TAXMAN

I know that SC does not allow a resident a rental loss incurred in another state(VA). If TP sells rental and has a gain/loss for federal does SC allow the loss or tax the gain? I have not been able to get a straight answer from SC. Thanks

Trust holds 1 rental property consistly showing loss each year. No distributions to beneficary all years. Question? Trust wants to sell house reinvest in cd's etc and not make a distribution to the beneficary. I think tax wise could the trust sell the RE pass out the capital gain to the beneficary or does the trust have to pay the tax then pass out tax free the $ and thus close down the trust? Beneficary is a daughter (40 yrs old). Mom and dad originally set the trust up to keep it out of Nursing home attachment but Dad died shortly after trust was set up. Daughter really wants to give money back to mom as this was their original house. Mom bought new house 5 years ago when this was done after dad died. Not sure all this is revelent. Thanks

OK here goes: Daughter lives in apartment with 2 kid.(hers) Works sometimes but mostly not. Father no where to be found and thus no child support. Mom and dad pay all bills including rent, auto gas etc. Counted all days Grandkids resided in their(grandparents) house equalling 4 months. Daughter did not have to even file this year(2012). Grandma brought in a signed form 2120.(someone told her she needed it) I believe I can make the exemption work for the grandparents. What I am not 100% sure is the CTC. I don't think so but sometimes the more you read the smarter you unbecome. If you can respond please do so. Thanks

Thanks guys my cohort stumbled onto a line command that finally found it.

Somewhere I saw a way to get the old updates. I cannot find on the update center. I would like to bring my standalone up to 12.15 but I cannot find it. Any body know where I can look or a link to it? If you think 12.17 is better I will go there for my stand alone. Thanks to anyone who can help.

Tp has IRA at a different bank. THis IRA is at a brokerage house and has several IRA's there. TP's objective was to make it a deductible IRA and not a nondeductible due to income phaseouts. Tp will not have this much income in 2013. maybe would be better to convert this to roth and leave it alone.

TP (age 65) contributed to IRA 9-20-2012 $5000. TP filed proper extension. Upon working on return I find that due to a large distrbution from an estate on SCH-K! makes his IRA non-deductible. Can we withdraw the $5100. now in the IRA, pay the Tax on the $100.00 on the 2012 tax return and put the $5100 in an IRA for 2013. Will not have large distribution form estate in 2013? TP has enough EI to cover this in 2013 as he is still working. What do you think? Thanks

OK TP been in business 20 years as Sub S.Healthy profit each year. Decides to open in another town. Opens this as a single member LLC same business type. Before he can get open tremendous amount of work done on building to get ready to open in 2012. Opens November 2012 but has no income untill Jan 2013. Would you set up dep for 2012? Would you componet the work done in 2012? What to do with interest on loan to buy building and make repairs and improvements? Capitalize it all? I can't see where this would qualify as new business start up as tp was already in this same line of work. What are your suggestions? Thanks

I am slightly puzzlled. What to do when TP got credit in 2008 then began paying back 500.00 each year. TP abandoned house in 2012. Mortgager resold house in 2013. Does TP owe 500. for 2012 or the entire amount in 2012. Or does he pay 500 in 2012 and entire amount in 2013? TP did not get 1099A or 1099c in 2012. tp received no funds from mortgager on resell in 2013. I have no information concerning resell. What to do. Can someone enlighten me?

Anybody notice they put 12.15 on auto update and even if you have it turned off it will still update?

It is on extension and the tax is not that much different except on the state. I guess we will wait for the attorney handeling the divorce will let me know as it has a sept date.

Hey everybody esp those in Virginia. Interesting situation here. Couple got married Nov 2012 and seperated March 2013. Divorce pending and final in Sept 2013. Question comes to mind. Husband filed a simple MFS no deductions, no kids for 2012. Wife has yet to file. Anyone know if this marriage could be anulled thus allowing her to file as single or could it be looked as a sham marriage or should she bite the bullet and file MFS for 2012? My thought is MFS then amend to S if she could get it anulled. Wife claims she did not know all his problems when they got married. (sorry)

Just saw the information where the accountant finally got paid for years of work. This was for basically all schedule C work. Bill was 17K. TP paid this bill without borrowed funds. Would it be safe to pace that amount on Schedule C under professional fees. Gonna make Sch C look sick this year. What would you do?

Hey, I read somewhere on this post that I could put in a SSD and clone my HD so I would not have to reinput all my programs and files again. I think ther was a mention of a particular program. Has anybody tried this trick with sucess. I am leaning on a 250 g ssd but some are telling me to go up to the 500 SSD. What comments do you'all have? Many thanks

You know I still think congress should not pass laws that they themselves and their staff will not have to abide by. Of course I had a client say that if the IRS commissioner doesn't have to pay his taxes along with all the rest of those Federal guys who owe all this money why should he pay his? Just a thought after reading all this. If IRS is going to be in charge of collecting this information and $ associated with it, how will they have time to do all these tax returns?

What if you changed it to non-depreciable:other sometimes this works. It will carry over to next year. Just thinking.

Sent 7 down @2PM and still no acks. Its now 9:30PM.

They said I could watch on TV screen If I wanted to. At least they convinced my wife I was not full of whatever. Do not want to do this again.

After rereading I am now bending to the side that TP can have this since all income is earned and no support from mom or dad as stated. Reckon IRS will allow or not?

TP has no investment income. All income comming from her teaching job. Only income on the tax return. So are we saying that tp CANNOT have the refundable portion?

Am I reading right? tp 23 year old, totally self supporting, final year of school cannot get refundable part because parents still alive? What does parents being alive got to do with this situation? Tp is teacher living different state and received no support from parents in 2012. In fact TP made 3 times what parents made on their return. Bummer?

What will be your cut date and about how many over last year. I am thinking 4-1 and about 20% more than last year.

just bumping back up.

I know this but I found this after the fact and that the contractor(self employed) had already been paid. I think maybe some underreporting going on. Just my thought. I still think TP needs to issue 1099 and put refused in the slot and paper file. Better late than never would you agree. I read on another post that an auditor made it clear you want the deduction issue the 1099. even late.

I too have one where stockholder borrowed $ and bought out one of the stockholders stock. Investment interest as I understand is limited to investment income unless you have some cap gain to recharicaterize then pull some that way. Just my thoughts. However could the nondeductible interest be use as a stock basis adjustment if tp ever sold stock and not used up the interest?