kcjenkins

If you have the printed copy, you can scan it, then save it as a cvs file.

Terry, if you expect him to return it to rental later, consider keeping the 4562, just reduce the business percentage to 0, and let it stay in the return like that until he returns it to active rental.

Time to make fudge........

Good reminder, Judy,

Yes. If the states require the use of the same filing status as the feds. Or if you have the option of either MFJ or MFS, try it both ways, and go with the best overall option.

Since he has not yet sold the property, no need to recognize it on 2013. When he sells or rebuilds, that's when you recognize the gain.

I'm assuming they are filing a federal MFJ? Some states allow married people to file separate STATE returns. For those which do not, chose the NR Return, so you get to allocate.

Federal law imposes a 10% penalty on earnings for non-qualified distributions. The penalty is not assessed on principal. (Distributions are allocated between principal and earnings on a pro-rata basis.) An exception to the penalty can be claimed if you terminate the account because the beneficiary has died or is disabled, or if you withdraw funds not needed for college because the beneficiary has received a scholarship. What sometimes is worse than the penalty is the fact that the earnings portion will be subject to tax as ordinary income at your client's tax rate. The principal is not taxed because the contributions were with after-tax dollars.

Ah yes, karma is a beautiful thing to watch sometime. You will be giggling about that one for a long time, I bet.

Go ahead and treat yourself to at least an early night. You will feel better tomorrow from it and be faster because of the extra rest, And look at your appointment book or program, and block out one morning or afternoon net week for a personal 'time out'. You know you deserve it.

Yes, I'm not saying it would be easy, but assuming the client tried and was not able to get a rental, or only at an exorbitant cost, if you can defend this as a reasonable business decision, it can be done. It all comes down to the old "reasonable and necessary" test.

http://images.hammacher.com/PopWindows/Default.aspx?uq=z84373&rnd=1396370548846

Please, Jack, don't be 'snarky' on any day in April . Pacun was 'over-thinking' this, something common this late in tax season.

Must have! Happy Anniversary!

However, if a rental was not available, which rental horse trailers are few and far between, then if he sold the trailer at a loss, I could argue for the loss being a deductible moving expense.

And unlike 'audit lottery' which I do not approve of, "CP2000 lottery' in this sort of case just makes sense in this 8949 world.

I use LastPass and even that does not solve all problems, but does help a lot. Worth it to me. https://helpdesk.lastpass.com/

TAKE IT. As long as it's not illegal.

YES !

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I just tested it, it still works fine.

Make mine Moscato, please. This guy probably needs something when he got home !

How did that create a loss? Are we talking about a sale the partnership was making, or property the partnership was buying?

Do you have a lot of forms open? I opened a return with a lot of file, clicked on the 4562 and it said at the top 'enter assets on Fixed Assets' but I did not see the Fixed Assets page. Finally I scrolled down all the forms, and discovered it at the very bottom, below all the state forms!