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TAXMAN

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Everything posted by TAXMAN

  1. Is there a way to find out what your person may be. I have one I really would like to get moving.
  2. Sole Proprietor filing Sch C only.
  3. Does anybody know where in ATX we can report the PPP loan forgiveness? For some reason I can't find it.
  4. TAXMAN

    SPEC HOUSE

    I will inquire further as just what was their intentions where. Without a contractors A license TP A cannot build house.
  5. TAXMAN

    SPEC HOUSE

    TP A buys real estate or puts up $ to acquire the real-estate. No further involvement. TP B a general contractor builds house. They sell house with TP A getting his original investment back. TP B gets his building cost back. A & B pays closing cost. Remainder split 50/50. No valid ptrship agreement exists. I have TP A. Since TP A Is not involved in the build does he pay SS tax on the profit he gets? TP A does not have a contractors license to build houses. What do you think?
  6. You know imputing numbers is easy but is their theory correct?
  7. I had similar one to this. Other people saying makes lots of money. So I ask could tp if they could get other people sch e and lets compare. NO deal. So how much is truth?
  8. Hey Rita german pinks are good and hard to grow. I like black cherry also. In response I would file. Goodwill goes a long way here.
  9. Yes I too have been getting this message more than usual. Anyone with a clue may be able to help us.
  10. Thanks to all that contributed an answer. I didn't mean to shake up a can of worms just that I had not seen one like this in a long time.
  11. Their in lies the problem. FMV cannot be determined (with reasonable accuracy) except for what local basket maker could only tell family what it would be take to make another one.(66 hrs @ $50.00)=3300.00.
  12. Ok here are the facts. A professional well known white oak basket weaver made a 6 foot tall basket taking 66 hours to make in 1972. The basket was put on display at many shows. When asked was it for sale the answer was always no. Contacted the Guinness book of Records. They responded no category for this item , therefor they could not list it. TP eventually sold basket to a family in 2010 for $1500.00. TP passed away. Family decided to donate basket (2021)to well known museum for display for county culture artifacts. Curator could not appraise the basket because nothing like this had ever been sold. Contacted appraiser's and their answer was the same. Family thinks as a charitable contribution should be at a minimum 3k. What would be your answer to this?
  13. Can someone explain the diff between iphone and smart phone? What amount if gig should I be looking at? I am not up to speed on these things as I still use my old old flip trac phone.
  14. TAXMAN

    PTE Taxes

    To my Virginia friends, do we not yet know how to handle this thing?
  15. I would be interested in the phone that Lion has as I am in a similar situation.
  16. I also would like to hear from others about this as I have a client that may be in the same situation.
  17. Can you post a link to that guide. I tried to find but no luck thanks.
  18. Do you have a link to that site?
  19. TP deceased. Administrator cashes in IRA(600K) puts into estate checking account. Administrator pays Heirs 300K. No other distributions. Heirs pay tax on their 300K. Who pays tax on remainder? Not a final 1041 being filed as off this date. I think the estate on form 1041 owes the tax. What say you?
  20. I too have done this and had to reenter all the info.
  21. I just finished 44 years. Plans are to try to get to 50. I must be a glutten for punishment.
  22. I had this happen. TP had 2 savings accounts. Gave the one to get $ out of however it was the wrong one. IRS sent a letter very quickly. I guess they really need the $. BTW the penalty was $35.00
  23. Big Thank you to Judy for being moderator and keeping us in Line. I believe we also need to thank Eric for keeping the site running as smooth as it did.
  24. TP only holds note now. I really didn't mean to stir up a whole can of worms but it has been interesting. Yes attorney got a whole bunch of $.
  25. update to all. First thanks for all the insight. TP and attorney have for tax purposes decided to treat it as paid off so that his heirs would only have to pay on the interest when TP dies instead of continuing the installment sale. TP is in very bad health and spouse just recently passed on. Is their an election for this?
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