joanmcq

I have very few that get a printed return. I did have some local clients come and pick up and I got to vent on the stupidity of the new forms while explaining their returns. Since they were also picking up a 2017 amended it was easy to show the difference. And they had very few of the additional schedules..

I have a new client that sold a rental house in 2018. So I'm entering the depreciation schedule and voila! House has 39 year depreciation and the furnishings are 10 years. It's been a rental since 2012. Where do people come up with this stuff? And these were pros preparing. I got the client because the original preparer sold the practice and client didn't like the new ones. So that is two groups of tax pros (latter a CPA) that ignored/created this mess.

If they sell the rest of the property within, I believe, 2 years, the entire amount will qualify for the exclusion. I researched this quite a bit when thinking of doing the same with a property I owned.

At least CA never conformed to allowing a deduction for PMI, so all of my state-only itemizers are off the hook.

I use it for a lot of clients, especially for any kind of life changes. I have a lot of clients retiring/buying a house/etc. Every client got one last year. Even for 2019, the standard deduction is increasing; I just used it to check a client that had a tiny refund this year to make sure next year won't have any surprises.

Code 7 doesn't matter. It would't be a G because it wasn't done as a trustee-to-trustee transfer. The software should print ROLLOVER to the left of the IRA/Pension line, but I've seen where that didn't stop the CP2000.

Was the pond on the 6 acres sold?

Could it be that the rental half was already fully depreciated? If not, then the ONLY thing to do is recap all the depreciation and file the 3115 so you get the corresponding deduction in the same year. I've done lots of these. And you have to split it. One part is personal and qualifies for gain exclusion and part is rental ie. business property.

ATX has a red error message if you forget to check either direct deposit or one of the other methods to get the refund. And one if you check DD but forget to put in the bank info.

I have quite a few NY & NJ clients. And one that had deferred comp back when he worked in NY, PA & then CA. Yeah, getting spreadsheets with working/vacation/sick/weekend days is a lot of fun.

AW hell!!!! 7.5% medical is already in the TCJA for 2018 but not for years beyond. The PMI is the big PITA here. AGAIN.

Yes, the case law is on the side of trade or business as long as the rental has profit motive and/or expected increase in value (barring triple-net and vacation). I am taking 199A for my own rentals and for most of my clients with them. A safe harbor is just that. Rentals have always been a facts & circumstances issue so I weigh the facts & circumstances.

I blame the tax law and those who passed it, especially the f-up with the withholding tables. Haven't had a client complain yet. But I also did projections for everyone last year, with the caveat 'if your withholding is the same as last year'.

New York wages = federal wages on the W2. NY requires that the state wages are the same as federal regardless of how much time was actually spent in NY. It's a PITA.

Clients moving is usually something I don't worry about. But maybe I'm just too tired to wrap my head around it. Client moved from DC to RI Jan 1. Worked for same company. W2 shows both DC & RI wages because of final paychecks from Dec. work in DC is paid in Jan. Or maybe she just didn't notify until January when she was back in RI. So DC NR return, all income taxable to RI? Damn I'm tired already...

I need the damn planner

The rental safe harbor is just that...a SAFE HARBOR. facts & circumstances can also make rentals qualify for the 199A deduction. Just like 3 years of losses does not automatically make a business a hobby. You have to look at things like profit motive, experience of the owner, etc. Not to mention that case law is on the side of trade or business designation. As someone on another board put it, “when was the last time you put the sale of a rental on Sch. D?”

Upper level employees should have reserves, but low level employees don’t make a ton of money, and if in DC, it’s an expensive place to live. It also depends on the length of time on the job, size of family, etc. if you think the people keying paper returns make enough to save 6 months living expenses, you aren’t thinking correctly. I had the same kind of experience after college as Katherine did, although she didn’t mention any stints of homelessness as I had. And looking for the free food the Hare Krishnas served in the park. While I was working, too. But I have a bit more compassion for others in hard circumstances.

Atx isn’t giving an option a add fees for the schedules. But I just increased my base 1040 charge by $50

I’m sorry, but if an ownership interest in a PTP or REIT qualifies when these are, for most people, nothing more than investments, my rentals, from which I derive about half my income, is a trade or business

I took the Gear Up 6 day Vegas seminar. Got a ton of 199A, still haven’t a clue on GILTI. Teaching a 3 hour update class since the group I’m teaching for can’t count on the IRS practitioner liaison not to be on furlough (he was going to do 2 hours). I am going to treat my rentals as QBI. I think I have a profit this year; I’ll have my books done pretty soon. On the other hand, my own books are farther along than they’ve been in years at this point. And my W2s are already issued.

My internet is down & im trying to file a Corp return with a phone tether. Getting error message when I try to efile. Is ATX down or just me?

Oh retirement I’m just slowing down, I hope not too much...

He doesn’t mention expats that own foreign corporations. Regardless of size, they are expected to cough up a percentage of their E&P as a repatriation tax, Then if in a ‘low tax’ country, are subject to the GILTI tax for 2018 on.

I heard it was mostly TurboTax filers & Block. If intuit probably their pro software too. I just heard about the extended due date...ugh. Well have more time to do my own extension