Abby Normal

Well, you can elect to treat them all as one rental activity (aggregate), but if I recall correctly, there are some negatives if you sell one property at a loss. Also, I think you still have to report each rental separately, but the aggregation has benefits of meeting the active rental rules. https://www.journalofaccountancy.com/issues/2014/aug/rental-taxes-20149906.html https://www.journalofaccountancy.com/issues/2000/jul/aggregatingyourrentalactivitybesuretotelltheirs.html

I sent a priority envelop to Virginia from Maryland yesterday afternoon around 4, and it arrived this morning in VA. I have a lot more great stories about the post office, than I do bad stories. I prefer the post office to any of the other shippers by a lot.

Sounds like the trusts are partners in a partnership. The trust should file a return reporting the K1 income on a 1041. then issue a K1 to the beneficiary. but you'll need a full accounting of the trust's income, expenses and distributions.

Combine accrued interest and acquisition premium into one number and use the adjustment code Other. These both reduce interest income. Combine the OID amounts and enter as separate tax exempt interest 1099.

Things like this are why we always pay for priority mail. It's a nice sturdy cardboard envelope that documents can lay flat in and you get a tracking number. Of course the real solution is for clients to keep their records and just give you PDFs through secure means or copies by mail or delivery.

That would be nice, but you have to handle this somewhat manually by reporting the income in both states, then taking the credit for taxes paid to the nonresident state.

The first time you start Task Manager it's in 'Fewer details' mode. Click on the link at the bottom that says "More details,' if you haven't already. Also, Services is the best place to change tasks from automatically starting to manual starting.

Any file is 'binary' because computers are all 1's and 0's. Just type a note, print it to PDF and attach it.

I've not tested this in a very long time, but Dragon has been around since the start. https://www.nuance.com/dragon.html

And, why not? It's the next step in technology to aid in your work. Media outlets have been discovered using AI to write articles. Some would edit the articles and some under pressure of a deadline would just let it rip.

If it's a brand name computer, it may have come preloaded with a ton of crapware that starts automatically. This is why I always build PCs from scratch with only windows on it.

Box 1 adjustments. Code O.

Trust me, economists have LESS personality than accountants. They don't call it the Dismal Science for no reason.

If clicking on Browse doesn't show your database, you'll need to reinstall or run the database repair batch file. Does ATX even have the 2022 batch file up yet?

Key Lime Pie is King! Blueberry is also great.

Ann gave up her lot + $3,000 cash. Bob ended up with just the lot and assumes Ann's basis of $5,000 because he gave up nothing, so the lot was essentially a gift, despite the semi-elaborate transactions.

I usually buy whichever Brother printer is being discontinued for $99 and then use generic toners and drums. Rinse and repeat.

Don't update the firmware or drivers on your HP printers. If already updated, roll back to the previous firmware or driver. And whatever you do, uninstall or don't install the softwares that come with your printer. Those softwares are nothing but trouble. An article on HP firmware updates and how to avoid them: https://www.cartridgepeople.com/info/hp-firmware-update

I look forward to buying a gas station coffee with my refund... or a small box of mints.

Sounds like time for a side by side, line by line comparison. Distributions with ample basis should not change anything but basis, but as has already been suggested, perhaps your AMT basis worksheet is wrong.

The real question is whether this is really a business or just a hobby. https://www.irs.gov/newsroom/earning-side-income-is-it-a-hobby-or-a-business

Yes.

QuickBooks sets a lot of things running that you don't need running like their online backup service (Data Protect), their QB Update service and QuickBooks itself (so it starts faster). I use either Services or Autoruns (from Microsoft) to disable these things. It might be ok to disable the QB company file monitor and the web monitor, but once you start QB those will be started as well and keep on running.

Subtraction for Public Safety Retirement Income New for 2022: An individual taxpayer may now claim both the standard Pension Exclusion and the Subtraction for Retired Correctional Officer, Law Enforcement Officer, or Fire, Rescue, or Emergency Services Personnel. Claim the subtraction using code letter “v” on Form 502SU. (See Instruction 13 in the Maryland resident tax booklet.) Note: When claiming the standard pension exclusion, do not include any amount subtracted for public safety retirement income. To qualify, you must be a retired correctional officer, law enforcement officer, or fire, rescue, or emergency services personnel of the United States, the State of Maryland, or a political subdivision of Maryland. Only subtract income that you included on your federal return as taxable income received as a pension, annuity, or endowment from an “employee retirement system” qualified under Section 401(a), 403, or 457(b) of the Internal Revenue Code. https://www.marylandtaxes.gov/individual/income/filing/pension-exclusion.php ATX should subtract the 15k from the total pension before calculating the regular pension exclusion.

If you're running ATX, your computer needs to be lean and mean, with as few background processes running as possible.