Lee B

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

I have found this website maintained by a former IRS Employee to be helpful, but it may not answer your specific questions: https://www.irsmind.com/

The IRS recently released revised FAQs for UCE

Debit cash, Credit Mortgage payable. The entry for the cash withdrawn depends on the entity type.

IMHO the socalled commissions should be split between stock purchase price and non compete agreement, 80/20. The commission terminology is just a way of defining how much will be paid. Sometimes the purchase/sale of accounting/tax practices use % of retained fees as a way defining how much.

Last year, I had a client who moved sold their house and bought a new house. so everything was handled via email. So I asked them for copies of their closing statements. They couldn't figure out what to send me. Finally I went online and found three different samples of what closing statements looked like and emailed those copies to to them. One spouse has a PHD and the other spouse has a MS, both Degrees in Education. Finally I received copies of the closing statements

I agree, The Tax Advisor is the "Gold Standard"

I have several writeup clients whose bank statements come on that size too. Actually, I think it's a metric size.

True, but if the particular vehicle was close to the limit how do you know if a specific vehicle was pre limit or post limit?

Thanks mcbreck, I really needed a good belly laugh. Now I have a big smile on my face

I paid for The Tax Book Web Library for several years. Really didn't like it. Although I do buy The Tax Book Deluxe Plus, which is acceptable. There are so many good online sources that you can usually find what you need with an online search.

The timing is great but the CPA Academy is holding a free 1 Hour Class Monday morning: TAXATION OF CRYPTOCURRENCY AND NFTs: FOUNDATIONAL CONSIDERATIONS

It would seem to me that his basis has been significantly reduced.

I know nothing about Virginia. However, I think evaluating your client's situation makes more sense if you look at it as 3 separate transactions.

The Deluxe Edition Plus has a listing with the notation that "South Dakota does not have an Individual Income Tax."

Back then Dune was my favorite scifi series

Some years ago I met another EA who did 800 returns a year with only his wife helping part time copying and assembling. He did it all in 5 months and took the rest of the year off. His office had a bathroom with a shower and a Murphy bed. He worked 13 hours a day and lived in his office Monday thru Friday. He only went home Saturday and Sunday evenings. Frankly, I thought he was crazy!

I reach my limit at about 5 1/2 hours so I consider 3 returns a good day

Is this a hobby or a business?

A long time. Of course if inflation hangs around, maybe not that long

Check your basis worksheet info

Taxpayer signed up for HDHP and his employer made about $ 3,700 in contributions to his HSA. He made no contributions. Unfortunately, his spouse, a schoolteacher continued to cover him for all of 2021 with her standard non HSA plan. In this case I assume the contributions made by his employer become taxable? TIA

If he is an employee at the casino, then the 1042 S should not have been issued? How you resolve this I don't know.