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Using Attachments Adding an attachment to a post can be made by clicking on "choose files..." located at the bottom left of the reply box. This will open a box to choose a file located on your hard drive or removable storage media. Locate the file for attachment, click on it to select it, and click "open". The file will be added to your post. Attachments that have already been used in the member's posts and that are listed in "My Attachments" may be used again by clicking "Insert other media" found at the bottom right of the reply box, clicking "insert existing attachment", and choosing one from the existing list that will be shown. "Insert other media" also contains a selection that allows insertion of images using an internet URL. Finding your attachments Members will find their attachments list by clicking on their user name and from the dropdown list, click on "My Attachments". The list includes links to each post that the attachments are posted in. Deleting Attachments Attachments that are used in posts can't be deleted from the "My Attachments" list. In order to delete a specific attachment, the poster must first go back and edit the post(s) that that particular attachment is used in before deleting of the attachment is allowed. The reason for this is to try to eliminate broke links in posts, so please keep in mind that deleting a link to a document containing technical advice or content may alter the usefulness of your post in that topic. Deleting Attachments in PMs The forum's private messaging allows the use of attachments. Please note that if a PM is deleted without first editing it to remove an attachment, that file will stay on your list of attachments and you will NOT be able to delete it. ETA - the system automatically removes PM attachments when all participants have left the conversation. Consider using a file sharing site other another method At the time of the forum upgrade, Eric suggested using a site such as Dropbox for public file sharing so that documents containing technical advice or content wouldn't be deleted later in the future due to a user running up against the space limitation allowed for attachments, wouldn't cause broken links in posts, and so that posts still contain the relevant information if someone is searching for forum in future. Alternately, consider quoting a cite or source, or linking to helpful websites.

The Drake forum hasn't had many users comment on Drake hosted software. One person commented that the printer and fonts were slightly problematic, and a couple of people agreed that it's better to have control of the software on our machines. Specifically, several agreed with slower internet in the more rural areas making this unworkable, or what if the internet was down in either the user's area or Drake's? Then the person can't work on the returns? Plus, with any cloud-based software, the user loses the ability to continue using the software if changing vendors. I'll stick with having the software on my machine for as long as possible.

The portion of sale proceeds relating to intangibles is a class VI asset for reporting on the Form 8594. It would be a sec 1231 gain or loss. You might find Pub 544 helpful, scroll down or search for "Dispositions of Intangible Property"If you want the cite: Code sec 197(f)(1): (f) Special rules (1) Treatment of certain dispositions, etc. (A) In general If there is a disposition of any amortizable section 197 intangible acquired in a transaction or series of related transactions (or any such intangible becomes worthless) and one or more other amortizable section 197 intangibles acquired in such transaction or series of related transactions are retained— (i) no loss shall be recognized by reason of such disposition (or such worthlessness), and (ii) appropriate adjustments to the adjusted bases of such retained intangibles shall be made for any loss not recognized under clause (i).

It sounds a little high to me too. My clients that have actively managed portfolios with an advisor are paying right around 1%.

Sometimes it takes a village...?

It's not a mistake. Line C is the gross farm, or nonfarm, income allocated to the partner. The total of this line for all partners' shares would tie to line 3 of the 1065 and line 14c on page 4.

Me too!

Margaret, my husband turned 65 this month, so I shared the picture below with him. I am 10 years younger and a kid working retail gave me a senior discount today without asking.

Thanks for posting this, Catherine. I enjoyed this so much that I had to share it with my friends that teach.

Randall, to answer your original question, I've never had a letter for any client that chose to take distributions all from one account except the year that one client completely missed taking a distribution altogether.

Adding to the above, it's separate for each account because the beneficiaries can vary and might not be the same for all of the IRAs that the account holder has, and so the life expectancy and table used to calc the RMD may vary from one IRA to the next. Choose the life expectancy table to use based on your situation. Joint and Last Survivor Table - use this if the sole beneficiary of the account is your spouse and your spouse is more than 10 years younger than youUniform Lifetime Table - use this if your spouse is not your sole beneficiary or your spouse is not more than 10 years youngerSingle Life Expectancy Table - use this if you are a beneficiary of an account (an inherited IRA)

http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions#4 According to the IRS, the RMD is to be calculated on each account separately but can then take the year's distribution all from one account. Specifically see the sections "How is the amount of the required minimum distribution calculated?" and the next one after that labeled "Can an account owner just take a RMD from one account instead of separately from each account?" where it says: An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs. Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts. However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.

Haha, I'll take a few of each, thanks! The picture on my screen was big enough to see only the first one and I thought to myself, "look at that cute pup and all that wool to spin into yarn". Then I scrolled down and saw the treat I could have when I was done playing.

Oh, I think that the value would be minimal because it's a start-up with no name recognition, no established customer base, closely held, it's probably limited to one small geographic area, etc. I don't even think a gift tax return is required between H & W anyway. Husband would pick up wife's basis. Again, not familiar with the state laws though.

What about the wife gifting her shares in the LLC to her husband? The gift would create a technical termination on the date of the gift from a tax standpoint since there would be only one owner after the gift and the LLC would then become a single-member disregarded entity on that date. There should be no gift tax consequences since it is from one spouse to the other. I am not familiar with Iowa law to know the ramifications this might cause, but I do know that Iowa is not a community property state, so this couple is not able to use the provision that says a husband-wife-owned LLC can be a disregarded entity, which I assume you already knew and the reason for your question.

Randall and cbslee, these links below regarding the passive activity rules should help each of you with the proper reporting: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Passive-Activity-Loss-ATG-Exhibit-2-7-Vacation-Rentals-Condos-B-Bs-Hotels-Reg-1-469-1Te3ii-and-Reg-1-469-5Ta Also this one has a discussion and lists the 6 exceptions to when an activity isn't a rental under reg § 1.469-1T(e)(3)(ii): http://www.cmorrisonlaw.com/rental-real-estate-losses-passive-activity-rules/ Finally, a succinct blog by an EA that hits the important points of this issue and what to watch out for. From five years ago but still good info here: https://urtaxlady.wordpress.com/2010/10/21/tax-guide-for-vacation-rentals/

The odd thing about this is that the custodial parent is paying the noncustodial parent and calling it child support. If this was their attempt, or their attorney's, at keeping this from being alimony, they certainly didn't have to call it child support. According to tax law, even if it otherwise qualified as alimony, the payments are not alimony for tax purposes as long as they both sign a written agreement or include that in the divorce or separation agreement stating that the payments aren't deductible as alimony by the payer and aren't includable in the income of the recipient. The above is for agreements post-1984. Different rules were in place for pre-1985 agreements.

If you read the entire topic, Mr Pencil had already given the answer to your question 17 months ago. Nonconforming treatment would be disclosed on Form 8275. Are you a tax professional?

Because the corporation has a short year that ends in 2015 and the 2015 forms are not yet available, the IRS will allow the final short year return to be filed on the 2014 forms. However, because the OP's year ended on 7/31, the final return's due date is 10/15 and its due date could be extended to 4/15/16 allowing the final return to be filed on the 2015 forms. I'd probably request the extension and file next year using the 2015 forms unless there is a state requirement that must be met by filing sooner or there is some other reason why an extension is impractical.

Very entertaining. It was edited from 2 performances or more though, one inside and the other one outside.

Yes, you are correct. If the deceased IRA owner had reached the required beginning date to start distributions and was required to take a distribution for 2015: if the deceased grandma HAD taken IRA distributions that were enough to satisfy her 2015 RMD, then the beneficiary distributions would begin in 2016 as I described in my earlier post. if the deceased grandma was required to take an RMD for 2015 and HAD NOT done so, either because she usually took it later in each year, or the pay frequency was such that she hadn't met the minimum amount yet for the year, then the beneficiary is required to take a distribution in the year of death so that the deceased IRA owner's RMD is satisfied. This distribution is paid to the beneficiary, and is taxable to the beneficiary that receives the RMD, not the estate. If the beneficiary fails to take enough in 2015 so that grandma's RMD isn't met, then the beneficiary is subject to the 50% penalty on the shortfall.

Yes. The first RMD he is required to take will be in 2016, the year following the year of grandma's death. If he only wants to take the minimum out, he will use is life expectancy from the single life expectancy table for the 2016 year, and then subtract 1 year from that number for the subsequent year distributions and not go back to the table each year. There is no 10% early withdraw penalty for him because he is required to take these distributions, no matter his age. If he doesn't take enough of a distribution in any year to meet the RMD requirement, he is subject to the penalty that is 50% of the shortfall though.

Tom, there is no step-up, and no recalculation of the GP % or other figures used to report the installment sale. The recipient "steps into the shoes" of the decedent and continues to report the installment sale in the same manner.

From pub 537 - Transfer due to death. The transfer of an installment obligation (other than to a buyer) as a result of the death of the seller is not a disposition. Any unreported gain from the installment obligation is not treated as gross income to the decedent. No income is reported on the decedent's return due to the transfer. Whoever receives the installment obligation as a result of the seller's death is taxed on the installment payments the same as the seller would have been had the seller lived to receive the payments. However, if an installment obligation is canceled, becomes unenforceable, or is transferred to the buyer because of the death of the holder of the obligation, it is a disposition. The estate must figure its gain or loss on the disposition. If the holder and the buyer were related, the FMV of the installment obligation is considered to be no less than its full face value.

From Pub 925: Dispositions by death. If a passive activity interest is transferred because the owner dies, unused passive activity losses are allowed (to a certain extent) as a deduction against the decedent's income in the year of death. The decedent's losses are allowed only to the extent they exceed the amount by which the transferee's basis in the passive activity has been increased under the rules for determining the basis of property acquired from a decedent. For example, if the basis of an interest in a passive activity in the hands of a transferee is increased by $6,000 and unused passive activity losses of $8,000 were allocable to the interest at the date of death, then the decedent's deduction for the tax year would be limited to $2,000 ($8,000 − $6,000). If you inherited property from a decedent who died in 2010, special rules may apply if the executor of the estate files Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent. For more information, see Publication 4895, Tax Treatment of Property Acquired from a Decedent Dying in 2010, and the Instructions for Form 8939.