kcjenkins

I agree with Jack on the trade-in value. Unless it is very close to blue book, I'd not use it. But remember also that not only is the sales tax significant, an RV qualifies as a 'second home' for deductions of interest if he financed it. Unless, of course, he already has a second home...

The royalties are reported just like US royalties, David. Only real difference is the foreign tax credit.

That is why I call that a tax break for the rich, Tom. Only people who can get a real benefit from it have to not only be able to pay $42K for a car, they have to owe enough taxes to absorb it. Funny that it is Obama that is pushing this one, when he so hates "TAX BREAKS FOR THE RICH", isn't it?

If the note was donated to the Cancer Society, as it sounds like happened, then he still makes his payments, and he still gets to deduct his interest portion of his payments. Who holds the note is not important to him, tho he should get a 1098 from the Society.

Two old guys, one 90 and one 87, were sitting on a park bench one morning. The 90 year-old had just finished his morning jog and wasn't even short of breath. The 87 year-old was amazed at the guy's stamina and asked him what he did to have so much energy. The 90-year-old said, "Well, I eat rye bread every day. It keeps your energy level high and you'll have great stamina with the ladies." So, on the way home the 87-year-old stops at the bakery. As he was looking around, the lady asked if he needed any help. He said, "Do you have any rye bread?" She said, "Yes, there's a whole shelf of it. Would you like some?" He said, "I want 5 loaves." She said, "My goodness, 5 loaves ... By the time you get to the 3rd loaf, it'll be hard." He replied, "I can't believe it, everybody knows about this stuff but me.

Thanks for the warning., This late in the season it's easy to miss something like that until after you have filed the return!

Thank you all. We are still in hospital, but now in the rehab/transition wing, where they work on getting you ready to go home. Still a few medical issues going on, but hopefully we will be going home soon.

Then clearly, Joan, the preparer was not very sharp, so following his lead just because he did it would not be a wise decision. Just follow your own wise instincts and file a Sch C this year, and zero out the partnership just to leave a paper trail.

Nope. This is a partnership only in the personal sense, not a 'business' partnership. A smart way to protect the friendship, IMHO, but not in anyway tax related.

Yes, paper file it. The IRS is only set up to handle efiles of this type return where the surviving spouse is claiming the refund. It's not a problem, just that it can not be efiled.

I admit I seldom used them, but I agree that they are a good idea, especially these days. And if a client questions it, you can also point out that it protects THEM as well as you, by spelling out what you are expected to do if they do what they are expected to do.

In order to be considered a temp assignment 'away from his tax home' you first must determine his tax home. Jobs outside that area can be temp assignments if expected to last less than a year. Jobs inside the tax home area are not, regardless. Has nothing to do with distance from his physical home.

Thanks, Joan. He's having real problems with his BP right now, they have just added a much stronger med to try to get it down.

Put the income, all of it, on line 21, then also put the expenses, as a negative amount, on line 21. Explanation is simply "FFA project sale" on the first line, and "FFA expenses" on the second line.

Is the company going to reimburse him for what he paid personally? You could deduct the amount on the A, since it was paid to protect his job and earnings, but it would be better if the company reimbursed him instead.

Yes, you can deduct the interest and taxes. Its been paid from his wages, after all. Just the same as if he had had an automatic payroll deduction for the payments.

Just as good as anyone else's chances!!!! If you do win, please let all of us [your nearest and dearest friends, of course ] know!

Update, after two really really bad seizures, in just a two hour period, Don basically slept for two days. Could not wake him enough to even get food into him, etc., Suddenly, on the night of the second day, he just woke up and acted surprised to see me. But he is now getting better rapidly. Was able to actually walk a bit with the PT guys yesterday. If he gets back to being able to use a walker, that will be a huge improvement over when we got here. His spirits are also much much better. So I want to again thank every one of you who have prayed for us, I truly believe that is the reason for his recovery. We still have a way to go, but things are looking up and I am feeling much more hopeful. Keep it up, friends, it really does help.

Tom has it right. It is not hard to get a late appraisal, they do it by looking back at comparable properties sold at the time. Costs a bit more, usually, than one done at the time, but well worth it when the amounts are significant.

No, he does not get a business loss from an inheritance. Even if he inherited a business, the only way he gets a business loss is from the operation of the business, not from the Estate's K-1.

I agree, there is nothing better than doing a return for an older year to make one appreciate the newer years programs. Just keeps getting better and better. Pity we can't say the same for the Code, huh?

Thank you so much, all my wonderful friends. You have lifted my heart with your kind words, believe me.

Don is back in the hospital, and today he's had two serious seizures, the worst he's had since his original stroke. I'd be grateful for any prayers, my friends. This has me really scared, as he has NEVER had any this bad, then two in one morning!