lbbwest

I don't believe in advising clients regarding ANY transfer of property without legal counsel. Nor do I interpret legal transfers of title without legal counsel. Earlier yesterday there were posts regarding various state TAX authorities not following Federal Tax rulings, there are states that allow same-sex marriages, yet the IRS does not. I don't understand what the big deal is, IF the title is transferred subject to continued enjoyment then pay the attorney $150 to have it stated that way. Otherwise, I firmly believe you are opening up all kinds of cans of worms. If I have contacted a licensed attorney in Michigan and have been advised as above, it would be negligent for me to proceed as you have suggested. We agree to disagree. You keep the bananas, I'll keep my license.

It's a credit silly not a deduction. I always file it on the "Alchohol Used As Fuel" credit form. Next time call Betty Sue BEFORE you file. lbb

Benjamin Franklin said "Common sense is very uncommon." I don't believe it's getting MORE common. lbb

Usually if someone is self-employed they have earnings in excess of what is reported on 1099s, I use actual earnings. If your client only works for one employer there may be issues about whether she is an employee or not.

Unless I am reading your post incorrectly the barn door is closed. When I take a position regarding employee versus I file the SS-8; I was under the impression that the SS-8 WAS the determination.

That's what I say.

Before you retire to the islands on the overpaid taxes, I believe a point should be clarified. I contacted my attorney as this issue continues to be brought up and applauded. IN MICHIGAN there is NO LIFE ESTATE CREATED unless it is specifically written as a LIFE ESTATE. The parent can't just "put the name" on the deed and create it. IF the transfer is written subject to the Life Estate, no problem you get your bananas, mom stays in the house, step up in basis upon death. If not, gift created, no step up in basis. lbb

Just proves Lucho is right and you have a heart, (and I never believed in inductive reasoning before.)

If it was never rented out, depreciated etc. it simply is a normal capital gain on Schedule D, am I missing something? E.G. Total Purchase Price $200K each sibling paid $100K improvements $20K each sibling paid $10K your client's basis = $110K sale to sibling GAIN taxed at purchase price minus basis (difference from FMV and sale price = gift) Any loss NOT deductible on Schedule D because of related party rules. lbb

"in another business that has nothing to do with this rental property" Poster did not state what type of entity the other business is, there for one can not determine if a schedule C is an appropriate placement of the interest expense. (sarcasm free post)

My kids got NIPS when they were in grade school but Kwell sp? cleared them right up.

I'm orginally from Chicago, we vote even after we are dead. lbb

Gee, Publication 535 Chapter 4, says you have to allocate expenses according to the flow of funds, not the security; but if you prefer you can deduct it on the Schedule E rental property and say that jainen and Booger said it was okay. lbb

"I have a client that can file HOH as he can claim his girlfriend ( on SSI) to get that status." Girlfriend does not qualify taxpayer as HOH; if on welfare support worksheet needs to be done for each dependent that he wants to claim as welfare IS included in the support test. Why do we care what HRB did, or anybody else for that matter? lbb

What year was he foreclosed in? I know it's not always the CORRECT response, but I have a tendancy to "follow the form." Find out if he was sent a 1099 of any kind before you proceed. lbb

What bars do you go to? I thought commingling was mandatory.

Wasn't it one of the old time baseball players who said something like "I spent the money wisely, on wine, women, and song. I wasted the rest." ????

When you know what "Isn't that nice." really means. lbb (from Chicago, but spent summers in Oaklahoma on my grandmother's peanut farm."

I should write it on the calendar, jainen, lbb, & OldJack agree to agree. lbb

It's also a fast day.

But is it a frikken banana? He is very particular. I understand, I only REALLY like Fuji apples.

That's the rub, there is NO assurance, any more than there is for an attorney or physician. In my area there are practitioners of all flavors for decades whose integrity or technical ability certainly could be debated. Initials are no proof of competancy, but neither is longevity. lbb cpa ea mst (and brain damaged due to lifestyle choices.) The downside of being human is that we are flawed. Anybody who has never made a mistake stand up.

I am in MI, the last two I State filed, both had state credits. Both are senior citizens who I told last year (per phone call) that income was below filing requirement, true answer but flawed. lbb brain damaged due to lifestyle choices.

Wasn't he the guy that tricked everybody into thinking he was godlike, but turned out to be a bad little boy that misused his powers? I think he was from California or some other supernatural zone.