ILLMAS

Grandpa: Timmy accept me as a Facebook friend Timmy: WTF! You have Facebook grandpa? Grandpa: What is WTF? Timmy: Welcome to Facebook

Only in Ohio, I wished a Bears fan would thought about this. http://chicago.cbslocal.com/2013/07/09/browns-to-honor-fan-who-took-shot-at-team-in-obituary/

This man was so cheap, we would watch movies in reverse to see when the prostitute returned the money.

Ms. Tomlinson is in the wrong business she should be more like an attorney.

"I thought you said Jill was already the 100% borrower?" That's correct, Jill was and is still 100% responsible for the loan according to bank papers, John name is not on the loan, but in the written agreement, they are both responsible for the loan at that time. They were both supposed to be on the loan, however John credit history was not the greatest. Something that surprised me was that John never received a letter from the IRS for the mortgage interest that was not under his name or ss#. I did not think (cross my mind) of John basis being limited to the $50K he came in with and I really wished they would of reported 50/50 on each tax return that would simplify things.

Thanks, now I would like to use numbers: Building Cost $450,000 Land Cost $ 50,000 Total Cost $500,000 Down Pymt $100,000 $50K from Jack and $50K from Jill Current outstanding loan: $370K Jack is responsible for $185K and Jill is responsible for $185K Jack reported the $450K + $50K on Sch E, his accumulated depreciation is $40K, so his adjusted basis is $460K. But technically they are 50/50 owners, now to dispose from Jack tax return would this be the following entry: Jack adjusted basis is $460K Sales Price $370K this is the amount of the outstanding loan, Jill agreed to assume the 100% of the loan. Loss ($90K) But Jack isn't entitled to the 90K loss, his loss would only be $45K (half). Maybe I am seeing things wrong or mixing things up, if someone can help me on this I would really appreciated it. Thanks

Once in a great while you get a client with an usual situation that gets you thinking. So here it is, Jack and Jill (no relation) bought an investment property together. Jill had better credit so the mortgage was put on her name only and they had an agreement, that Jack will be responsible of reporting 100% of the rental income and expenses, and Jill would be like a silent partner until the property was sold. Jack has been reporting the property for a couple of years on Sch E, fast forward to 2013, Jack no longer wants to do anything with the property and has waived all his rights to Jill, a quick claim deed had been made and Jill is 100% owner now, my question/concern is how to properly transfer the property from Jack Sch E to Jill Sch E? Is it reported as a sale to dispose of it from Jack tax return, or simply just transfer it to Jill's tax return, same basis, accumulated depreciation? Thanks

Can an 1120-H be efiled? If so what is the form number, I cannot find it FOUND IT 8453-C or 8879-C Thanks

I had a similar case, business client of mine received the call but didn't have records so she told them to call me and gave me permission to provide what ever they needed. Here is the deal, the owners daughter bought a house put down that she worked for her parents business and with the help of the realtor and loan officer they prepared a fraudulent W-2 to qualify her for the loan, well the property went into foreclosure within months and the company was verify information that happened in 2005/06. They build a case to go after mortgage companies.

If I were an IRS auditor I would ask these questions: 1. Was your client paying FMV rent to his mother? 2. Was the building sold to him at FMV? 3. If you were renting from a non-related party would have put 600K of improvements? 4. Who benefits if you sell the building today? Then I would allow 39 years of depreciation Question #3 was asked in a real audit, when Corp made huge capital improvements to a building owned by the same owner. Auditor wanted to move the assets to the personal return and disallow on the corp. return.

What do you get when a person is an attorney and a CPA? http://www.chicagotribune.com/news/local/ct-met-lawyer-billing-complaint-20130626,0,5494819.story

This applies to business people only, student visa don't require for you to demonstrate you have capital in your country.

The best tasting Hostess comes from their outlet stores : )

Marinela has one called Gansito, it's like chocolate cover Twinkie with cream and strawberry filing, also the short bread cinnamon called Canelitas and can't forget barritas de piña.

I lost 100lbs eating them, gain all 100lbs while their absence, I cannot wait for them to be back on the shelf

Okay here is what I suggest, lets say your client had 2 buildings: Building 1 Cost $250,000 A/D ($125,000) Building 2 Cost $100,000 A/D ($55,000) He then sold both buildings for $500,000 and received an initial payment of $300,000 and received the remaining balance in 3 separate payments. This is how I would record, of course deleting the deposit of $300,000. D C Cash $300,000 Building 1 $250,000 Building 2 $100,000 A/D $125,000 A/D $ 55,000 Gain on Sale $330,000 Receivable $200,000 You can name this a due from or note receivable Totals $680,000 $680,000 Then once the other payments come in, you would offset them to receivable. If the contract to sell everything at once, this how your JE should look. Hope this helps.

Has the client finally received the complete sales amount?

You mentioned that 2013 hasn't been reconciled, you can simple void the deposit or delete, your JE will affect cash which will show on your bank rec. Ah and NBV stands for net book value.

"Of course, then you'll have to talk about who is paying them or whatever else is going on." Bingo, we always turn a blind eye for our clients don't we.

Yes a journal entry would work best, here is an example: D C Cash XXX Building XXX A/D Building XXX Gain/Loss on Sale XXX or XXX Income account If the commission was paid at enclosing, I would just reported it separately and reduce it from the gain/loss or if necessary you can create a closing cost account. Where it makes a real difference is on the tax return, for book purposes just reporting the gain/loss is what is important.

True, but remember when you say illegal alien the first that comes to mind is Mexican, but there are also illegal aliens coming from Europe, South America, Middle East, Caribbean and Asia. We normally exclude them because they blend in and don't automatically think they are illegal don't you think?

I agree illegal aliens sounds politically incorrect, just like the word negro. FYI they have the same responsibility of filing taxes like everyone else

I took my iPad to last year IRS tax forum and found it impossible to take notes, it was okay to follow the PowerPoint presentation.

LOL it was a trick question and you figured it out.

"she did not have a copy from the original visit" Agree, they failed to mention anything about what she did with her original copy, I get this all the time, can you send me a copy of my return because I need it for the bank.....