indyscott

Michael, what is this "PRINT SCREEN" you say to open? I'm familiar with the PRT SCR key and how to use it, but I don't think I have a program by that name. Sounds like it could be useful.

Just to point out the obvious thing that no one has so far stated.. the IRS is seriously against seeing one business deduct expenses that do not show up as income on someone else's return. And, they do have the power to disallow those deductions.

Are we talking Dell or Cray? Actually, I think they would both have a 5 yr life, so there couldn't be much at stake. You could do a disposition of 30% of the asset for personal use and see what recapture flows through, but I'd think it too small to matter.

KC, you're like some Tibetan Tax Guru, sitting atop a high Himalayan peak, and dispensing tax wisdom for us poor uninformed neophytes. This latest missive seems especially subtle and divining the full meaning will no doubt require stubbing my toe on one or more thorny situations. Perhaps I'll post a sign out front advertising a special this week on Husband & Wife LLC's. Come to think of it I could use a few more 1065's this year. I looked at the News tab on the IRS professionals page, yet found nothing. Do you have a citation for further reference? Oh, nevermind.. I see now the subtitle "from the Kiplinger Letter" BTW, and seriously, thank you for stepping in and saving JB from my uninformed advice re the split pension this morning.

Almost like he got paid cash for the work and paid the cash back for the cows.. Sounds reasonable.. warning: beware of tax laws that sound reasonable. Actually, I think you have it right. But, there's probably some Barter form I'm not aware of.

http://www.irs.gov/publications/p527/ar02.html#d0e1413 Above reference is to IRS, pub on rentals. I'm not sure why, but they seem to want the income reported on line 21, and the expenses on Sch A, but only so much of the expense as to not incur a loss. If their intent is to pay attention to profit vs loss, I don't know why they don't just have it all put on Sch E, and have a check box for "is u is, o' is ain't fo' profit", and prevent any loss from flowing onto the 1040 gross income.

Well I learned something today! Can't say I'd ever heard of a QDRO before. The US DOL has a good presentation that tells all about them. http://www.dol.gov/ebsa/publications/qdros.html So, if the people involved in the original divorce decree didn't know any more about this than I did I wonder what remedy would exist. Back to court to get a QDRO?

How about Alimony? She reports the whole 40K in gross income, and adjusts off 20K as alimony.

:wacko: Wow!, What a game.. I was pullin for the "small" school, but it wasn't meant to be. The first 7:30 minutes were terrific fun, but, after that I kept thinkin', there's no way these kids from Memphis are gonna win this. It looked like KU had 57 kids on their team, and they just couldn' t be worn down. I thought the kids from Memphis did a terrific job, and the fact that they were in position to win it in regulation had me in disbelief. But, as a Hoosier, one thing I know is you better be able to make free throws. Larry Bird knew it.. Reggie Miller knew it, Bob Knight,... Bob Knight.. who's he?? Hey, he was in Volkswagon commercial tonight.. & threw a chair..! Well.. this was one of the most exciting NCAA tournaments ever, imo. Congrats, Bart.. and, here's congrats to all the "small" schools who made a run.. Butler, Davidson, Memphis,.. et al. Tomorrow, it's back to the dreaded Return Manager, but, I couldn't have asked for more entertainment than I got tonight from a ball game.

Time=Money

Does anyone else use the "Simplified Method Worksheet" from the 1040 instructions to figure the taxable amount of a civil service retirement pension with employee contributions when the US Gov can't or won't figure the taxable amount? I wish the ATX programmer's would put this in the program, so I don't have to keep photocopying a new worksheet for each year's return. I guess I should make a suggestion to ATX. 'scuse me while to "MyAtx.com"

Champaign is a place in Illinois. Champagne is a place in France. And unless you spent Beaucoup Bucks, I'd bet you drank a sparkling wine from California. They make some pretty good ones there. Come to think of it I may have to buy a bottle to celebrate Apr. 15. Congrats on 10 years of marriage. My first one didn't last that long, but, my second has blown past. The anniverseries seem to come more often these days. Oh, and if you just use the first 5 letters you can say you're a Champ!

Boy Scouts is a great enterprise.. God bless all who contibute time, talent, and $. Especially those who no longer have sons involved.

Congrats Bart! I'd just like to drag up a little of "glory days" for a Hoosier, and point out that Larry Brown once went on to be coach of the Indiana Pacers (who are in about as much disgrace today as any "team" could try to get themselves)... Monday nite s/ be a good game..! Good luck, Bart. Any, Memphis Tiger fans here?

can't believe you ruined my perfect string of posts with an actual logical reply.. I'm going back to watch Basketball! .. dammit.. every time I go back it's just another Chevrolet commercial... what happened to the game??!

PUNT!

maybe u s/ go to HRB dude... They probably have a strategy for u. Have u considered an SEP? yes,,... but have you considered investing your SEP contribution in an "off-shore REIT" preferably in country with no US tax treaty..? Somebody shoot me.. SHOOT ME NOW!!!

Dude, what's that worry about efile? You're not using Fee Collect. If their W-2 won't efile, then you do a paper return. Not like it's going to slip in under the radar either way. $900K is a large amount. It's going to get looked at.

Send this one to "American Justice". Ok, i now have the top 6 latest posts on the message board. I'm declaring victory for the night. See you around if you don't turn square!

Psycho was on TCM Friday morning at 8:30am while I was shaving.. I nearly cut myself.

Patty, that's what they do with amounts paid to attorneys who receive the whole settlement and then have to pay their client, and the doctors, and everyone else who's supposed to get paid from the proceeds. BTW, don't cry too much for the attorneys. John Edwards seemed to do all right, as did many of John Grisham's characters.

Jainen, what the heck is a 401c3?

7 views already, and still no replies.. where are all you Tarheels??...

It does get a little difficult monitoring three tax boards, two software boards, and still trying to surf for "entertainment". Has anyone else noticed that KCJenkins isn't posting here anymore. I find her mostly on the yahoo group. Things will sort themselves out and a natural equilibrium will occur.

Bart, if the Jayhawks win this game against the Tarheels as is seems they may, I think you might want to consider changing your avatar to UnderDog for at least one day.. I'm pullin' for your team. I was also glad to see the Memhis kids beat those kids from LA. Monday nite could be the battle of the underdogs, which would suit me fine. Can't believe I'm posting on tax board for the NCAA tournament,... strange thing..