kcjenkins

The 'Black Hole' Theory at work?

On 9K he'd owe $29 to OK. Assuming he's being claimed by his parents. Being a non-resident has no effect because all his income was OK income.

I agree, Joan, and in this case he deserves it.

Yes, Marco, it's not clear to me either. Happy to help once I am clear on what happened.

I'd just adjust the remaining basis in the asset, which will have the same effect [reducing amortization each yr] without any odd item inviting an audit.

Well, you may not get much, but, if it's a 'good' property in a popular location, you should be able to get at least a small amount back, as well as getting out of the annual obligation, Palm Springs should be salable for at least a small recovery. http://www.sellmytimesharenow.com/timeshare/Palm+Springs/city/buy-timeshare/

So sorry to hear that. A loss that would be a stressor at any time is doubly so during tax season. I'll be praying for you.

SOME costs might be, such as if she needs to be moved by ambulance or patient transfer service. Cost of moving special medical equipment, too. But just normal 'moving expense', no.

I agree, report on the 1040s.

There is a market for selling timeshare. I'd suggest she contact a reputable realtor in the area of the timeshare, and let them help her sell it. It is not simple, tho, Plus, the resale business is riddled with scams The FTC has good info here: https://www.consumer.ftc.gov/articles/0073-timeshares-and-vacation-plans MSM Money: http://money.msn.com/saving-money-tips/post.aspx?post=6819be8c-9d9e-4761-a0cf-fa9242647149 Some basic tips 1. Sell where you bought Start with the company you bought your timeshare from. Some timeshare companies have a resale program. Others may provide you with a list of interested buyers. But most won’t help you at all. These people are in the business of selling new units, not helping you resell yours. 2. Sell to other owners Ask the timeshare company who has the “interval” in your timeshare before and after you. Offer to sell your time to those owners. They may want to buy the timeshare from you to extend their stay. 3. Use a local broker A licensed real estate agent might sell your timeshare for you, but you’ll probably pay a higher commission rate than you would on the sale of a house or a condo. According to the ARDA, the real estate company may charge you a commission fee of 10 to 30 percent. Before you sign up with a real estate agent, ask about the agent’s marketing plan and experience. Don’t pay commission to an agent who will only post an ad online, since you can do that yourself. Look for a licensed agent experienced in selling timeshares. 4. Sell online You can sell your timeshare online yourself. Some websites specialize in reselling timeshares. Check out: RedWeek The Timeshare User’s Group My Resort Network TransAction Realty Post a free classified ad on a local buying and selling site like Craigslist or the online classified section of the local newspaper where your timeshare is located. By posting an ad in the timeshare’s location, you’ll attract buyers interested in that area. If you need to sell quickly, use an auction site like eBay. Starting an auction on eBay costs $70 – including a $35 insertion fee and a $35 final value fee. The auction can run from one to 10 days. Here are some tips for writing that ad… Find your selling point: Research other timeshares and hotels in your area and find something your timeshare has that other vacation options don’t. Use that as leverage when you post an ad. Make your timeshare stand out and you’ll draw in more buyers. Price competitively: Timeshares in the same resort can be nearly identical. Check local ads for other timeshares for sale in your building and price yours lower. When buyers have several to choose from, they’ll obviously choose the cheapest unit first. Time your sale: List your timeshare a month or two before the start of the vacation season. That is when the majority of buyers will be looking and you stand a better chance of selling your timeshare quickly. 5. Watch out for scams Timeshare resale scams are always widespread, but scammers really start coming out of the woodwork during tough economic times. In 2009, the Federal Trade Commission received 819 complaints about timeshare resale. By 2011, that number was more than 5,000, according to USA Today. Horror stories abound. In an article called Selling your timeshare? Look out for scammers, the Virginian-Pilot recounts a story of one couple called by a resale company that had a definite buyer for their unit – they even had a signed letter of intent from the buyer. All the owners had to do was send $375 to the company and the sale was done. They sent in the money, then never heard from them again. Watch out for resale companies that offer to “take the timeshare off your hands” or want large sums of money upfront – they’re likely a scam. For other companies, do your research before signing up. Contact the Better Business Bureau to see if the company has any complaints against them. Compare prices with other resale companies and get everything in writing – including contract terms, marketing plans, refund policies, and costs – before you agree to anything.

http://www.youtube.com/watch?feature=player_embedded&v=XcqiCLmbrNU

OMG! WHY is this allowed to happen? Can't anyone get enough people to raise their voices? Where are the churches that should be protesting this horrible situation?

And sometimes, the 'telling' amounts to nothing more than handing them a page or two of 'information on your Plan Withdrawal' that they may or may not actually read, or understand if they did read it. I really do wish the person handling the transaction, whether a loan from the 401K or a 'hardship' withdrawal, would emphasize the tax consequences, but I expect many of them do not understand those themselves.

See his second post, Jack, where he corrects the one you quoted.

I think he is right on this one. As a Sch C business, his name is the business name, as in Joe Doe, dba Joe's Repair shop. Look at the top line of the Sch C, what's there is all that has to be on the insurance.

The 2008 limit was eliminated. Now you can do it for any year still available for amendment. From Pub 946: Revoking an election. An election (or any specification made in the election) to take a section 179 deduction for 2013 can be revoked without IRS approval by filing an amended return. The amended return must be filed within the time prescribed by law. The amended return must also include any resulting adjustments to taxable income. Once made, the revocation is irrevocable.

It's easy for the gambler to get a print out of the W-2Gs for the year from the casino. Have him get that for you, enter the total on Line 21 then on Sch A take the offset.

New York (March 21, 2014) By Michael Cohn Tax preparers frequently skip meals or turn to junk food during the hectic tax season, and some companies want to make sure they make healthier nutrition choices. Crunchies, a company that sells freeze-dried fruit and veggie snacks, launched an online promotion last week aimed at accountants and tax professionals. The promotional campaign, known as “Crunching The Numbers,” began on March 15 and concludes April 30. The company is inviting accountants and tax consultants to email or post a note of 50 words or less explaining why crunching the numbers is especially stressful this time of year and why they often turn to fattening snacks to help them get through the long hours and even longer tax forms. To participate in the campaign, send an email to [email protected] or connect with the company via Facebook or Twitter. The first 100 CPAs and tax consultants who send in emails with a shipping address, along with easily verifiable proof that they’re in the financial planning industry, will be able to win free snacks from Crunchies, and qualify for a Grand Prize Gift Basket, which will include Crunchies snack products along with promotional items such as shirts, hats, water bottles and more. Crunchies is also inviting U.S. taxpayers to send in 50 words or less on why the stresses and long hours leading up to April 15 likewise prompt them to consume an especially large amount of fattening and unhealthy snacks. As with the offer for accountants and tax pros, the first 100 entries will win free Crunchies snacks and vie for a similar Grand Prize Gift Basket. Accounting Firms Ordering Food Late in the Day The food delivery company GrubHub has done some research into the eating habits of accountants during tax season. Seamless Corporate Accounts, a GrubHub product, helps to feed more than 4,000 companies across the U.S. and the U.K. According to the company’s BrainFood Survey, 27 percent of respondents indicated that the length of time between meals has a major impact on their productivity. Forty percent of the employees surveyed admitted they sometimes skip lunch because of heavy workloads. That appears to be especially true of accounting professionals during a busy tax season, with orders during the 4:00 to 5:00 p.m. hour nearly four and a half times higher in the first quarter of the year than in Q2 and Q3 as employees delay lunch to focus on their work, according to accounting-ordering data analyzed by GrubHub Seamless. On average, Seamless Corporate Account orders have been two times higher in Q1 than Q2 over the past four years for accounting firms. The data also indicates an increase in the number of orders placed year over year, suggesting that as tax laws become more complex, accountants are working longer hours every year. During the 2013 filing season, there was a 3 percent increase in orders, perhaps the result of tax changes from the last-minute deal that extended many of the Bush-era tax cuts that had expired at the end of 2012 and delayed tax season last year. The uptick in orders has continued this year as well, with orders more than 17.5 times higher than normal.

Uncomfortable truth?

I agree, I can not imagine a check being returned because you did not "cut on the dotted line".