TAXMAN

Is there a guide or some info on how many houses I can flip before the service will consider me a dealer making it subject to SS tax. I have a TP who is a landscape operator but during the course of 2 years flipped 3 houses. Selling all 3 this tax year. bought 2 in 2017, 1 in 2018. Fixed them all and sold them all. Your opinion please.

Hi Sara, Welcome to the Valley. If you PM me with your office address We may want to touch base as I am only 30-40 miles from you. Is this going to be a perm. move?

I am still at win7. Appears need to go up. Win 8.1 vs win 10. Which do you think will be a better move with the learning curve in the process. I am told I can make win 10 behave like win-7. Anybody had any luck in doing that. Also do you think my old programs other than atx run on the new version. Other thing is 8.1 or win 10 an upgrade or a fresh install thus wiping out all my old stuff?

I too have never had any luck in reducing a co to a amended return bill. Therefore I now have all amended returns pay up if balance due. I also have had issues where I asked for an amended refund be rolled and dang-it IRS sent check. Go figure.

Further checking Virginia is indicating not filed within the statue for refunds.

Ok I cannot find what I need on this topic. TP filed a Federal Extension for 2015 with a payment and noting he was to get a refund from Virginia no extension on Virginia's part was required. When TP filed Federal and state return on 8-02-2018 tp's Virginia return did show a refund. When state processed return in May of 2019 they denied his refund. I think maybe Virginia may be wrong however I can not find a statue similar to federal where filing that extension also extends the date for getting refunds. Any help in clarification on my part is gratefully accepted. Thanks

I have a TP who moved her Ice cream stand from one location to another. The new location required Excavation $1300, Plumbing ($2000) Electrical work($1346). I think the Excavation becomes land improvement and the other 2 would become leasehold improvements? What dep rate would you use?

10:35 AM 5-07-2019 STILL DOWN?

TP deceased(2018) holding bonds fully matured 5 years ago. TP did not include them in their returns for any year. Estate got bonds cashed early in 2019. Can I put this interest on the final return of the deceased or do I include them as income for the 1041 to be filed next year? I think I read I could put them on the final return of the deceased.

Do you know how long VA will actually hold the stock before converting to cash? I found one I had completely forgot about because of circumstances surrounding my divorce. Only 8 shares.

Has anybody gotten the email that's looks like it came from yourself stating you have been owned and asking for bitcoins?

TP has not done any of those things referred to in the link. TP said he has NOT gotten anything since the auditor put his account on uncollectible status 10 years ago. The levy sent to the payer came from ACS regular mail and no previous mail has been received. Your suggestions. It seems strange that this letter came uncertified. With what will be left to tp he will not be able to pay his estimates federal and state, nor make his house payment, nor his health insurance. TP even would not be left with enough to work to earn his income. TP is a self employed Real estate appraiser and travel is quite extensive. Just some added facts

Levy was dated 4-23-2019. Does this make a difference?

I must be missing something. If a tax year balance due is uncollectable due to the 10 year statue, how can they get a levy on your pay to pay for a tax that is uncollectible. Where am I missing the boat?

On his paycheck. I thought there was a 10 year statue?

Ok facts per lien: kind of tax 1040 tax period ending 12-31-2007 Date of assessment: 11-03-2008 last date for refilling: 12-03-2018 amount of lien 35k facts of levy kind of tax income tax period 12-31-2007 unpaid balance 38k TP in all the years has never extended nor did an offer. TP has kept all returns current including payments and now is caught up on some other old years. Question being Is this collectible and how do we get the levy stopped? Thanks for help.

TP (age 72) owes about 8K on an extension. Insists on sending check. Do you think Virginia will question as they want large amounts by direct debits?

My grandkids didn't find all of the eggs and we don't know where all the wife put them. I guess I'll find some in about a month when they smell good and the smelly kitty hasn't found them by then.

We buy all the components and build them here. That way if something goes bad we can replace very quickly. I too suggest ssd and as much memory as the motherboard will accept. In the case of memory more is better.

That number is VA AGI. AS long as you are under this # no return required.

What I have done in past is to overload one of the fed checks and give all va refund to one spouse. As long as they in agreement this works out quite well as va does not allow splitting of refunds.

To all my Virginia friends can you help. TP retired on SS disability in 2014(age 52) receiving about 15k each year and reporting it each year on tax returns. Insurance co sends each and every year a w-2 with wages in box 1 and no other entry on w-2 except box 13 marked "third party sick pay". The $ amount has been the same every year. My question is can this sick pay be considered disability for the Virginia disability income subtraction?

We have asked for it many times. Seems to fall on deff ears.

Thanks I have found my error. inadvertently added 2 numbers together. The spread sheets gave me an idea where to look.

Margaret thank you. I must have one of my sheets messed up. I don't think any of the lump sum should be taxable and only the current year should be dealt with.