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WITAXLADY

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Posts posted by WITAXLADY

  1. MOM was dying so took out IRA but was joint in daughter's name so she could sign, bank issued 1099 in daughter's name - I said take it back and get it corrected - you were not old enough to take this out! She did and they did - hard to believe they listened, annoying they made the mistake in the first place. We are never allowed that latitude.

    D

  2. cross post

    so many calls to ATX with issues and hjelp from others, still had the retry server error about 2 weeks ago. Called on Fri and said I had 19,000 host files!!! ATX cleaned them up AGAIN.
    So Sat I had the office call again and got someone who said my server was smokin'! Way too little memory - and I had called at least 10x and now you are telling me this> I installed a new server last year because of 2012 problems how could this be? I have 4,,, room for more! :)

    So I called my IT guy on a Sat and he ordered 2 more of 4, would come Mon, didn't of course, came Tues. not the right stuff. Reordered. Came Wed, still not right. Thurs installed something that worked. Less but still had server error but hopefully helps overall???

    Now with update - boot up and immediately get the retry server error - but it does go away much sooner AND was taught how to get rid of host files...
    Still problem not fixed but at least we are running better.

    There is hope?
    See what happens the next 2 weeks..
    D

  3. mother(wealthy) has lawyer send letter to son asking for payment of $51,000 plus interest of $20,000 since 2008 (nice rate also! )

    3 days later he commits suicide over this.

    spouse brings taxes back here - (he liked someone else and they went there for 2 years)

    So I say 1099 for interest,,, wait wife received another letter from the lawyer that son really owed $51,000 plus $$21,600 on back loans he never paid off

    therefore - no interest!

    spouse says the back loans were paid but she "settled" for $70,000 and auctioned all their furnishings, his business equipment etc to raise the $$$

    so I suggested we take the back loans and charge imputed interest at higher rates from 2004, etc..

    plus the interest on the 2008 loan and send 1099 for that.

    Does this sound rational? Mom needs some income over this...

    any other ideas or comments?

    thx d

  4. thank you - depends on what and why you are forming the LLC - real estate, liability, S corp when income grows down the road.

    this case was husband wife as members and then mama papa got involved when they provided much dinero! and wanted to be in on it but not just as banker. Not husband is working and wants a paycheck ie S corp...

    Definitely do the election and that should take care of the EIN.... ? I hope - if not, we will find out!

  5. Good for you and yours... God works in mysterious ways

    Been 8 tax seasons already without my oldest son and I do so much ministry - people seem led here -

    this year an over abundance of those losing their spouses too soon - I'll keep you in mind -

    D

  6. OR the single mom with 2 children and $5,000 W-2 and only got back $2,000+ and after I explained it all and said could "give" 1 dependent to ex as didn't help her - no way.

    she called back and said hold off filing as her dad said she should get more $$$'s.

    She called about 3 hours later and said file...

    • Like 1
  7. raised cows 4797 flows to LT capital gain does it not? Held longer than 24 months. less than are Sch F

    already a partnership but before the taxes - split everything 76/34 and then deal with it!

    It was fine for original when all was raised but now they all "own" all and the new ones are purchased as well - the original can say his are all raised if he wants but my farmer has basis...and I at least need to know how many were shipped.

    And no, farm wife won't release slips...

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