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Terry D

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About Terry D

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    ATX Guru

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  1. Terry D

    Vehicle Donation of $5k+

    I have to agree with this. To receive a tax deduction for a charitable donation, you cannot stipulate what the donated amount is to be used for. Pacun your suggestion, in my opinion, does exactly that. I am confused with your reasoning. The donor gets the full 5K with the proper paperwork without separating any amounts. Separating the two donations into two different categories, really does not have any additional impact but could cause the allowable deduction to be the 4K.
  2. Terry D

    Capital Gain/Loss or Wash

    DANRVAN, thank you for the references. Your explanation of the my client's thought is no doubt spot on. I will be discussing this with him in the next two days.
  3. Terry D

    E-fax recommendations

    cbslee we were typing at the same time. RingCentral will port a number as well.
  4. Terry D

    E-fax recommendations

    I have used RingCentral for years. They are reliable and only cost about $12.99 per month. I think I started using them in 2007 and have had no reason to change. In case you're interested, they also have VOIP phone services. My business line is part of my package with Verizon so for $9.95 per month, I can't beat it. I know some folks hate links but here is a link to their site. https://www.ringcentral.com/sem/fax.html?BMID=GGECUSEP&CID=sem&RCCN=Google_US_Search_Brand_Exact&RCAG=AAA_Brand_High_Volume_Fax_[Exact]&RCKW=ring central fax&RCMT=e&AD=247353180181&gclid=CjwKCAjw5ZPcBRBkEiwA-avvk_8I5SREPNOQyDcg1Wn62-A4yu_1lDkuYtJ5PVAJ7jAZRPBSxdUDiBoCy-kQAvD_BwE
  5. Terry D

    Capital Gain/Loss or Wash

    Thanks to everyone for the support. My client inherited some land or lot, if you will from his father, on that land or lot is some rusted out worthless equipment that an agreement is being reached with a scrap dealer to remove it at scrap prices minus a removal fee. No, this has never been used by anyone who inherited it for any purpose. The land was not investment property nor was the left over scrap equipment used for anything other than personal use by his father. The scrap equipment was not itemized in the will. Only the lot/land was part of the estate. No values for the scrap equipment had every been established. Please provide references to the case law you mention so I can see if this fits. I do agree with your statement if it was a residence that was never rental property or anything else. If that property was sold, then FMV is basis at date of death Any gains are taxable to the heir(s) Loss is deductible if the property was never converted to personal use by the heirs before they sold it. In my case, I still don't believe a loss is allowed. I think to do so, these items would have to listed as an inheritance and FMV determined. Then maybe. As far as I can tell, the FMV established of the land this junk is on was included the value of the land only. I will still be interested to see the case law and how this maybe determined to be investment type property. On another note, I just received a phone call from a gentleman in the US from the Comcast fraud division that has escalated my case, says I need to do nothing else and that upon completion of the investigation all three CB's will notified to reverse the entries and clear up any damage this may have caused me. He also stated that in his position he could see the notes from the other fraud agents that I had spoken with, listened to the recorded conversations and those employees will be "coached" as they handled it completely wrong. HIs words not mine. However, there was no disagreement or sympathy from me. He was also interested in the fact the credit was granted without proving the identity of the person applying for the credit was actually me when an extended fraud alert was placed on my credit. They will be looking for the employee who was involved in that transaction and correct that problem. Now, do I believe all of this????? I want to so I can rest better but I will remain skeptical. When I get the final results in black and white, my credit restored, and the collection dogs called off, then I will finally rest. I thought it was really bizarre that every time I called the fraud division, they asked if I was a subscriber and if not would I want to be. Are you kidding me???? Burn me, rake me through the coals so I will over jump through every hoop possible to get your services. NOT!!!!! Thanks again to all for listening. You guys are indeed the best!
  6. Terry D

    Capital Gain/Loss or Wash

    Wow, I'm gonna say this at the risk of offending someone. The responses to this post have gone all around and away from the original question. Judy pretty much summed it up. If this property is personal then no loss. That was the only thing I was looking for. I initially took the wrong road and was not thinking about the character of this so called equipment. I do apologize for that bit of confusion So, I am at the point of saying that the day the scrap dealer picks up the junk or equipment or whatever it is, the price received is FMV because this is indeed personal property and therefore a wash. No gain and no loss. Plain and simple by the code, basis is FMV on inherited personal property at the date of death. I can't believe the trip this post had taken. It turned into various scenarios and ended being compared to logging transactions. I mean really, all of us, and me included should stay with the facts stated in the original or updated post to help the poster. Even if there appears to be missing information or more information needed, it is better to ask for the additional information than to put one's spin on it or making it a contest to prove one's position. I must say some of this was not helpful. Now, shoot me for my opinion. I'm trying my best here. I am not angry at anyone and if I come off that way, I apologize. I have been dealing with my identity being stolen for the 4th time in a year and a half. Dealing with Equifax is like dealing with 3 year old children. I don't think they have anyone located in the US answering the phones. When they do, if you can find a number, they're dumber than a dead rake. Experian, no problem, dispute settlement crap removed from my credit report. Transunion, no problem same as Experian. Equifax, don't ask. All I know is my credit is now frozen everywhere. One week and three days of dealing with idiots on the phone is mentally exhausting. I asked Equifax the magic question. It is MY credit, I cannot access it, get denied every time online. The so called security questions are wrong and bam I'm locked out. But.....the thieves can get it like nothing. I have better luck seeing a friend at the bank to get my credit report from Equifax. They can get it and I can't. Yes, I can get it in fifteen to 20 days. By that time the dispute clock will time out. I mean what the hell? I need to know if I can sue the crap out of Comcast for granting credit in my name when there was a 7 year fraud alert placed on my credit with all three bureaus, with a contact number to verify if the person applying for credit is actually me. No, they never contacted me. Just the collector did when the bill was never paid. I would think this activity would violate some fair credit reporting act or something. Probably another inside job. Here's the best part, Comcast doesn't even offer services where I live in NC. Okay rant over, I'm sorry to bore you all with this so I am going to bed now.
  7. Terry D

    More MFS Returns?

    Yep exactly. Know a couple where the guy purposely failed to report income so he didn't have to pay. Filed the MFJ return without the spouse's knowledge or signature. During the divorce the court ordered each to share the tax burden. This was CA and the guy's lawyer dug up all this crap in court regarding community income, community expense; etc. I worked with the spouse in this case. Without getting into lengthy details, we filed equitable relief with the IRS with all the claims of fraudulent signatures; etc. Took a while but, the IRS ruled the spouse does not have to repay any of the tax bill. The guy had 90 days to appeal the decision. He appealed and the IRS still ruled in her favor. I loved it.
  8. Terry D

    Short-Term Rentals

    If that property is available for rent 365 days, I agree with Max totally treat it as any other rental property. It does not matter how long the tenant stayed or what the tenant's intent was. I think Edsel stated the tenant's intent very well. It would appear the owner's intent from Edsel's later reply was to turn the property into rental investment property. All depreciation and expenses can be taken regardless of whether the property was actually rented or not. It just has to be available for rent.
  9. Terry D

    Capital Gain/Loss or Wash

    I cannot put names to these items as I am unclear as to what they are. I merely stated what the transaction was going to be. Are these items personal? I am going out on a limb and saying yes. My client inherited the land and the so called equipment when his father passed approximately 3 months ago. The reason for my confusion is there is a commercial lot involved in the inheritance as well that this so called equipment is on. It is highly possible his father just owned a piece of commercially zoned property and not actually operated any type of business. With all this said, I still feel, and I will clear it up, this equipment was personal and not business use equipment. I know the guy was a farmer, but I think it was his personal property. I guess I was not clear enough in my original post.
  10. Terry D

    Capital Gain/Loss or Wash

    My client has inherited (real) property from the death of a family member. Located on that property are several pieces of old, worn-out, and rusted pieces of equipment. He is looking into selling this equipment to a scrap dealer. I am aware his basis in this equipment would be FMV at date of death. The scrap company has agreed to remove the equipment for 50% of the value. Other words if the scrap company says a piece of equipment has a scrap value of $100.00, the will remove it at 50% or $50.00. I see this as an expense of the sale and appears to be a potential loss. Correct? I don't see there is any way to assign a value or have this stuff appraised and am assuming (dangerous thing to do) that the scrap price is determined by weight at the current scrap rate. If this is indeed a loss, then report on Sch D correct?
  11. Terry D

    SS re-paid in same year

    Maybe check and see if your client has a my social security account. If he does, then you should be able access all the 1099SSA forms from his account. If he doesn't have an account, I would have him create one. Could save some time and aggravation.
  12. Terry D

    ATX Click Issues After Computer Bios Update

    I agree with Abby Normal, check your mouse settings. Sounds as though they are set to sensitive
  13. Terry D

    Need Help - Software Wont Open

    If you don't get anywhere with ATX to resolve this issue, then switch to Drake. They can take your ATX client files and convert them to use in their software. Trust me, your problems with be over and you won't be sorry you made the switch. Yes, there is a learning curve but it is minimal. Good luck!
  14. Terry D

    Depreciation Question

    Exactly, and Gail is spot on. Setting up the asset with a 179 expense will return the same result as a normal expense. I, like Judy, practice by myself and I have to do it right regardless. 21 years and have not done it any other way. Through the course of time, I have made mistakes due to lack of understanding but have always corrected them. I agree with Pacun too, regardless of what the auditor or anyone else says, do it right. Thanks to all!
  15. Terry D

    LLC Reporting

    I agree. A single member LLC can be considered a disregarded entity thus the Sch C. However, I don't understand the rationale either. Also, wondering about Judy's response as well. What is the nature of this business?