Pacun

If he doesn't have that particular dependent on his return, he cannot claim the credit. It is called (adjusted just for you) dependent care expenses credit.

I don't see why not.

Even with the "better picture", the dependent cannot be claimed because he made too much money and he is not under 24.

If the shareholder was willing to pay $50,000 for the desk and telephone set, just assign assign the cost of the desk $40K and assign $10K to the analog telephone device. (I am assuming that the only assets were the desk and telephone).

It is not clear to me if you are talking about two corporations and an ex-LLC. Please clarify. If I understand correctly, partners sold their interests to a corporation so you have file a final 1065 and dispose all assets and reports gain on schedule D. If one of the partners started new LLC, and wants to file as a corporation, you just need to file a first 1120.

Thanks. I said schedule C by mistake because on the back of my mind I was thinking about SE taxes. I have done this 1065 for a couple of years but this is the first time they are not spliting evenly. Thank you again.

Does it mean that I will have to file a Schedule C with the amounts from K-1 and guaranted payments?

LLC with 2 partners share losses and profits 50/50. These are 2 acrobatic dancers. Each time that a partner performs, he gets paid $200 and the rest goes to the pool. At the end of the year, one partner made $3,000 more than the other partner. How do I report this on K-1? If I leave the 50/50 sharing, each gets equal amounts on K1.

Sounds like schedule E to me.

Request an ITIN for lady and file 1040NR. File 1040 MFS for husband.

As long as he didn't provide more than 50% for his own support, he qualifies mother for HOH and to claim his dependency.

Paper file using ITIN on 1040.

"What if someone out there is needing a fresh social security number so that they can find work and get a drivers license or fresh credit. Losing a tax return with name, ssn, and possibly date of birth can do a lot of damage to your client and a lot of good to a good thief." Why will you use a social security number when you know they might get if there are other 300,000,000 that you can use? How will you get a driver's license with the tax information? NOT in DC.

1 800 tax 1040 option 8 for Español.

I don't think so. You should try and let's us know.

I think that as long as other tax preparers are willing to lie to people and bend the rules to gain clients, we will have this problem. The solution starts with us.

I am glad your ancestors didn't see the world as narrow as you see it, otherwise the U.S. would not be a super power after globalization came into the picture. I do not want to start explaning about the Internet and globalization on this forum.

Return the refund check to the IRS.

"But no income coming from the deceased taxpayers who are benefiting from the rebate." As long as the refund is not burried with the dead person, the government will benefit at some point. (see my big answer above)

Yes, you can deduct it. When you donate you consider your basis, the FMV of the items or the benefit to the non-profit... you deduct the lower of the 3. In your case, since you just inherited and you give it away, your basis and the FMV are the same, so you can use either one. In most cases you compare the Basis and the FMV and the lower is of two is deductible as non-cash contribution. If you have expensive items such as cars, you can deduct the lower of the 3.

I thought we have discussed this before. Imagine that you are the head of a mansion. You are not the millionaire but your family lives richly in comparison to other households and you have millionaires in your household. Your family is huge, and you have doctors, lawyers, millionaires, gardeners, dishwashers, etc. Your mansion and its infrastructure is worth it $100 millions. You owe $10millions and you want to give the gardeners and dishwashers of your family another $10 million dollars and you want to borrow it. The dishwashers will spend most of this money in your mansion. What's the big deal about this? Your assets are much… much more that your debts. Let me tell you another story... I have a huge Cotton Plantation. I pay my workers, they pay taxes on what they make. At the end of the year, I sell my cotton and I pay taxes on my profit. The factory that processes my cotton pays employees, employees pay their taxes, the factory also pays taxes. Levi’s buys fabrics from the factory hires employees, employees pay taxes, Levi’s pays taxes. Levi’s outlet pays employees, employees pay taxes, outlet also pays taxes. Consumers buy from Levi’s, it is not tax deductible. If consumers do not have money to buy, none of the taxable events would take place. Now from the states point of view, I live DC and I go to New York to buy Levi’s. I pay taxes when I buy them to NY, then I bring them to DC to resell them, I charge taxes to my clients for DC. Without taxes, the net cost of items would be very low.

As long as you have a basis and the basis is less than what the non-profit will benefit from your items (or the FMV is more than your basis), you can deduct it.

And it borrows it because it has income coming from taxpayers.

"Those rebates are going to cost taxpayers over $350 million!" Not really. It is coming from taxpayers to taxpayers. Imagine that you have $350 million on your right pocket, and you move them to your left pocket. It doesn't make any difference if you have both hands and both pockets are big enough.

Did you ask him if he was a U.S. Citizen? "he came to the US from Puerto Rico in June", means nothing. Was he born in Puerto Rico? If he said he is a U.S. citizen, I don't see any problems except that you will have to file part year in Puerto Rico and part year in.... (I don't know what state since you didn't update your profile).