TAXMAN

I saw a report where IRS allowed a rental at less than maket value to a relative because TP didn't want it to sit empty or trashed. Rental before dep had a positive cash flow. I wonder what the response from the agent was?

Midnight here. I am still plugging away. About 100 returns in the hopper. Most returns now are hard with many details and even some still missing information. What is a polite way to ask TP to be put on extension? First we had the farmers then we had the FASTA people then the CORP returns and now I have a few 1065's to get done. We cut appts off yesterday but about 25 more to come in next week. My eyes are as tired as my fingers and brain and don't seem to work well together. Anyway is there a polite way to ask?

TP works for a rigging company based in large metro area. 200 + miles from his residense.TP sets up cranes and operates them. Co sent him to another city to work crane for airport construction. Site is 90 miles from his home. He worked there 131 days. Co then sent him to another site 120 miles from home. worked there 6 days. TP currently on unemployment due to no work from Co. Question is could this be considered temporary? Rest of family resides in residence. Saw 2010 return where he worked 180 days for same employer at airport site. Preparer said less than 250 days and called it Temporary and deducted miles from residence to that site. I read and read and cannot come to a formal conclusion. What do you think? Temporay or not?

Thanks. I finally came to that conclusion also. TP ain't happy but thats his problem.

Is this a great site or not? Its like having a whole bunch of text books without having to go buy all them. I wonder if Eric is still accepting donations. Sometimes we don't all agree but having different takes on a tax reg,ruling, or anything else is what tax law is all about. After 35 years I still feel like I am still learning. Just my 2 cents worth. Lets all have a great day. The somewhat end is near but I still can't see the end of the tunnel.

You know contrary to some opinions, GOD is alive and well. I saw a new life in perfect condition brought into our family this AM. I see from above that Don is doing better. You guys will be on prayer list and hope for speedy recovery. You know all things can happen with faith and prayer as many have attested to on the board.

TP just brought in a 1041-K1 marked final. It is printed on a 2011 form, however the dates on the fiscal year says 05-01-2011 to 03-01-2012. It has portfolio and interest reported on it. I may have lost it. Does it belong on the 2011 form 1040 or the 2012 form 1040? Tp indicated they got some money in 2011 and some in 2012 but not sure of the amounts. thanks for an answer or confirmation on which year. I believe it belongs in the 2012 tax year.

Nope. I got that far and then have a big negative taxable income. I wanted to know if the deduction could be considered business deductions for calculation of a NOL.

I hold all my states until fed efile is acepted. Has saved my ???? several times when we find a employer bad #.

I efiled one with a DOD as 2012 and return went thru. Did not know IRS and SS matched DOD's that close as I have not had any problems YET.

I was talking with a new lady farmer and discussing dep life for the animals. Then it happened. I said a brush hog carried a 7 yr life and she asked will it live that long? :P

TP received K-1 from estate final year. excess deductions being placed on schedule A not subject to 2%. Creating a large negative income. Is this a business deduction not allowed for calculating the NOL? I cannot find where it is allowed

One may think that if the IRS wants to get into Real Time processing they would need this information sooner than later. I have always been for not letting anyone file untill Feb 1 and extend the due date to May 15 since some k-1's and other information we don't see untill real late. Its like trying to 50 returns in 15 days or so. I am all for extending the due date of filing but it seems like when this issue comes up it get's shot down as fast as it came up. Just my 2 cents worth.

I remember one I had simular to this years ago. will recheck my notes. It seems I worked part of it and then the second part to get individual #'s and then figured the % on the whole. an attorney that did a will with per stirups(spelled wrong) showed me how to possibility get the numbers to come out right. Had to fight software to get it to act right. Will see if I can come up with the notes.

There is only 2 allowed per return. One for TP and one per spouse. Is this what you are trying to accomplish? Not sure from the post.

Does anybody know if High School teachers can qualify for this substraction. I see that some college teachers may qualify but don't know if HS will. Any thoughts?

What if child 1 is 24 years old?

I noticed this several years ago. Have not had one check ever come back because the paper wasn't right. Price of 2 reams of that paper don't cut it even if I can find. Dance on. Have you noticed how many times you take scissors to the w-2 or 1099's even though instructions say they are supposed to be printed on perf. paper so TP can rip-em-apart.

What do you do when the priest took a vow of poverty at time of ordination. Did not file anything with IRS. Is required to contribute salary back to church. Gets a 1099m for his services. Shares a church owned house with other priest. At this point I am lost. Anybody got a take on this. Priest doesn't speak good English and I have to talk to translater.

Question: Would I be better off to pass the rtrp test or try and go after the EA.

I see we are in aggrement. Therefore that would give TP AOC and EIC. TP gets a deal Tax wise.

TP age 25 made $5000 working for School. TP borrowed 25K to pay for tuition,R&B, books, and supplies. Dad co-signed the note. Dad paid all other expenses for TP. TP comes home on breaks and vacation. Question? Dependency exemption? Who gets? Education AOC and LTLC. Who gets what? It looks to me like Dad may be out in the cold on this one. Backing the R&B out I still have about 6000 in tuition payments. Many thanks to all that can help.

Client died 3-2011. Mostly cash went into estate account 135K. Heirs pulled partial distribution in Oct 2011. Estate will file final return in April 2012. As some income has been earned thru an interest account. I believe even though a partial was taken the taxable amount cannot be determined untill 2012 when the final is done, therefore none of the partial should be taxable in 2011? Am I thinking this out ok? Thanks for replies.

Anyone else having a problem with Per bIlling item Sch D tranasactions on invoice page. I Can seem to get mine to work? ATX program. Thanks

Just checking the added fee per item on Sch D and still no change in bill amt. Correct Version per ATX. Anyone seen or heard of a fix?