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Posts posted by Lee B
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Some timeshares are fractional ownership which can be considered real property. Other kinds of timeshares are not,
so you need to make some inquiries and find out what kind of timeshare your client owns.
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We all have moments like this. The only way to move forward is to accept the mistake, learn from what you did wrong and move forward.
Since I don't have any staff, I have to yell at myself.
By making mistakes is how we learn what are limitations are which is why I don't do any Trust or Estate returns
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You could send a PM to Terry D EA. I believe he had had his own identity stolen several years ago.
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https://www.identitytheft.gov/#/Steps
https://www.irs.gov/newsroom/taxpayer-guide-to-identity-theft
https://www.irs.gov/individuals/how-irs-id-theft-victim-assistance-works
You can give them the checklist and answer questions but they are going to do a lot of the work.
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37 minutes ago, BulldogTom said:
We need a clapping hands emoji.
Tom
Longview, TXWe have a thumbs down emoji
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Copied from Forbes:
"The Corporate Transparency Act (CTA), a burdensome new law that would require some 32 million closely held businesses to file invasive information with the Financial Crimes Enforcement Network (FinCEN), has just been declared unconstitutional in National Small Business United, d/b/a the National Small Business Association (NSBA) vs. Janet Yellen, in her official capacity as Secretary of the Treasury, 2024 Mar 1, 2024, U.S. District Court, N.D. of Alabama.
The Court concluded: “The Corporate Transparency Act is unconstitutional because it cannot be justified as an exercise of Congress’s enumerated powers.”
This case was just released, and the Government has not yet responded, so stay tuned! "
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I did some online searches yesterday. A number of non authoritative sources all say that it's not tax deductible, which puzzled me.
The best source I found was in The Tax Advisor: https://www.thetaxadviser.com/issues/2021/feb/Sec-163j-classification-lender-fees.html
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It might be a very slick scam, so you may not want to post it?
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FOMO
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19 minutes ago, BTS said:
We quit taking checks. Had more bounced checks during the covid shut down then 30+ years before that.
I haven't had a bounced check in many years
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Charitable Contribution Acknowledgement Letters
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13 hours ago, Tracy Lee said:
TP bought rental property in 2022 and took a $20,000.00 loss on it because of the amount of repairs....however they could not take their loss because their AGI was so high they phased out.
I am puzzled because it sounds like the repairs were made to get the rental ready to rent in which case they should have been capitalized.
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1 minute ago, DBerg said:
The private equity firm can do what Wolters Kluwer did to ATX 2012. I think that is how many people found Drake and started using them.
I have posted before that I expect that Drake's software will be totally rewritten with most of the work being outsourced to India.
However Cinven is very experienced and owns many different companies around the world
so we may not like the changes, but I don't expect them to mess this up.
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Manufacturers/Installers are required to give them the relevant documentation as to the credit they qualify for.
I have had several clients in the past come to me with their tax stuff anticipating a big tax credit, promised by their salesperson.
but they had no documentation. When I had them call the company who did the installation they were told no credit was available.
Of course their salesperson no longer worked there.
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Generally speaking, an NOL is limited to 80% of taxable income,
In theory he could own AMT but without working through the 6251 step by step who knows?
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Not enough information to help you, except to suggest that you read the instructions for Form 6251
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My state of Oregon had 5 or 6 counties with a series of really damaging ice storms about 6 weeks ago.
Unfortunately for Oregon and now Texas it takes months for disaster relief is officially declared.
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Corrected 1099s from brokerage firms are sometimes issued between the middle and the end of March.
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"Scheduled Maintenance Build: A routine system maintenance build is scheduled every Sunday from 12:01 a.m. to 8:00 a.m. Eastern.
During this maintenance period, MeF will accept submissions but will not generate acknowledgements or process any state services such as Get Submissions, Send Acknowledgements or Send Receipts."
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I think I will invest my money in my mental health and spend it on a nice vacation
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1 hour ago, Max W said:
In CA, still accepts those deductions that were eliminated on the federal return. some other states may do the same.
Oregon has very low standard deductions, so many taxpayers still itemize.
However Oregon does not allow the 2% misc itemized deductions.
IRS Impersonation Fraud
in General Chat
Posted
This guy should have received way more than 33 months given all the aggravation he probably caused many elderly people.
https://www.tigta.gov/articles/investigations/man-sentenced-his-role-nationwide-internal-revenue-service-impersonation