Abby Normal

Always happy to share! I, too, learn much from this board. So, a big thanks to all of you for sharing your knowledge!

I think everyone should have an IP PIN. Then ID thieves would need two numbers to file fraudulent returns.

I believe if you cancel your reserved copy (if you had reserved a copy) of windows 10, then uninstall KB3035583, and then hide KB3035583. you should not have a problem. Microsoft re-released KB3035583 not that long ago so I had to hide it twice. You uninstall updates at Control Panel\All Control Panel Items\Windows Update\View update history. You hide an update by right clicking and choosing hide.

I posted instructions before of the steps needed to stop this zombie from showing up in Windows Update. It didn't pop up with the latest round of updates last week, but I remain vigilant.

There would be no loss if there were only startup costs. You can't expense or amortize until the business is operational.

The costs are capitalized, just not on the 2014 tax return.

My #1 rule is: always take the cash.

I had two returns rejected, so now I can take advantage of the 5 extra days to give them a more thorough review before resubmitting.

It does belong on the balance sheet as a liability. The question here is what is the effect of passing that liability out to the shareholder. I think, as the shareholder pays it, it increases the stock basis allowing any suspended losses to be claimed. But in this case, the stock basis was already increased by virtue of the sales tax being included in revenue. Which actually makes it simpler. No deduction for the shareholder when the sales tax is paid personally.

Would like to see this added too, but I always have a pdf of last year's return open to compare it with what's on the screen. Organizer is also useful for this.

That's also why we use computers!!!

That's what you get for choosing big numbers and not making the math easy on yourself.

Not in service. Don't worry about these assets until they are on the market to be rented. #fagettaboutit

jklcpa is correct. Going back to last year's tax return and reducing Sch A taxes by amount of refund is the way to go. You can print the resulting 1040 & Sch A as proof of amount taxable. Just don't save last year's return when you exit. jklcpa, in your example the taxable amount should be $18 not $18k.

ATX does not limit taxable refunds to the tax benefit in AMT cases, you have to calculate manually as you have, and override on line 8 of the Ln 10 worksheet. I agree with your 5,000 limit.

If the stock has been held more than 1 year it's long term.

Just enter those taxes withheld on Sch A. It's not worth any more effort.

I just did one with inactive rental and the prior unallowed loss is showing on the 8582.

Go read the thread on Life Estates that was on here recently:

If there are no 2014 8582 losses or income, the 8582 might not be needed. The loss is associated with the property, and that's all that really matters.

No. The loss becomes non-passive upon sale of the property.

It is return of capital even if E&P is negative. You have been calculating E&P every year, haven't you? It is dividends up to the extent of current E&P. Edit: If it exceeds his basis, it becomes a capital gain. http://thismatter.com/money/tax/corporate-distributions.htm

Yes, she has to pay back all the PTC advanced payments. You do the 8962 monthly so the period she was covered by employer doesn't come into play for the PTC. It does come into play about being covered all year on the 8965, which probably doesn't need to be filed in this case.

Besides, do you really know you have "all" the paperwork? Sounds like a disorganized client.

Yes, withdrawals and non-business expenditures are most often distributions. Make sure to calculate basis on the K1.