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About RitaB

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    ATX Supreme Guru

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  1. I admit I do some skimming and eye rolling. Bless their hearts. LOL.
  2. I'm guilty of contributing things that, well, don't really contribute much. But, I do think this board is friendlier than most, and it's my favorite because of that. There's not a soul on here I'd ignore. No kidding.
  3. RitaB

    Related party gain or loss?

    Hi, LaVergne, welcome to the Board! Absent more reliable information, I would use the property assessor's ratio at sale time to assign a percentage to land at sale time. It could, and maybe even likely will, be different than the ratio was at the time of purchase. We hope that people we pay to assess property values can be relied upon for the proper ratio of land to total, even if they miss what the parcel is worth to a willing buyer. I totally understand that using the county assessor's ratio may not be ideal, but let's be honest here, my clients are not going to come up with a more accurate allocation. Nor will they hire an expert to do it. They will either throw a dart at it, try to figure out how to manipulate the ratio to their advantage, or worse, try to get me to manipulate it. No thanks, I'll go with the paid county official's opinion at the time of the transaction.
  4. RitaB

    What would you do?

    My kids and I were talking about this Sunday afternoon. Erin is going to make sure our church debt is paid. That was sweet then it went downhill from there because I warned her she has to spread the tithe around to lots of organizations and hide out the rest of her life because - you know - it would be awful with all the moochers coming out of the woodwork. We'd all have to move and change our identities. I don't know why you think I'd freak out Donna...
  5. These are the ones we love. We're thinking "two more days," and they're thinking "five more days, six if she works till midnight Monday." Uh, no.
  6. RitaB

    Land cost percentage

    I use the ratio of land to buildings to assign costs. If the assessor thinks 20% is land, I multiply the purchase price times 20% to get the cost of the land.
  7. RitaB

    Maximum ACA Penalty?

    From: https://www.healthcare.gov/fees/fee-for-not-being-covered/ The 2017 fee for not having health insurance The penalty rises yearly with inflation. For the 2017 plan year, the fee is calculated 2 different ways — as a percentage of your yearly household income, and per person. You’ll pay whichever is higher. Percentage of income 2.5% of yearly household income Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace Per person per year $695 per adult $347.50 per child under 18 Maximum: $2,085 per household
  8. RitaB

    Salary from a non-profit

    I believe if the rent charged is a flat rate regardless of sales by the tenant, Sch E is correct. Use Form 4835 if the landowner's rent depends on production by the tenant. See p. 2: https://www.irs.gov/pub/irs-pdf/f4835.pdf
  9. RitaB

    Expense or capitalize

    $^%& I knew this one because I just made the election to capitalize an expense on a return a month ago, and you guys beat me to it. And here's a quarter for the swear jar.
  10. I think you'd need the refund amount, wouldn't you?
  11. RitaB

    Thank you RitaB...what a wonderful day

    Awwww, you all are the best! I enjoyed the day so much, and we were honored to host. Edsel and Posse, thank you for bragging on the kids! They and Donna (Posse) did as much as I did to make it happen. Here's two pictures from May: First one: David, Me, Karsyn & Allie, Daniel, and Erin. Daniel won the marriage lottery when he got Allie. Best daughter-in-law ever. Second picture is Karsyn modeling what you SHOULD wear to Walmart.
  12. RitaB

    June 23 Get Together / Shameless Plug

    Gail, no need to bring anything. I'm borrowing tables and chairs from church.
  13. RitaB

    June 23 Get Together / Shameless Plug

    Bahahahaha, hey, now! LOL. Yeah, I have no clue about Pandora. She's probably not a tax pro. Lunch is pulled pork, Cincinnati chili, side dishes and 100 deserts. (Give or take.) I do have a couple folks asking about church. Would love to have you at mine on Sunday. Services are at 9:00 and 10:45. We have Bible School the week before, so I'll check with Sam to see if the kids are doing the service or if he's preaching. Link below. http://www.cumberlandfellowship.com/new-folder/
  14. RitaB

    June 23 Get Together / Shameless Plug

    Thanks, Catherine, no need to bring anything at all. Can't wait!