Abby Normal

The estate would deduct it if it's still in the estate. If the house has been passed out of the estate, then the new owners can deduct it if they don't already have a second home. I guess if they have a second home you could call it investment interest. Hopefully, it's still in the estate.

I do miss the smell of NCR paper. Aaaaaahhhh! Oh, and mimeograph sheets that we used to get in school where the print was purple. Good times!

Totally not feasible. No email, no online backup, no research, etc. When the internet goes down, we're not quite dead in the water, but we are severely limited.

I believe they are actively working on this, and we should see some improvement in the next year.

Drake sounds lame.

The 1116 is really automatic. You just need to learn what boxes have to be entered on the K1 input. BUT if you have less than $300 single/$600 married in foreign tax, you can delete the 1116 and the tax will automatically show up on the 1040. Boom!

"Abby Something" One of the funniest lines ever.

We did have squirrels in the attic for a few months. Had them trapped and removed and they haven't been back. Need to put cages on our attic vent fans.

Thanks, Jack. I'll have the cable tested before replacing it. It made me nervous when that one cable had to be re-terminated twice to get it to work, and the casing was brittle and crumbling. Our cables run up into a hot attic, but if they test fast enough, maybe we'll leave them for a few more years.

We've installed solid state drives in all of our computers, recently, and today we installed a new gigabit router and a gigabit business class switch. Already opening ATX client list on a workstation is faster, and, of course, the SSDs make the computer faster than they were when they were brand new. Next, we're going to rewire the entire office with latest Ethernet cable. The cable we have now is almost 20 years old and some of the ends are starting to crumble a bit. The 500 GB SSDs were only 145 each, the router was 90 and the switch was 20 after a 10 dollar rebate. The wiring will probably be the biggest expense.

I like you Catherine. You're weird like me.

Young Frankenstein is my one of my favorite movies. I think of this scene often whenever I say "Could be worse."

If the corporation has 222k of ordinary income (taking the 179) and 212K of distributions, then there should be 10K of basis which will be allocated between the 179 deduction and the charitable deductions, pro rata. In other words, you get 10k in deductions and none of the distributions will be taxable. You should be able to see this in ATX basis worksheet.

Shareholder has no basis for deducting the loss, so it's carried forward regardless of the 179. Personally, I would still take the 179 and get the deduction to the 1040 where it can be used as soon as the corporation shows a profit, instead of depreciating over 5-7 years.

They would need a salary of at least 39k for the S corp to be able to take 179. Excess distributions would be LTCG possibly taxed at 0% for federal. Don't do due from shareholder. Taking money out at LTCG rates is the best option.

And the support techs will like it too, because we can both cuss and fume out loud at the other without hearing each other, then type something more polite and calm. It will be cathartic. https://support.atxinc.com/myatx/ChatWithOrientationTeam.aspx

The great thing about cell phones is Do Not Disturb mode that will only ring/beep when your favorites call or text. I don't have a landline phone in my bedroom and and can't hear it ring.

Second, NCPE. Best classes I've ever taken.

What helps me sleep at night: nobody dies when I make a mistake.

Look at the balance sheet. Is total equity negative? When I don't have prior basis, I just use balance sheet equity or zero if total equity is negative. since all shareholders are supposed to take proportionate distributions, the only difference in shareholders will in their capital contributions.

I figured it out. This is just making permanent the reduction we got last year.

sorry for the bad link. That's a 2015 article.

You're right, Gail. I paid $50 last year, so the fee is exactly the same.

Neither link works for me. Here's the JOA article. I can't remember what I paid last year and I can't look it up right now, but it seems like a sweet gig to earn $17 per transaction to process $33 payments.

Also, ATX will calculate the correct short year depreciation for the 1065, but not for the 1040. You'll have to subtract the depreciation claimed for each asset on the 1065 from the amount calculated on the 1040, so the total depreciation for the year is correct.