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Max W

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    marintax@sbcglobal.net

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  • State
    CA
  • Gender
    Male
  • Interests
    Boston Red Sox, Spanish Civil War History. Flamenco Music & Guitar

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  1. I speak fluent Spanish and was an translator/interpreter a long time ago.
  2. File an amended return. The IRS will send you a letter CP01H, with instructions. https://www.irs.gov/individuals/understanding-your-cp01h-notice
  3. It's not clear. Client says she didn't pay and partner says client paid some?? Still trying to get this straight. In any case if client paid anything it was to partner. I'm going to assume, for now, that client did not pay anything.
  4. Partner rented it for 4 years, 2011-14, but all that was on his returns. He also paid mortgage int. and prop tax.
  5. Client (C) invested with another person in a house, for investment purposes, but ...... 1. Purchased 2004 under partner's (P) name (Cost $720K) put down pmt $65K and took out mortgage in his name. 2. Right after purchase (C) paid $190K for improvements. Partner put in $55K. 3. 2007 client added to title. 4. 2019-20 client paid for $900K remodel. 5. 2021 - sold for $2,050,000. Proceeds allocate for client $1.3M, $750M for partner. 6. Each is filing 1040. My question - Does this arrangement sound equitable? I also think that it should have been set up as a partnership.
  6. Thanks, Tom. I just wanted to be sure before I give the client the bad news.
  7. If a motorcycle is used for business, do mileage rate expenses apply?
  8. Senator Warren should try doing her own tax returns this way and see what results she gets. She wants the IRS to provide a government version of Turbotax without considering all the problems people have had with TT. It is so bad that that TT has had to hire EA's and CPA's to help taxpayers prepare their returns. Will the IRS be providig help as well with IRS employees that have had only a rudimentary course in taxes?
  9. It would be hard to find RD in Brasil.
  10. Four acres is a lot of land. It's the size of about 3 football fields laid side to side. He could rent spaces to other truckers, or subdivide the land and sell of chcunks of it.
  11. Can you input each 1095-A separately? I had a client that had two 1095A's with two different insurers, each covering part of the year. Each form was entered separately, otherwise the dates of coverage wouldnt match the policy numbers.
  12. Usually, the IRS will only allow a late year S-corp election to go back two years.
  13. SMLLC It can become a disadvantage in CA due to the way the annual LLC fees are calculated. The fee is $800 up to $250,000 net income; then another $900 if it goes above that; an additional $1600 over $500K.
  14. Is there any advantage or disadvantage to this?
  15. Abby, that was the first thing I suggested to him, to just let it die and start fresh with a new corp name, but he insisted that it was for sentimental reasons as his father had started the business and he wanted to keep the name. So, then we are back full circle to the initial question of the "ghost' assets. To liquidate the corp, he would have to file all the back returns, pay the $800 yearly franchise fee to CA plus P&I.
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