Lee B

Interesting result after all of this discussion.

Just received 2 email scams sent to my business email, one allegedly from Home Depot and the other allegedly from Shell Oil. It was pretty obvious they were scams.

Typically we see the removal or addition of a spouse when their home or a vacation home involved. Whereas this involves an Income Producing Asset.

Even thought the taxpayer and spouse held the first deed of trust and now the deed of trust is held only by the the taxpayer. I would say this is just a bit more than a refinancing.

The IRS released revised FAQs on EIP3 a few days ago

Since she didn't sell the land what is her stepped up basis for the land?

You need to know FMV at date of death which would require a timber cruise appraisal.

My first knee jerk response is, isn't this a gift? My second knee jerk response is, how do you do this if one spouse is very mentally challenged? My third knee jerk response is, they tried to be too cute and may have outsmarted themselves.

I believe by entering the dividends on 4 g, you are electing to have them taxed at ordinary rates.

Interesting idea. Never had a client with enough Foreign Tax to consider it. I will be curious to see how it works out.

The post office will now let you set up an online account with change of address , mail tracking etc

When i talk to clients who have little or no savings for an Emergency, for whom an unexpected $ 500 bill is a big deal. It reminds me, "You have to take care of yourself first, otherwise who will? Which means when budgeting set aside something for savings first.

I don't think I ever worked 80 hour weeks even many years ago. Maybe some occasional 70 hour weeks. This year I may have hit 40 hours in a week 3 times and 2 of those weeks were back in January due to year end payroll stuff. I try to limit my weeks to about 32 hours max. I am not sure I would have any clients left if I applied that rule.

"Not have finished the first four years of higher education at the beginning of the tax year.

Marilyn, the world would be darker place without people like you

Simple online search in about 1 minute

Also full ride scholarships for very talented high achievers

If yes, just enter the numbers per the W 2, no overrides

Does Box 7 + Box 3 = Box 1 ?

You just follow the dollars and allocate the interest accordingly, some may go to other rental properties. Some may go to "investment Interest." You don't need to tell your client "not to spend on personal stuff." Anything spent on personal ends up being allocated to "nondeductible interest."

No, you need to read my post more carefully.

"The incurred expenses are claimed on Schedule E when it’s deductible. If a partner was required to pay these expenses under the partnership agreement, unreimbursed ordinary and necessary partnership expenses paid on behalf of the partnership may be deducted on Schedule E as instructed on Form 1040." It's when the Partnership Agreement requires the Partners to pay to pay certain ordinary & necessary business expenses I am a kinda puzzled how this would apply to a limited partner and what direct expenses a limited partner would even have?

First, I would consider these to be separate rentals. Second, specifically what services do they provide to the AirBnB unit?

"1231 gain is characterized as long-term capital gain and is excluded from QBI; Net Sec. 1231 loss is characterized as ordinary loss and is included in QBI; and. The character then tracks back to the trade or business that disposed of the assets (T.D. 9847).Dec 1, 2020"

Try IRS Tax Tip 2022-52