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I believe the IRS could care less if a deduction was omitted and more tax was owed. But on the other hand, if the omission was to create less tax or a higher refund such as EIC, they could come knocking on your door. Same for the taxpayer who wants to inflate income to max EIC. I turned one of those away a couple years ago, funny how his income from odd jobs put him right at the EIC peak.

Don't sell yourself short. And let us know if any preparer gets hit with a penalty for any return where the tax was UNDERPAID on the original return. If preparer did something egregious like putting self-employment income on Line 21, we understand a preparer penalty for that one.

It is "investment property" not property subject to deprecation as it is not USED in a business operation. Therefore it is not form 4797 rather form Sch-D. There is no reason a person or business in the real estate business cannot have an "investment property" resulting in capital gain or loss. (ie; stocks, bonds, land, buildings, etc.)

It IS Ordinary Gain. Short term and they are not in the business of rehabbing and selling properties. Short term. Does not belong on Sched D.

Again, without Forms 1095-B or -A, I should be filling out Form 8965 if taking an exception? Or, if NUS shows they complied with CMS or whoever "qualifies" them as offering MEC, then just check the box and NO form? (Sorry, Brazilian client for twelve hours until 2 a.m. this morning and then back to work, so I've had no sleep, brain is fried. Trying to get a couple more returns done so I can drive to PA by Friday for a long weekend at my granddaughter's first birthday party.)

LionEA gave much more detail of this client's situation in the topic she started back on 4/8 in the ACA forum, and it would be most beneficial to keep all of the answers in one location. I'm not merging the two topics since the most recent answers may be slightly out of order and may not make sense if I do that. I'm locking this one and direct anyone else wishing to respond over to this topic in our ACA forum. Thanks.

You shouldn't fear an audit if the rest of your return is fine and you have all the documents for the donations.

They've tried this twice(?) before and stopped both times because it cost more than it earned and made the public hate the IRS even more. Aggressive commission based collectors who actually phone taxpayers will be confused with the phone scams that are happening. I don't see how this can't be an even bigger disaster than the last time it was tried.

Is it time to buy more acreage in that back field yet?

15 hours is correct, if you have passed the RTRP test.