Max W

CA Business - Corps & LLC's https://businesssearch.sos.ca.gov/ Property records are found at the county recorder or assesor's office. There are 50 counties in CA and some have easy access, others are more difficult and others that require a fee. There were, until a few years ago, a few that weren't digitized, but that may have changed by now. Even some of the digitized sites, may only go back a certain number of years.

Your analysis is correct and is true, even instates where MM is legal.

The $4900 is ongoing maintenance and not an improvement. Besides, Land does not come under the 2% De minimus rule.

It can be done on line if the tax and P&I are under $25,000. If it is over that , you have to submit a 433-B.

Depreciation starts when you put up the "For Rent" sign and it is ready to be moved into. (it has to be habitable and there has to be an effort to rent it)

Funny, how people will believe someone who knows nothing about taxes -"dealer" - than they will a tax professional. The dealer may have even known this, but sucked the client in with a promise of something for nothing, or nearly nothing. The client should have asked himself why $9 items were being sold for a dollar. I'm sure the dealer was happy to get a dollar for something that wasn't selling. Greed causes people to make bad decisions.

R.E. prices peaked in the latter part of 2007, so if the house was purchased in 2006, it would have appreciated then declined. So, it is likely that the the FMV in 2008 was close to the purchase rice in 2006. The decline began to accelerate after 2008 reaching bottom in 2011. I had a client with a similar situation. He purchased in 2008 and rented it in 2013. By the time it was rented the market had rebounded substantially and the FMV was about the same as the purchase price.

One solution is to have the client open a US bank account at a bank that has branches in Spain, to deposit the funds. Bank of America is one. There are also Spanish banks here - Santander, Bilbao. Then have a corresponding account in the same bank in Spain. There would probably be some fee charged to transfer the money, but it should be less than the fee for interbank transfer.

I think that it should be reported on Line 21. The IRS might challenge it on the grounds that congress intended it to apply it to be used as a dwelling unit and did not intend it to apply to a commercial rental.

It's an excellent source. The only drawback is that many banks have multiple routing numbers.

I will absolutely not file a return with direct withdrawal. I do not want to be responsible for some screwup, or clients changing their mind. When clients have a balance due, they are always informed of how to pay on line at irs.gov. It is fast, simple and they get written confirmation.

I can understand the clients concern as mail goes missing a lot there. I found that out when I lived in Spain for a number of years, Direct deposit has a lot of problems too, as you can see in the link. Frankly, I would not want o get involved with any foreign direct deposit. https://tipalti.com/global-ach-international-ach/

That's what ATX used to be - a series of excel spread sheets. That is why you could + - * / in any numeric field. Alas, those days are gone.

Unless the return is for a state, the IRS only looks back 6 years to 2010, which will drop off in May.

It may not have all the bells and whistles of Adobe, but it has everything that I need. The version I have was a one-time $69 - much cheaper than Adobe.

I have been using it for about 3 years. Somebody here might have mentioned it. Anyway, it is GREAT and has a lot of very useful features, not just in creating fill ins, but also being able to easily move, delete, rearrange pages and add files to one another. You can correct typing errors on tax returns without having to reprint any forms and it is easy to type in a document. It password protects, has e-signature and many many more features. I love it!

Client purchased a consulting business with a loan from the seller. Client is a Sch C filer and the contract is between two individuals. Seller wants client to issue a 1099-INT. Interest is over $600. IMO, the 1099 is not necessary or required. Any thoughts? TIA

Starting last year the penalty was increased from $100 to $250. And for intentionally disregarding, it went from $250 to $500 for 2016.

I used to get a lot of 941's and 940 transcripts through e-services, but for some reason they don't support that any more. So, you have to call in and are limited to 10 transcripts per call. Fortunately, you and I are in CA and if you call PPL late in the day, the wait is only a few minutes. Although that may change with the onslaught of the tax season.

Some states have a very low filing threshhold. I think in PA it is $33.00

Client filed MFS and income, etc was split 50/50, according to the rules. Now, wifey still wants to file MFS , but without splitting income. Of course I explained the rules. He wants to know if there is any penalty for not splitting income, which I couldn't answer. Does anybody know if there is a penalty? (CA or Fed) Has anyone ever had an audit on something like this?

Why not prorate according to what the previous payments were?

Sometimes the IRS lines are tied up, especially during the morning. I always use late afternoon or evening. It is also possible the computer is down, which happens with regularity. There are two CAF units, one in Phila and the other in Ogden. I mostly use the Ogden number, which is for western states, and have rarely had problems with it. If you are using the Phila number, you can try the Ogden number (855) 214-7522 and it will be forwarded to Phila., or visa versa.

I use Foxit PhantomPDF which can be password protected and also encrypts. It is also an excellent PDF file creator with tons of features.

These requests come from the, oftentimes stupid, loan underwriters.