Slippery Pencil

The loss on the 2022 F8995 line 16 gets carried forward to Line 3 on the 2023 F8995.  The loss on line 16 of the 2023 F8995 gets carried forward to the 2024 F8995.

45 minutes ago, jklcpa said:

he can't be a candidate for a degree without graduating from HS.

 

Sure he can.  I know plenty of kids who graduated w/ an Associates Degree from the local community college the same time they graduated HS.

2 hours ago, Marie said:

Would that make a difference? 

I'm guessing that makes it a lot messier and thus, a lot more expensive to fix.  How much depreciation are we talking about?

I'd use both

Can't start depreciating a 2017 asset this year.  Maybe a 3115 for which you'll bill him an arm and a leg.

His name only

I believe you are correct

I'm pretty sure that's not how market discount works, though I could be wrong.  But on the consolidated 1099 I have, the interest income for each cusip is less than the market discount for that cusip.

The client will have the refund before the 3911 gets processed.  Plus the refund isn't lost, it's delayed due to taxpayer error.

10 hours ago, Abby Normal said:

Then you must have split the interest amount into two separate 1099-INT forms,

This isn't an adjustment listed on a 1099-INT, there's nothing to combine.  It's accrued interest on a 1099B that needs to be deducted from the gain and put on Sch B as interest income. 

Did you figure anything out?  I have a I have a 1099B with accrued market discount.  The adjustment on 8949 removes it from the gain, but I can't see how to get it on the Sch B unless I make a manual entry on a 1099INT.

On 3/25/2024 at 4:12 PM, Catherine said:

I thought most states had reciprocity on pensions, so the tp gets taxed in resident state only rather than issuing state.

That's federal law https://www.congress.gov/bill/104th-congress/house-bill/394/text

retrying a few minutes later
turning off and on the service in task manager
rebooting

I doubt monthly totals matter. 

GA starts with fed agi.  If there's no add back, it would be excluded. 

If GA follows fed cap gain rules, since the cap gain isn't taxable on fed, then it wouldn't be taxable on GA. 

Something seems to have gone wrong with the upload.  Here it is again and here's the text.

Consent to Release Information

To:  David J. Weigel, C.P.A., P.C.

I hereby authorize the release of the following information to be provided to the following third party:

Information to release:

Tax returns as well as all tax, financial, and accounting related info for  

Tax Years:   

Third Party Recipient

Name(s):

Company:    

Contact Info:

___________________________________               ________________________

Signature:                                                                 Date

Please note that according to IRS rules and regulations this consent needs to be specific and written for each year, client and third party recipient.  We cannot accept verbal consents.  Likewise, we cannot write in changes after we receive the consent.  Therefore, we will only release information on complete consent descriptions.  We apologize for being difficult, but failure to comply with these rules means I could be subject to criminal sanctions.  If you have any questions please feel free to contact our office.

Sincerely,

David J. Weigel, CPA, PC

Phone: (248) 473-9919

Email: [email protected]

Consent to Release Information.doc

Consent to Release Information.doc

Here's one I used once.  FWIW, it's a over a decade old and I obtained it through a internet search.

You probably need to ask a lawyer for a proper answer, but what is his recourse if you ignore him?

If you need to respond to him, be short, be to the point, be stone cold, do not be emotional.  I'd suggest something like:  "You requested 5/18.  I originally agreed to that.  Your request to move that to April, and now March, is not feasible.  I will let you know on 5/1 if 5/18 is still feasible for me or if I need more time."

Do not go into detail.  Do not state reasons for your decision.  Reasons are something to be refuted; do not give him that option. 

When he responds, most likely angrily, do not answer his questions and again, do not go into detail or give reasons for your decisions.  Remain stone cold and keep your reply short.  Reply with something like:  I have stated numerous times that your request is unattainable.  I will update you on 5/1.

If he responds, reply with:  "I'm sorry, I cannot do that.  As I do not have time for your temper tantrums, I will block your email and phone number until 5/1 and contact you with an update at that time."

You have the right to walk away from an abusive situation.  Exercise that right.

Personally I think the dependent care credit, and most other credits, should be eliminated and tax rates lowered, but adjusted for inflation, the items mentioned above are:

• $3000 dependent care credit initiated 1976.  Adjusted for inflation, $16,551
• $3000 capital loss limit initiated 1978.  Adjusted for inflation, $14,723
• 25K/32K social security thresholds initiated 1984.   Adjusted for inflation, $75,256 / $96,328

I'm sure there's a ton more, but the few other items I can think of that haven't been adjusted for inflation:

• $25 Gift limit initiated 1962.  Adjusted for inflation, $255
• $25K passive loss limit initiated 1987.  Adjusted for inflation, $68,962
• $150K passive income threshold initiated 1987.  Adjusted for inflation, $413,776
• $10K SALT deduction limit initiated 2018.  Adjusted for inflation, $12,375
• $10K FBAR threshold initiated 1970.  Adjusted for inflation, $82,096

5 hours ago, BTS said:

No !!  But they do have Skee Ball machines !!   75 years !!!  Man I would love to have a Skee Ball machine !!!

I'm pretty sure nothing has a 75 year class life.

On 3/16/2024 at 7:09 PM, BTS said:

Proseries has a nice drop down list with recommended depreciation rates.  And they list Septic as 27.5  

Do they list pinball machines?

He should be able to tell you what documentation he was given and if he's considered an employee. 

On 2/29/2024 at 1:47 PM, Catherine said:

Depends on the character of the property. If it was a bank savings account, I'd agree. But wages are still wages, and includable as income if not claimed in the year earned (which might have been done). Stock proceeds sounds capital, with basis lost to the mists of time. Dividends is income. 

This is a bank savings account.  If stock was sold, it was sold years ago and the state has been holding the cash proceeds in a bank account.  Wages would be reported on a W2 in the year paid and taxable that year.  Dividends, interest, and stock proceeds would be reported on a 1099 in the year paid and be taxable in that year.  Whatever transaction that cash came from, it happened years ago.  This is not taxable in 2023.

Skip the form.  I've only had a few OH clients, but most didn't have a SD tax and I never filled out the form for them. 

8606