SCL

i think the $1500 max allowance understates the actual deduction available if taken on the office in home form.

georgem...what is your current tax program?

spoiler alert...cch/atx is having a terrible time delivering a functioning tax program...so far.

that topic is pretty much what "the other board" has been discussing for several weeks.

supposedly, a cure is just around the corner.

mental telepathy to the monitor screen is in deep black ops research. it is one of steve jobs last secret apps that apple is working on.

You're traveling through another dimension, a dimension not only of sight and sound but of mind. A journey into a wondrous land whose boundaries are that of imagination. That's the signpost up ahead - your next stop, the Twilight Zone!

this tread is not about opinion...if it was, you would have standing.

this thread is about your ad hominim attack (logical fallacy.) against buffet.

buy a vowel...get a clue.

pffft!

sorry presumptuous breath. i do around 100 mid to higher end returns. last year i did not do one eic.

you had no problem spewing hyperbole, specious, and fallacious arguments (plural) well before i offered my so called 'silly' name (not 'names').

>>He's a total hypocrite.<<

You have previously endorsed a flat tax, but since that has not happened yet do you feel hypocritical claiming your deductions? Of course not. Everyone is entitled to their political opinions for change while still following the law as it currently exists.

thank you jainen.

get in line right wing hypocricts...then you can judge...maybe.

how soon we forget about the 2008/09 $1+ trillion bailout of criminal wall street/investment bank plutocrats...and the subsequent $3 trillion (and counting) inflationary expansion of the money supply to finance the 'too big to fail' extortion.

leave the eic alooonne!

Might be a good time to consider a small donation to help Eric with the cost of keeping this board going?

i agree ($50)...i have revisited this atxcommunity site after an absence from around 6/30/12.

as expected, i found insight, wisdom, knowledge, and value for my small100 client benefit.

thanks to all and eric!

carpet is a specifically noted 5 year rental property class. i'm assuming the amount is a thousand or more (2 or 3+ thousand? - it helps to know the amount and in relation to the gross rent).

i'm not sure if this is any help...but here are two thing i know after years of working and reworking ?50 business vehicle like kind exchanges - the tax book or quickfinders has a worksheet and explanation of the matter AND any discussion of this subject on tax blogs has been avoided like the plague. may the force be with you!

it is a real BEEEEAAAACH!!!!

1) an election to treat the new vehicle's depreciable basis as a seperate asset (the old way that now requires an election attached to the return) OR continue depreciating a combination basis of the old asset (that no longer exists) and the new asset - as god is my witness, this has never made any sense to me since it was introduced many years ago. for what it's worth, i make the election.

2) milage or depreciation (depending on the situation, i take milage or elect straight line because early dispositions of accellerated deprn require recapture that is its own nightmare, % business use, luxury car limits, fm 8824 (LKEx), and more.

3) TWO different numbers need to be tracked - the depreciable basis of the new asset AND the taxable basis of the new asset - because there will likely be a (large?) loss if it is ever totally disposed.

4) what do i charge for this?

i have my hold and release state efile preference set to "always".

yes, a bit earlier, i had to manually release some states (to get a created status).

my most recent states automatically released to created...after fed was accepted.

if student didn't pay any tuition in 2011, then yes they are screwed for any 2011 tax credit.

the moral of the story, like many tax stories...poor tax planning.

>>Secondary mean High School<<

The regs are referring to the education, not the student. There is no requirement that you have to be a high school graduate to claim the Lifetime Learning Credit. However, the education must be part of a college degree program or to improve job skills. Most high school students would not qualify on this point except for Advanced Placement classes.

jainen...i took a quick look at TheTaxBook, Tab 12-1: Comparison of Educ Credits - (under) Lifetime Learning Credit

"available for all years of post secondary education (as you say, and i agree, at a college institution and not whether the student is a high school graduate) and for courses to ACQUIRE or improve job skills."

"student does not need to be pursuing a degree or other recognized education credential."

(edit) TD!...thanks for your response.

more about my 20% lifetime tuition credit story...many high school districts offer paid tuition for students taking allowed community college credits while in high school (not what i'm talking about). this participation requires an accepted enrollment in the CC. any other CC enrolled credits (summer school or regular school year) taken and paid for by the high school student have generated a 1098T.

my interpretation (subject to further review)...qualifying "post secondary" tuition expenses include payments made while enrolled in any CC or even a 4 year college/university...and not just tuition expenses paid AFTER high school graduation.

LOL! :ninja:

i digress...but taking a shot at a lifetime tuition tax credit question for jainen:

high school student (parent) pays for summer school community college credits...and receives a 1098T for $900.

20% lifetime tuition credit or not?

my opinion is yes..but it is against all prior opinions i have read about what the meaning of "post secondary" education "is".

bump...for any other late arrivals.

kc...god bless you and your family.

you will always be the atx "queen bee".

bump...just in case any savant (jainen?) has a bit of insight into this mess.

HSA seems to be an emerging tax prep problem. thanks irs.

i'm also trying to figure out the specifics of HSA: w2 box 12 W (or not, LOL), fm1099sa (HSA distributions), and fm8889 (reconcilation of distributions and possible?? agi deduction).

my main question: are employee/employer? contributions to HSA accounts pretax or not (on w2s)?

if they are not...then why aren't they?

jainen and joanmcq...thank you for your attention to this board...iloveyou!

i have had ONE (recent) experience with this type of situation...apart from the disability aspect (?) that may save this taxpayer.

from prior discussion on this board and after the fact , i now understand this:

the taxpayer initiated an ira withdrawal one or a few days before turning 59 1/2. the check (distribution) was received after 59 1/2. "CONSTRUCTIVE RECEIPT" establishes the distribution date before 59 1/2 (like a stock sale trade date). the local prudential insurance company broker/agent who filed the paperwork did not know about "constructive receipt"...the national prudential tax/ accounting department did know about "constructive receipt" and issued a code 1 distribution.

I was wondering the same thing...I can't say I have alway gotten them either

it seems there is somethng different going on this year with efiled extensions (fm 4868). as far as i can tell, no dcn# is being created for extensions. some long submission# is being created...and it changes (increases) if you recreate the efile extension.

i have submitted a few extensions that have been accepted. so i guess i am a happy idiot...so far.

there does seem to be a new bullshit need to enter a signed date on form 8878 to allow the efile extension...if you are using the prac pin and ero entered method (the only way to fly).

what does this mean?

do you need a signed (the bullshit part) fm 8878 to generate the efiled fm 4868 extension. before you only needed a signed fm 8878 if there was a direct debit payment being made on the extension.

1099G's don't lie...they are reported to the irs.

there is really not a blame here...except that you have to jump through hoops to make something right that probably net/nets to around a 0 tax effect. amend the earlier retun and get a refund (plus interest) that covers the extra tax on this years return.

i hate it when that happens.

"you bastards"...stan or kyle