Pacun

The Dell No 2 on your suggestion is a Latitude E-6430 which is very old. My little daughter uses a Latitude E-6440 and she uses it to play and watch videos, not as working tool. I do think that I rather buy 2 or 3 DELLs with the price of an Apple. If one of my dell dies, I have one or two more to replace them. In your suggestions, if I apply my theory, I would buy at least 5 computers with the price of one from my suggestions. I guess it is a matter of taste. Personally, I love when my computer boots up and opens ATX in less than 2 minutes.

I don't have a cite but you can capitalize all those expenses. I like this question and I hope someone else answers it for you. Someone could argue that you can use those expenses on Sch A, but what if the person already has two houses? Also with the new law, you might be limited or not benefit by using those expenses on Sch A.

I agree. Catherine wants to build suspense and expectation before telling her joke(s).

Currently, 8GG is perfect, but within the next two or three years 8GB might not be enough. 16GB will be perfect at that time, so if you want to be safe, 32GB will be a perfect purchase. Remember, that a computer will last at least 5 years... who knows what computer power will programs demand in 4 years.

These are corporate laptops, but they are not cheap. Precision 3520 Summary (higher version available but HD choices seem to be limited) Starting Price $3,281.28 Total Savings $985.14 Price $2,296.14 512GB M.2 PCIe Solid State Drive Class 40 32GB, DDR4-2400MHz SDRAM, 2 DIMMS, Non-ECC 3 Years ProSupport with Next Business Day Onsite Service Intel Core i7-7820HQ (Quad Core 2.90GHz, 3.90GHz Turbo, 8MB 35W, w/Intel HD Graphics 630) ****** *************** ******************** *************************** A similar Latitude 7490 with 16GB of RAM will cost you: Latitude 7490 Starting at Price $2,991.86 Total Savings $897.56 Dell Price $2,094.30

If I understand it correctly, Canada has a social security system and in addition they have a pension that people get when they get old. So, if you qualify for one when you retire, most likely you will get both. Again, I am not 100% sure but you report one together with the US SS security benefits and the other on line 21 since ATX might not like you to enter pensions without entering the pension forms.

I used to build computers thinking that it would be easier to replace parts, but DELL made me change my mind for two reasons: 1.- I cannot build a computer and spend less than the price DELL charges. 2. DELL has a next day service for 3 years free on most purchases and you can add warranty to 5 or 7 years if you want for an additional (reasonable) fee. In your case, DELL would replace the power supply and MOBO the next business day. AND it would be harder for me to find a similar MOBO vs DELL finding a MOBO that will not need any drivers when replaced.

Nothing wrong with donating a car and cash at the same time. The church will give you two different receipts and they are not related to each other. Once you give money to the church, it is unconditional and you no longer have control over that money, if they church decides to give it to the pastor or fix the car is beyond your control.

In the future, if your client donates a car worth it $4K, and then pays the mechanic $1k+, please don't pay the mechanic but rather make the check to the non profit and have the non profit pay the mechanic.

You need proof EVEN when the person reported the income on his 1040!!! Remember that auditors DO NOT have access to all filings... they only get access to the account they are auditing so they don't know if the person reported the income or not when they are auditing your client's return.

What services is he providing to the parents?

I love the type of statement that I am going to make. When the encryption software says that it is going to encrypt only data, it means it will encrypt the programs and data. I know that statement will have some reactions... but c'est la vie!!! ILLMAS, you can encrypt the whole "container" and that's called "whole hard drive encryption". Each time before the computer access the hard drive, you will enter a PIN. Once you have entered the PIN, the hard drive is wide open and it is business as normal, except that the data you will be saving will encrypted because you will be saving it on an encrypted Hard drive. So having your hard drive encrypted, will not interfere with your programs because your programs will be active on a wide open hard drive like right now that your don't have an encryption software. This is what encryption is: It seals the hard drive and also some of them move the master boot record. Since you have the hard drive without encryption, if someone steals your hard drive or computer, they could easily be put on another computer as a second hard drive and they can see all your data. If they steal your whole computer, they have two ways of getting to your data, one is by using a program and getting either an account created on your OS or by changing the admin password on your OS, the other is by putting your hard drive on another computer as a second hard drive. If you encrypt the hard drive, they will be able to format your hard drive but they will not be able to see your data. Please encrypt using bitlocker since it is built-in on Win 7 and up as long as you don't your home edition. Save the recovery key dearly because if you forget your PIN or if your computer doesn't boot up, you will NEED IT BADLY.

I guess it is too late to donate that money to the PACUN foundation vs giving it to the IRS. The first thing I would do is to file Form 4506T option 8 and maybe ALSO request a copy of any tax returns available from the IRS. Let's say that those dividends were split in 10 years, maybe that money was available for deceased and therefore you will have to file 10 years of taxes for 10K each year. That will increase your fee and reduce their taxes. Remember the doctrine of constructive receipt.

When I go to live seminaries, the first thing I do is to find out what's for lunch while I get some coffee and "continental" breakfast. The next thing I remember is that I am sleeping after drinking my coffee. Then it is lunch time, I normally eat a lot so a nap is in order. After my nap, I go and sign my name on the attendance list and voila... the organizers are happy because they got my money, I am happy that I got 8 CPE credits and the IRS is happy because I am studying. I guess I agree with Jack, seminaries make everybody happy. I know Jack... I should request a refund because I didn't learn anything... but then again, why will I risk my 8 CPE credits? I have used www.webce.com/ (apluscpe.com) some years and some other years I have attended Bob Jennings of TaxSpeaker seminars, I have taken live seminars and on line courses from www.natptax.com and I have taken live courses from the Maryland Society of Accounting and Tax Professionals. All of them have some good stuff but Taxspeaker seminars are a bit expensive and again you will get 8 credits as long as you keep your chair warm.

It seems that you can pay 50 cents per credit if you buy the membership and you study and pass 200 credits in 12 months. I wonder if I buy it now I can use the CPE for this year and the next. If that's possible, I will not join for a year and then I will join again. Max, do know you get news letter or any other live training opportunities from Sequoia?

Going back to what Katherine suggested, this is what I do: I have a regular user account named admin and that's what I use for my daily work. Then I have an account called receptionist and another called user123 and those two accounts are admin accounts. If my profile is not working, then I log on as receptionist or user123 to fix any issues. I forgot to mention that a lot of corporations are using bitlocker which is built in encryption from Microsoft on versions other than home for Win7 and Win10

I agree with your explanation and analogy.

You are right. I was thinking about gifts. I have seen examples of stock and houses that get step-up basis. I have not seen income-producing items that get step-up basis. Which is interesting if I inherit the McDonalds corporation, will I inherit a bunch of restaurants or a bunch of stocks?

You are right, when the transfer is from the dead to the Estate. But when the State passes the property, when the beneficiary sells the property, the basis for gain is the lower of cost or FMV. You still need the records from the deceased to calculate the gain. Again... this is from the top of my head.

FMV is for the area where the item is... if I am not mistaken. If not, the IRS will say... I need appraisals from 3 different areas to come up with FMV. I want an appraisal for the area where the item is, and I want an appraisal of the FMV of that item in England and I want an appraisal of what that item would cost in China.

If you have a business property, you do not get a step up basis, rather you grab the shoes of the deceased and wear them.

So if it was personal, the basis will be the FMV at the time of death. Since it was recently, whatever the scrap dealer pays for the "equipment" is the basis for your client. If they were equipment used in a business, maybe your client will have a gain and pay taxes on it if all the items were fully depreciated while the farmer was alive.

I still believe "intent" has some role to play. What was the intent when they vacated the house? Was the intent to leave as investment property and then "why not rent it for a few days?", or the intent was to rent it but they cannot get a tenant with a year contract. What will happen if they get a tenant that says, "I want the rent the house for a whole year"? If they refuse that tenant, then the property is not available for rent and you might have to prorate. I agree with the others... if the property is available for rent all the time but it happens that you only get temporary contracts, then depreciate it and deduct all expenses.

What is the intent of the purchasers when they bought those houses? To when the "housing market is exploding" means that there is a lot of demand for housing AND it is for both rentals and purchases, so I doubt people will purchase homes to have them rented only 100 days when the housing market is hot.

OK. But I still believe that FMV is 50%, which in turn is the basis of the items. If you don't have any other better offer, that's the FMV, correct? To me this is exactly the same as what they do in my country. You have a corn field ready... all the sudden someone shows up and says... I am giving $2,000 for your field and I will bring my people and my people will do all the work and I will take the end product. To the seller, there is no transportation expenses. The seller cannot say, I got $3,000 for the field but I have $1,000 in transportation expenses, just because if he would take it to the city they will give him $3000.