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About Pacun

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    ATX Supreme Guru

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  1. What form are you talking about? 1040NR or 1040?
  2. Add that information on the explanation. Add Name, SS#, months lived with taxpayer, Relationship and date of birth.
  3. One of the items the IRS looks for active participation is the fact that you look for tenants.
  4. I would be more concerned about physical participation and QBI. IRS can argue that this is treated as a payment to a management company. It is deductible as a commission, as professional Fee, management company fee. I see two issues with this transaction... if there is a loss, the loss cannot taken this year... if there a gain and no 1099 was issued, the QBI credit should not be allowed. If you want to treat a rental as a business, you have to behave as a business. Businesses are required to issue 1099-misc.
  5. I would ask the parent to give the child $1,200 because it is legal and less expensive for them. If you take out child from return, it will cost them $2,000 plus what you will charge them.
  6. The smile on your picture goes in accordance to what you wrote.
  7. That's the lady that works for H and R Block in DC, correct?
  8. Cash the check and when it clears, pull out your checkbook and make a check payable to the sister and put it in her tomb.
  9. Just give them the depreciation schedule for the years taken and tell them to keep that handy when they sell the house. Chances are that you will not be their preparer when they sell or inherit the house.
  10. How much money did the person made while abroad and without "green card". File as resident by reporting global income and attaching a letter stating that both tax payer agree to treat the foreigner as a resident for tax purposes. Then you can take the credit.
  11. If you can see page 2 of 1040X, pull down the file menu and "print current page"
  12. Pacun

    Lost Files

    There are companies that try to recover your data but it is just a matter of luck if you get any files. Most companies with charge you about $1,000 just to look at your hard drive and then more if they believe they can recover your data. ATX will only keep track of your efiles. I don't know if they keep a copy of the efile files but for sure they have records if your returns were accepted or rejected. Doshikc, ATX will not charge you again for the software you have purchased already. Just log on to their site and you should be able to download it again and install it.
  13. Pacun

    Air bnb

    the main idea of an air bnb is to make money from renting your free space, not by selling breakfast. What is substantial? Let run some numbers... Let's say you rent a room for $100 a night. $90 is for the room itself and $10 for the amenities. Do you still think it is schedule C?
  14. Pacun

    Air bnb

    What's wrong with Schedule E with 27.5 years depreciation? They are renting living accommodations except that their clients select to use it only for temporary basis. If a client comes and decides to rent it for a year, the owner of the air bnb will not have any objection. The breakfast is incidental like the free continental breakfast that hotels offer. The fact that the hotel offers breakfast and snack doesn't make them a restaurant. If schedule C is the consensus, what if I have an air bnb and I hire someone to prepare breakfast?
  15. Pacun

    Client Fraud

    We all need a good excuse to visit the liquor store... and who said the liquor store are not essential???
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