joanmcq

It's land rent for a cattle ranch. So a 1099 would be required if the rent was over $600.

Ok, now I know I'm fried. Client participated in a rub event for charity. The cost to participate was $35, and she also gave a $5 additional donation. She got a t-shirt for participating. Is the cost of the event a charitable deduction? She's asking this question directly, so I thought I'd pass it on. So tired I can't keep my eyes open.

I went grocery shopping this morning at 5am. In my pj bottoms, a t-shirt & slippers. I needed food, caffeine products and dog food, and had checks to deposit, and I just couldn't see putting on clothes. I'm now meeting clients barefoot, since its about 80 degrees today.

I just had one where I sent an email saying if you don't want me to report your 599 of rental income, I'll file your extension but you'll have to find another preparer. She agreed to report it, and apologized for being paranoid. Turns out she hadn't wanted to give her SSN to the tenant since she'd never met them. She did this summer and is now ok with it. Now onto the next one....

Passive? 3801.

I'd rather meet someone at 11pm than am any day!

I've never heard of a self directed IRA being done through a bank. Usually there are specialized custodians for these things. What does she hold in the IRA? Just cash? Is she over 59.5?

They removed the excess contribution, but are the earnings subject to penalty? The 1099-Rs show $5056 withdrawn with $56 in the taxable box. When I put the basis and distributions in page 2 of the 8606, none of it is taxable, since they have lots of basis from earlier years when they were single. I know in a regular withdrawal from a Roth, basis comes out first. But I'm not sure with an excess contribution. All I can find out about these by research has to do with regular IRA excess contributions.

I work all night. Very few interruptions.

Ouch. Then get yourself a drink after you have to explain the large tax bill she'll have.

Most sober living places out here charge $400-$500 a month for a shared bedroom. Why do you say he'd not be charging rent?

It's a business. Is it going to be a rehab facility, or a sober living house? The former provides counseling and other treatment to people just getting sober, and the latter is a shared living arrangement for people who have graduated from the former and require less supervision. If the latter, it's a rental, furnished and board is often provided. I know quite a few people that run sober living houses, but none of them are clients.

Taxpayer contributed to a Roth in 2011 & 2012, but was over the income limit for contributions for both years. Both over contributions were withdrawn in 2012. If the taxpayer had adequate basis in earlier years' contributions, are the earnings on the excess contributions still taxable & subject to penalty?

I ran out of Rockstar energy drinks. I need to hit the grocery store but no time! But I also need to hit the bank and delivery returns to a client that is incapacitated. This morning I made coffee and forgot to put in the coffee. I hate it when I do that.

When I put in new windows in the whole house, I put the ones for my offices at 100%. Sheesh, my main office has 7 windows and my client office has 4. But it is bright and now less breezy.

If the transaction is a short sale, where the client 'borrows' Stock he doesn't have and sells it. If the price drops, he can buy the stock at a lower price to replace the borrowed stock, and make money. It's a bet that the price will drop. The acquisition date is thus after the sell date.

I save a ton of times. It's just routine for me anyways. Auto save is still on for me, since I had a couple of instances last night where it screwed up my typing as it clicked on. I didn't have the issue with the ACKs either. Weird.

Yeah, mine sent yesterday haven't got ACKs either. Haven't sent one today yet

All I dream about now is returns. And panic.

Put in zero.

That happened a few years ago too. I had to make up dates. They finally fixed it, but I think it was the next year.

Are you using the disposal tab?

What update are you on?

Now that's one of the dumbest client moves I've heard. Especially ones that have the financial resources to buy a primary residence on margin.

The NR return is just because they sold their house after he moved to CA. Might be ATX, it's rejected by EFC. I thought it was agency.