Margaret CPA in OH

Okay, now we're getting silly but isn't this a fun 'relief' at this season's point?

Who could imagine this would get into such detail? Thanks, Catherine, for providing this 'fun' diversion in these last grueling days of the season. It's certainly led us into some interesting rabbit holes (just in time for Easter)!

Lee B, but you have to work year round. I don't Different strokes....

Obviously all y'all's mileage varied from mine. I do wonder about the rather small (I assume) percentage of the expense will relate to the home office. Glad I don't have this problem with enough of my own!

I was never so happy as when I rehomed all business clients (save a couple of small Sch. C and E) when my other CPA retired. There was no way I was going to do payroll and accounting. My tax season is so comfortable now with about 50 clients and evenly spaced. The turnover is really small, usually passing but it seems there is always another new one coming. It works very well for me for those 10 or so weeks. I enjoy the handful that come in to check up annually and the couple I go to see. Most have been with me at least 25 years.

Referring to one of my handy dandy charts, I see this as a betterment (ameliorates a material condition or defect) or, depending on materiality, to be capitalized. I'm not sure how you would determine the materiality of the unit of property, though, even as it seems to be a building system, i.e., plumbing. Either way, my chart points to capitalization depending on materiality which may be a challenge to calculate given that percentage of the home office relative to the entire property. I am assuming that the water source is not exclusive to the home office. Given the extent of the work and material involved, I would not think just a repair. Just my opinion, ymmv.

Tom, I just finished and efiled one yesterday. I went to 4684 Input. For my client I selected Income producing (her entire retirement plus all her investments), Type was Cash, her address, the original date of retirement and date the theft began. Long term and the original cost on lines 20, 23 (FMV) and 27a ($729,462). It flowed though to Sch. A and to page 1 of 1040 as itemized deductions. It shows on 4684 page 2 section b part I column A and flows to section !!. It was efiled and accepted. We shall see what next steps happen.

Yep, a Super Saturday!

Marilyn, my all in one is my backup laser printer. When my old fax went out (I just received a 30 page fax this morning from a less techy client), I decided to have the all in one with laser to use as my back up printer. I've had to use it just once but belt and suspenders....

Yes, to backups. I have a second hard drive in my computer to back up and a small external hard drive I keep in a small safe as well as BackBlaze for continuous backup. And my trusty tech guy who performs miracles.

Yes, I always use that Tax Summary and love the carryover information. It has for AMT, Roth contributions, Foreign tax credit, and probably more than I recall at the moment. I print it out on pdf or paper along with the comparison for my clients.

Christian, I feel your pain. Mine died last fall and that was the impetus to get a new one (my tech guy builds mine) with Win 11 Pro. It was such a pain restoring, moving data, reinstalling programs, fortunately he did 90+% of the work. I'm glad it wasn't now. Hopefully you are back in business now!

Look on Form 1116 in the first tab, Pages & Worksheets. Scroll down to Sch B (1116) - Credit Carryback/Carry forward and enter the data there.

My Brother return and other document printer, HL-L2325DW - is laser, fast, double-sided, does envelopes and labels. I also have a Brother MFC-L2710DW that is also laser, fast, makes good copies and scans and, of course, sends and receives faxes. Yes, I still have folks sending me faxes and I have had to fax documents to IRS agents while on the phone. I believe it can also work through the computer but have not set that up.

Gail in Virginia, when you switched to an electronic fax service, were you able to maintain your original number? We are likely moving this summer so will lose our land line including the fax line. I can change my business number to a cell easily enough but not the fax, I think.