TAXMAN

Like Gail I started out with Block 40 years ago. My partner says I can't quit until my youngest graduates from HS or college. Gees she is only 12. Hey Gail what part of VA do you hail from if you don't mind telling? According to some of the president wanna be's We are all gonna be out of business shortly.

Many thanks to all. I knew life was 3 not five after I had posted. Fingers got happy.

In looking at old returns tp deducted lease payments(4 years) then bought truck when lease ran out at market value. It seems strange to put income on due to sale of truck because tp did not depreciate truck after purchasing it.

I need a clarification. TP bought truck from leasing co when lease ran out about 20k about 6 years ago. TP did use in business of trucking. TP never put on depreciation and now sold truck. Truck is one of those tractor trailer trucks.(5 year life for depreciation) Is it possible to pu all that depreciation in 1 year on sch C. Then sell the truck on 4797? Would I have to file the 3115 form as well?

I am sorry about the little letters. That should have been penalty and interest increase. Any way you are thinking the same as me on issuance of the 1099 for these types of rentals. Thank you.

In view of the increased p&I for not issuing 1099's, am I still safe for tp who rents out single family house and provides no services still exempt from issuing these forms to the repair, electricians, plumbing and any other service provider?

Has anybody loaded it yet (2015) and your take on the installation and running overall aspects of the program?

Does this mean that a employer with 2 employees that provides ins through a insurance provider issues this form or does the insurance co provide it?

I have a TP who makes a good # in his sch c business in legal(not lawyer style work). However TP decided in 2011 to also go into the Herbal Medicine business. Opened doors in 2011 made some $ and had some start up expenses which he amortized. Had a loss in 2011. In 2012 TP didn't sell as much but still had all the connected exp ie rents, phones, advert, business license, inventory tax etc. TP also bought Extractors and distillers for this business. My real question is what do I do with education and training expenses incurred in 2012 in this field of Herbal Medicines? BTW TP has not filed 2012. In looking ahead it appears TP shut this operation down in 2013 due to lack of sales. Any help in this matter is appreciated.

One notice I saw is that the estate(executor) can name a beneficiary and thus pass this IRA on as long as done by September of year following the year of death? This would give a longer life span to RMD it out if I read this rule correctly. tax-book pages 13-24 and 13-25. Or am I way off base?

TP had regular IRA's and Roth IRA's. TP did not have beneficiary on any of the IRA's. TP died. TP has no spouse. Question is Does the estate of deceased have to cash them in or can they be passed out to an heir? What do you think?

What version of acrobat or adobe do we need to password protect these file being sent out by PDF? I guess I am dumb as a box of rocks.

I am not convinced that all my old programs will run on 10. What if I do not want to switch yet. I guess I can turn off however I found one of my programs had a very little check box for upgrade for which I did not spot until I saw it loading and stopped it. Maybe there is a way to stop this upgrade. Suggestions?

My way of thinking was that he did not control funds until 2015 so the deduction and the taxable amount would be in 2015.

TP files a 2013 state return in 2015. tp has refund applied to 2014 state return as an estimate for 2014. State applies refund to 2014 estimated. For Schedule A tax deduction does this belong on 2014 or 2015. What do you think?

Any update on this issue yet?

Could be SS has a hold on that # since deceased. I remember early on I had one that the # was frozen. Ended up paper filing with a 1310 and a copy of the death cert. attached.Refund eventually showed up.

If someone took this class and passed the test in 2014 what do they need to do for 2015? I could not answer their question exactly.

KC how do I find these 2 people?

Has anybody had any luck in this situation. TP filed Joint 2008. Spouse deceased 2009. Spouse made 90% of income(self employed) but they never paid the tax. TP also self employed. Service is after TP to now pay all the the tax. TP wants to pay only his share of the Fed tax and only his share of the self employed tax (7.65%). Since TP was not licensed in the business his only income came from doing gopher work for the company she worked for. TP does not have the capability of earning the kind of income she made. What do you think?

Help. TP is a US citizen all his life. TP inherits land in Canada. TP wants to sell land and has a contract from Canadian business who wants to buy. Here is the catch. 1: Does tp need to get a ITN number for Canada? Form T1261? 2: Is basis on Canadian land the same as US land when inherited? 3: Is TP required to file a Canadian Tax Return? 4: Would there be a Canadian tax withheld at closing and paid over to Canada under the above stated # (itn)? 5:Would the sale proceeds be handled through the Estate of or would they go directly to the TP who inherited? 6: Is there an exemption from Canada Tax where US tp pays in US? 7: How to correctly fill out form T2062A? 8: Does tp need to get IRS form 6166? If you can help me with this, email me direct with name and a phone # for contact. Thank you very much for help .

Had some income in 2014 but looks like 2015 will be better as tp is now listed as a loomer(what ever that is) and was featured in a a big state artisan event. I am leaning towards all these cones of yarn and etc being inventory and letting TP tell me how much is left. TP does have a separate bank account and a business license for this.

TP started art and weaving business in 2013. Most all supplies etc went to start up in 2013. In 2014 TP spent about $6k for all kinds yarns and supplies. TP has no income from this venture in 2013 or 2014. What would you do with all these supplies that are needed to do loom weaving and art decorations? TP was formally an art teacher at local school b4 retiring. Thanks for the imput.

TP was in the car racing business about 10 years. Bought a motorhome to pull trailer that housed race car. Mh was on depreciation as 10 year property. Into seven years TP got out or racing and sold everything 2 years ago except the mh. The past two years mh was treated as a second home for the mortgage deduction. TP sold mh for a lot less then what his after depreciation basis was. Is loss somehow deductible or is he barking up wrong tree. Some have said prorate based upon time as sec 1245 and second home. What do you think? Many thanks.

Does anyone know what the renewal price may be and if you sign up now when do they actually bill?