Pacun

Hypo, but I was thinking of investing in crypto now and hold it for 2 years (remember this lapse) and then buying a rental or two after the money is pulled out. Anyone is welcome to steal my idea and thank me later.

C corporation was formed to invest in the stock market and bought houses for rent. Let's say that the rental portion has a loss of $1k after depreciation, short term gains in stock is $6K and long term gains are $100,000. What rate will be used to pay taxes on the $6K ST and at what rate will be use to pay taxes on the $100K LT? If the money is left in the C corporation for future investment, no taxes will be paid by the owners. Will this situation be better if a partnership is formed? If both partners make $100k in W2, I believe that will change everything. Thank you for your thoughts and suggestions.

I have a client who has 4 van used in his business 100%. I have the four vehicles listed as fixed asset with their prices and depreciation flows properly. I have a grand total of gas and repairs of $12K. How do you enter those 12K that belong to the 4 vans. Do you override line 9 on Sch C or you enter the whole amount in one fixed asset information sheet?

By the time you read my reply, bottles might be empty.

I like your title.

For the last two years, you had to attached a pdf. This year, you don't have to do it and in some cases, the amount (1/3) is auto populated.

Create the efile file and see answer the questions. After it is cleared for efiling, print it.

I guess the solution is to select electronic payment VS paper. If selected properly, run efile file creation and then you will be asked when you want to pay and HOW much you want to pay. Amount to be paid is auto populated BUT you can select any amount that is under the amount. For people that don't have money to pay, I ask them to pay $1 so that they know I filed when they are debited $1.

I guess you don't trust your 4 backups since you are installing in different folders instead of the ones suggested by Windows.

I get it every other week. You don't need to restart, you need to "end task". Open task manager look for ATX2022 instance and "end task".

I thought that when you inherited stock, you start wearing the shoes of the deceased. Meaning, no step up basis and you inherit the gains and loses also.

I think you need to treat this as if they bought stock, except that now wash sales. A few items, usually a few bucks are earned or drops and they are ordinary income but they are tiny sometimes.

I guess no much interest in crypto despite de fact that the potential of big profits exists for 2023 and EVEN more for 2024. Read between the lines please and remember that the potential exists.

I just received an update on this situation. They issued a 1099-NEC and I told two of my clients that they had to pay social security taxes because of the form used. Sure enough, they issued a 1099-NEC with 0 and they will be issuing a 1099-Misc this week. So, I will have to amend my 6 clients and exempt them from SS taxes. By the way this is ONLY for DC day care "teachers".

Daycare workers who were considered "teachers" received up to $17000 in 2022 and they will get it for 3 years, I believe. 1099-NECs were issued. Since this is work related, I reported this using 1099-NEC flowing to schedule C with 0 deductions since this was received by virtue of job title. 1099-NECs were promptly received by each taxpayer in February and they were informed in several meetings to set aside money for taxes. Yesterday, the "teachers" received a corrected 1099-NEC reporting 0 income. I wonder if that money will be tax free and taxpayers will NOT pay the IRS but will pay ME for amendments. Any info about this will be appreciated.

My brother owes me 9K and I withdraw that amount from his account by using my binance.us account to buy 5 Ethereum coins. What is the basis for my Ethereum coins? Same situation except that my bother gifts me $9K and he has never gifted anything before. What is the basis for my Ethereum coins? What about if audited, how can I prove the IRS that I have basis on the coins if my bank statements don't show that I have purchased the coins?

I think you can use the basis: FMV at the time of death or an appraisal 6 month later. If you sell it within those 6 months, you can use the selling price as the basis if it is sold to a non-related person.

Actually, the return was too much for the auditor and the manager was at our last meeting. The manager knows about taxes and my clients situation and she didn't question the mileage and understood that the vans were not personal vehicles and was easier to deal with her. I am glad she came to the meeting and show the auditor how to conduct the interview. She was happy with what we showed her and we are moving along. Of course there were some items that will be taken out but she will be add some deductions that were not included.

Auditor wants to see gas receipts and client doesn't have them all. Bank statements show that each trip to the gas station is about $80. I explained to auditor that gas stations ring your gas separate and that $80 will not fit in a regular vehicle... (I have a Rav-4) and I can only fit about $55. I guess auditor thinks that my clients goes to gas station to spend $80 in snack just to have a tax break and he does it every other day.

This year I have forgotten to click the "donate" button so that the electricity/maintenance is paid for this site. Please don't make that same mistake and I will click it soon.

I guess you have to start with the US-Japan tax treaty.

I don't think you are missing anything, I think you are taking $1,400 for the spouse by checking a box that should not be checked. Logically, why will you benefit from a spouse who lived apart from you all year?

For 2020, the employee retention credit was not taken. I have read in one place that I have to amend, get the credit and reduce my payroll expenses by the amount of the credit. I have also read that employee retention credit is tax free. Which one is correct?

My question was answered 10 years ago by Jack from Ohio. Go to the state efile form and unlink it (on top).

The message reads: "The IRS submission ID referenced in the State Submission Manifest must be present in the efile data base. " Does any one know what it means? I need to confirm my idea.