RoyDaleOne

The basis rule is loan costs are amortized over the life of the loan.

Sometimes a child is a qualifying child of more than one person for EIC. The two people can agree to who will claim the credit. If, they don't agree you go to the tie-breaker rules. In this case I think the parent with the higher AGI wins.

A Section 105 should be "must" be in writing check the plan. It could be covering "retired" employees, directors (who get a director fee), and do not forget, by law officers of a corporation are employees, salary or no salary.

"She rents out her pop-up travel trailer when she is not using it." Still sounds like a vacation home to me which goes on Schedule E. On the other hand because the rentals are most probably of short duration it could be like a hotel and go on Schedule C. How much services are provided?

Sounds like a vacation home rental to me.

That is what I would do.

"The estate had an appraisal of the property" An appraisal for the estate is available. Ours is not to reason why ours is to tax or die.

No the gain does not flow to 8825, but to the 4797. If the parnter still has basis it is entered on schedule D as a loss. I am not asking how that happen. For a 99 year you do not have much experience. Seeing that I am from Indiana and you are from Indiana I answered the question.

Was the buyer a stock broker? If not no 1009-B. There is no form to report same. The 1099 Misc is completely wrong and should be refiled as zero. The sale of an LLC interest (assuming no election to treated as corporation) is treated the same as the sale of a partnership interest. To complex to explain on this board. The LLC should be providing some information.

You can write-off the remaining basis 2007. Don't over work some of the questions: "materially participated in business in 2007" answer I would give is yes, because whatever participation there is is from your client. In other words his participation is 100% of all the participation for 2007.

First did the son file his own tax return claiming himself? If, so you are mostly out of luck. He paases the three of the four tests to be a qualifying child. The did he provide more half his support test is one you will need to answer. He can not pass the qualifying relative tests (gross income is greater than $3,400).

There comments: 1. He must have been a non-managing member, or a non-active individual to not basis from the liabilities of partnership. 2. Suspended losses offset the income from sale of his interest in the LLC. 3. Did the partnership have any hot assets? I will leave you with this.

I did not check this, however, I recall that if 90% of the tax on return is not paid with the extension the IRS will charge the failure to pay penalty on the amount from April 15 forward, plus interest. The failure to file penalty is as I recall 5% per month up to 25% and the failure to pay penalty is 0.5% or 1.0% per month up to 25%

Well you have a couple of opportunities, 1. Did the partner have gain on the contribution of the property to the partnership? 2. A partner's basis includes the partner's share of the partnership's liability, with some exceptions.

The rent as stated was for office equipment not an office in home. You can take depreciation on the equipment if the shareholder has any basis. Maybe she is doing rent to own.

I do it all the time.

Will you are right that you have been wrong. If commissions is not considered wages I would pay all employees commissions and have no payroll taxes. 31-3121(a)-1 © The name by which the remuneration for employment is designated is immaterial. Thus, salaries, fees, bonuses, and commissions on sales or on insurance premiums, are wages if paid as compensation for employment.

The elections as far as I have used them has to be manually filled in.

I would never put a copier on a battery back-up, just me. They draw way too much current. How big are the printers? You need both on battery back-up? Just my thoughts for what they are worth. By the way thanks for the warning. Much appreciated.

I would recommend you do nothing. If, any inquiries respond with "Corporation never activated".

LLC's only goes on the Schedule C if it is a "business", otherwise, it goes on Schedule F, Schedule E, Form 8825, Schedule A, Schedule B, Schedule D, etc.

Renting out even a single property can be a trade or business. Hazard v. Commissioner, 7 T.C. 372 (1946), acq., There are a bunch, however, I selected this one because it deals with 1 (one single etc) property. I agree the amount is normally so little it is not worth the time and effort to have the records and figure the deduction. However, alot of people want to know. Because rental properties are excluded from self-employment income and the definition most talked is for self-employment income is part of the confusion. Plus the IRS is in the business of collecting as much as it can. Also, the law changed in 1997 to allow more people to qualify. You still must meet the tests.

OK I read almost of the discussion about rental property and I am wondering what I was to realize about the office in home deduction on Schedule E. I did not see a discussion about that item. I also check Pub 587 and I saw nothing that would prevent a deduction for office in home on Schedule E, provided that you meet the tests. Please note that one rental property is considered by the courts to be a trade or business. I do understand that sometimes rental property is not consider on equal footing with a Schedule C activity as far as a trade or business definition, however, that must be specifically prohibited. http://www.forbes.com/2006/07/13/IRS-landl...l_0714nolo.html

http://www.submityourarticle.com/articles/...eturn-26088.php Why can you not take the office in home deductions on Schedule E?

Check abandoned spouse rule. For what it is worth, you don't to serve the legal papers if you can not locate spouse, a legal notice is placed the legal section of the paper. There maybe a waiting period.