repairs or purchase of a replacement vehicle. (I'm certainly taking that into account when thinking about perceived fuel savings on my wife's hybrid)