Roberts

Exactly. I have had several people want to get together and determine what steps need to be taken to prepare for the new plan. What's the point? Even if they pass a tax bill, we don't honestly know what it'll look like right now and it's not a certainty they pass anything. Honestly, taxes NEVER get significantly more simple.

There is a very convoluted equation I go through where I ask the client if they would rather take more depreciation or less and how long they plan on owning the rental property. I decide between 10% and 70% of the value. Then I ask "does it seem reasonable the land itself might be worth $X?", they say yes and we roll with it. My county tax doc says the land under my house is worth 10% of the value assessed. In reality the land is worth about 70% of the value of my home. For my co-worker the land was worth more than the value of the home as the buyers had to spend $20k to demolish it so they could build a mansion on the lot.

WIll that allow the use of Foxit Reader? I've completely dumped Adobe Reader for the Foxit version. It allows me to easily highlight areas for signing, add some typing if required plus use it as my scanner software. It seems far smaller and quicker to use.

It's good to have a niche you are good at. I do maybe 3 EITC returns, don't see the horrific issues others have mentioned. JMO but the irregular health insurance junk annoys me far more.

If you mine you have a double issue. Schedule C for the mining Schedule D for the liquidations

No. Technically they are supposed to report their trades but reality is it isn't traceable for most people. When one sets up a wallet or trading account, the SSN information isn't exchanged. A bank account or credit card number MAY be exchanged. A company that pays with bitcoin and would normally be required to issue a 1099 is still required to issue a 1099. The IRS is supposedly trying to figure out how to monitor who is trading but part of the allure of bitcoin is that this isn't really possible. That's why the majority of the coins are owned by foreigners (and criminals) looking to avoid government oversite. Very few of the public owned bitcoin actually ever circulate and that's why the price has skyrocketed. The last time I checked, the US Government is one of the biggest owners of Bitcoin and they can't sell it because it is evidence.

https://www.irs.gov/newsroom/american-opportunity-tax-credit-questions-and-answers Q19. Can F-1 Visa students claim the AOTC? A. For most alien individuals present in the U.S. on an F-1 Student Visa, the answer is no. Generally speaking, the time spent by an alien individual studying in the U.S. on an F-1 Student Visa would not count toward determining whether he or she was a resident alien under the substantial presence test for federal tax purposes. Thus, if you are an alien individual with an F-1 Student Visa, you are probably a nonresident alien. In general, if you are a nonresident alien for any part of the year, you do not qualify for the AOTC. However, your parents may qualify for the credit even if you are a nonresident alien student if they claim you as a dependent on their tax return. If you are a U.S. resident filing Form 1040, and your parents do not claim you as a dependant, and you meet all of the other requirements for the credit, you may qualify for the credit.

I have only Windows 10 on all my laptops, all using Bit locker and have never had a problem with updates.

15 years ago if our office went up in flames - we were basically out of business forever. We had EVERYTHING in physical form and we had about 30 filing cabinets worth of stuff. Today it all fits on a zip drive and I have 2 real time copies and a bi-weekly backup. A ton of our stuff is scanned into and operated off of a remote office environment via another firm. Amazing how things have changed. When it snows here and I stay home from work - I literally can do 100% of what needs to be done and no client would know I'm not in the office. If I need to switch laptops in an emergency - it would take me <30 minutes to up and running.

IMO, I'd want to document the amount of repairs and decide if what your client is doing is actually a rehab. If they decided to do a significant rehab of the property, a temporary stoppage is normal and capitalize the rehab expenses. If what they did was drag a small repair job out for 16 months - that's not really applicable. The IRS would IMO want proof they are actually actively managing the property as a rental business.

While the tax return is showing a loss due to depreciation, it would be obvious that he's not actually incurring a loss - right? Many real estate investors will go a decade without showing a profit on their tax return. $5 million in assets and he's recognizing $100k in revenue is the problem (I'm assuming you were just using a low example).

I'm cheap so I generally keep track via a spreadsheet. Our billing is probably less intrusive and involved than yours. I book all payments into Quickbooks but don't use it for billing and accounts receivable.

JMO but you'd have to know what the court settlement states. Was part of the settlement based upon an agreement they would repay the insurance company? If that's the case, as was stated the bills were paid by someone else still. If it was a voluntary repayment, I think that's an arguable position. Why did they pay back the insurance company? edit: just looked it up - insurance companies can get repaid when the settlement includes their medical expenses. No deduction in my opinion.

Correcting Your 1099-R Retirees and annuitants with questions and concerns regarding incorrect tax information may contact the DFAS Customer Care Center at 800-321-1080, submit your inquiry online on our website, or write/fax to: Retirees: Defense Finance and Accounting Service U.S. Military Retired Pay 8899 E 56th Street Indianapolis IN 46249-1200

If they are a cash basis landlord, why would one issue a 1099 for unpaid rent?

I could see people caring if they were not filing correctly to avoid paying on a student loan - otherwise it isn't a major factor IMO. I've also known people who were married and I had no clue. My neighbor for one had been living apart from her husband for 30 years and I just assumed he was dead from the way they talked! Maybe wishful thinking? Guy I know got divorced and moved in with his ex-wife a couple years later. If the IRS was ever going to have a read flag you would think that was it. They aren't a couple at all, just friends living in separate parts of the house.

How does the IRS determine someone is married if they aren't? I have clients who live together, have the same last name but insist they are not married and never have been. I file as two single individuals and the IRS has never cared. As far as I can tell their only justification for wanting to be single (assuming they are actually married) is that they keep their finances completely separate. They would actually pay less in tax if they filed as married. Her deduction is only partially being used.

Received the email so I thought I'd renew - my password isn't working and when I requested a new one - I'm not getting an email with it. Every freakin year I have a problem somehow with the IRS website and my log in.

Hacking is NEVER ending. Literally never. They will always find vulnerabilities in online accessible software. The US Government (not to be political) literally installs malware on every new computer sold with Apple or MSFT operating systems unless you build it yourself.

If you waive the Equifax lawsuit right you aren't just waiving your claim, you are reducing the financial punishment Equifax will be given. If everyone followed that through process, Equifax would be able to avoid most of their punishment. Plus by signing up to their free service, you'll be bombarded with advertisements from them in a year to renew or risk being hacked.

Love fall - hate picking up the leaves. One of the reasons we are beginning the process of moving to a condo.

Sorry, missed the messages to me. Equifax is waiving the fee and so is Innovis if you are inclined to put a freeze over there as well. For the wife and I it was $20 total - not horrific. The fees are set at the state level. Financial crimes rarely end in prison terms. I don't know of a single mortgage broker or investment banker that went to prison for mortgage fraud. Equifax and their investors will pay a substantial fine, all the key people will quit and move to other companies doing the same work and it'll all be forgotten from their end as we deal with this for the next couple of decades. Keep those pin numbers in case you ever need to suspend the freeze. We have no debt but might be buying a condo in a year so I'm a little concerned we might need a bridge loan as we sell the rest of our property to pay for it. I wonder if the loan companies tell you which company to unfreeze so they can check your credit.

Friend of ours works at a paper product factory (paper towels, TP, diapers and so forth). Wife complained to him one time the toilet paper rolls were getting smaller and smaller and his reply was that maybe her butt was getting bigger and bigger. Thankfully my wife took it for the joke it was, friend's wife on the other hand did NOT think it was funny at all. One of the many places I worked in college was a collections agency. The workers found the supply closet unlocked one night by accident and a girl took about 30 of those massive TP rolls and a case of paper towels. Declared it her bonus for a job well done!

It appears all the credit companies are completely swamped! I was able to install the freeze on the accounts but I can't get a free credit report because the sites are swamped. What a mess.

I was wrong on a credit freeze. It's a block so that NEW credit issuing companies can't look up your credit report - which in theory would prevent them from issuing new credit / loans. It doesn't prevent your current lenders (credit card companies) from searching and is doesn't prevent a criminal from looking up your information. It's a one time fee (supposedly) to put this freeze into place. If you move a lot or carry a credit card balance / refinance your debt often - it might be a pain but still worth it.