Lee B

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

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.