michaelmars

chicken feed, mine is $100,000. I am confused because my software brought in the 8453 as if I had to file it but then I saw under efile attachments that I could add it. When I added it the 8453 went away as if not needed. [proseries user]

I have an appraisal for a donation, can I pdf it and send it with the return or does it have to go separately with 8453?

NOPE you have the right to estimate and thus you are estimating -0- but in these cases I usually use the same as last year, good old Aunt SALY as I was taught.

the truth is one of them probably has qualified dividends or cap gains taxed at a diff rate which throws off the total percentage. and personally, I think he is right about the vault.....probably 50 years ago they found people who had them upon death based on the tax deduction for it.

I will let you know, I am leaving for LV on the 16th......!

THE screen is blank till you select which income category you want to see.

I know spring is here when all the crazy clients start popping up like weeds.

message me with your address and they will be in tomorrows mail.

NO in almost every case the full amount is deductible and usually its not a large number to begin with. I have only seen one case this year where the 1099 didn't show the dividends that the foreign taxes were paid on.

Our long time receptionist who also does all of our collating left in March with only a few days notice, she got a government job and had to start right away....We hired the 2nd person we interviewed who has been doing great. I had her go into my partners office yesterday and give 1 weeks notice [leaving the week before 4/15] He turned so many shades of red I thought he was going to stroke out on me.

I know we are all busy but I still can't avoid pulling some pranks. Lets hear what everyone did, I did a few, here is my best. I Xeroxed a paperclip and then made a couple of hundred copies of it. Loaded the paper bin and asked an intern to make me a copy of a few pages. when I got them back I pointed out the clip image on the paper and said there must be a paper clip stuck in the machine.... ..... 3 hours later he was still trying to take apart the machine looking for a stuck paper clip.

its not rental anymore, it is the taxpayers second home that his mom lives in.

ubs will not send out csv files.

KC brings up an interesting point, I once had a movie producer that was on location for 6 months, she bought and sold a car and the loss was much less than a rental would have been. I did take the deduction.

crack that whip!

except for the personal property this is a very common set up we use all the time. here is what happens, the "parent" llc is the partnership return with 2 partners, husband and wife. If set up correctly the parent llc owns the children so they are single member llc's and you report each property on separately on 8825. As for the personal property, when we do have this we don't treat it as rental and show the items that are allowed on schedule a such as interest and property tax as a footnote to the K-1 so the partners know they have these items to deduct. I know some here object to this but we handle over 1000 properties mostly in llc's and have never had an issue explaining the following. When multiple properties are under one llc like you have here, we set up another building called administrative on the 8825. This is used for items that can't be allocated easily; such as the fees to set this all up, bank charges, supplies that might b e used in each building, accounting fees, etc. By doing it this way, your tbws for each property stands on its own and you don't have to do intercompany allocations and these items are generally de minimous in nature.

this whole thread got me in the mood, savoring some nice single malt now.

a single member llc will stay on the sch e. as for the other suggestion of deleting the signature page [1040] and bringing in the 1065. that used to work but I can't answer for any year post 2011

THANKS I NEEDED THAT TODAY

technically you can only enter totals for codes a & d, the rest you have to enter each one., you can't say see attached unless the broker statement has the basis too.

am I missing something? I don't do a lot of appointments but my staff does and sometimes a 1/2 appt. runs into an hour or so. I hate [really hate] making people wait for me but we are professionals and things happen. Everyone here I am sure has waited over an hour for a doctors appointment, right? If you make someone wait, you apologize and move on, in fact they might respect you more for "being such a busy professional". I would never consider someone waiting a bit, a disaster or anything needing more than a quick apology. Would you cancel them or refuse to do their return if they were 15 minutes late?

well that's it, after hearing what a special day it is, I am going out for a couple of cocktails. I am going to celebrate Pencil Day Eve.

use totals, put down various or other countries .

Agree with this. and next year you can charge it to distributions if they have income or you can put it on a w-2. We have had numerous audits where they accept that we post it to loan and the next year we pick it up as w-2. Most agents understand that we don't see the books on these small businesses till the year is over.

this was a return I was doing as a favor for a client he works with, "can you do this kid a favor and file his returns" Well I believe in the Clint Eastward saying "a mans got to know his limitations" .. for the pittance I was charging him, I told him to find a preparer that's local that does this stuff regularly, He lives in a Chinese area so I know there are many preparers that advertise [in Chinese] in his area who could do a better job cost effectively. Thanks for the input, just shows how much one doesn't know.