Gail in Virginia

I can deal with the smell of hard work if I have to, but those who bathe in cologne or perfume drive me insane! Definitely a case of if a little is good, a lot must be better - NOT!

I think unless you are subtracting this income from the income on VA it is eligible for the Other State Credit. You just need to attach a copy of the non-resident WV return to the VA return when you file it.

Good to know, but won't affect Virginia state balances due as far as I know.

I have a client, Virginia resident all year, who received a 1099MISC showing royalty income with PA tax withheld. They had a 1099 for the same place last year, but no tax was withheld. The amount went from less than $1500 to $1886 this year. The income is listed as being PA income this year. Last year it did not indicate a state but I am sure it was the same. If I fill out the PA non-resident taxes, they owe $4 more than was withheld even though this was their only PA income. But I hesitate to mark the box "not taxable on Schedule E in Pennsylvania" without know why it would or would not be taxable there. Any PA preparers (or smarter than me people) who have any advice?

For insurance purposes, I don't think it matter whether the child(!) is your dependent or not. I don't know why she is putting him down as a dependent for the Marketplace, but she can consider him a dependent for insurance purposes until he is 27 now. If he is making too much for marketplace insurance, can she carry him on her policy at work?

According to the instructions on VA, 20 Income from Virginia Obligations - Enter the amount of income from Virginia obligations that you included in your federal adjusted gross income. Income from Virginia obligations would include interest on Virginia state bonds or municipal obligations and gains from sales of those obligations that are included in your federal adjusted gross income. Italics are mine.

That is the way I would interpret the code section Judy referenced. The character of the asset did not change because it was repossessed since he resold it within a year. If he had a gain, he would have still been able to defer the gain. Since it is a loss, and remains a loss, I think it is still a personal loss. But I have to admit I have only had one of these before and it was a gain.

I think the code section is very much on point as far as the type of property - personal residence or investment - after repossession. And i don't think the fact that this was a loss transaction affects that.

How was listing price decided? I can list my house for a million dollars, but that doesn't mean it is worth any where close to that. However, if I consult a realtor and she gives me a list of comps, and assets/liabilities for my house compared to the comps and suggests a listing price - that might be close to market value.

Unless there are expenses related directly and only to the rental, I would agree with how you are handling both of these. For example, if they hire someone to clean before or after the rentals, and no other times, then maybe you could take that expense. Or in the second case, if you could calculate the exact cost of providing breakfast for the renter only. Love the Arm Candy, Baby! comment, btw.

I am inclined to agree with GGRNY. IRA's will be accounted for in the limitation on taxable income, but not the original calculation of QBI unless somehow connected to the business. But I could be wrong.

I did the rollover in the off season. After the 2012 fiasco with ATX, we purchased ProSeries and rolled the customers over during the summer. As best as I remember, it went better than average with changes between vendors. There were some issues with depreciation for a while, and maybe some installment gains that did not transfer at all but other than that I don't really remember much of a problem. I have been happy that I changed for the most part. As always, there was a learning curve but overall I have been very pleased.

Am I correct that once you make the election to aggregate rentals, you are stuck with it forever? Has anyone seen a discussion of the pros and cons of doing so?

I don;'t have enough money for them to hear me. Money talks, you know....

At the rate we are going, the janitor might get promoted to BE the governor. And he might be as well qualified as many. Sorry, Christian, sometimes those Virginia manners fail me.

http://lis.virginia.gov/cgi-bin/legp604.exe?191+sum+SB1372 I think this is the senate bill that is going forward, if you want to track it Monday.

My mistake - the two committees approved it Friday and the bill is expected to be passed and sent to the Governor Monday. https://www.wdbj7.com/content/news/Agreement-on-Virginia-tax-relief-includes-October-refunds-505570781.html Lnik is to local news story.

The Virginia General Assembly finally passed legislation and the governor says he will sign it. So now programmers just need to get it fixed, and we can move on.

Yes, I have e-filed the VA 502 for 3 s-corps and 1 partnership so far that have been accepted.

I don't know what it stands for, but if you google CFS Tax Software, you should be able to find them. They are a company that makes software to support tax preparers. Tax Tools is their most commonly used program, and is really a program that has a lot of useful utility programs such as loan amortization calculator, flowcharts, worksheets, some tax forms, etc.

I thought they went on schedule F.

I have already e-filed several PTE with the state of Virginia (I use Pro-Series - other software may vary.) I don't know when the General Assembly will agree and be ready for processing individuals. They can be e-filed now, but may require changing.

ProSeries is at least printing page 1 and page 2 on the same page! I still can't find anything, but I don't have two half sheets of paper!

I did not think that the safe harbor for 199A applied until next year....

Yes, but if you only need to print one copy for one contract worker (not employee!) because they lost it already, you can use the tabs at the bottom to pick the page you want to print on the person you want to print it for, and do the page print function. Tedious if you want more than one but not all. And I think that if you are printing copy A it prints both of the people that would be on that page.