michaelmars

i would think once you start to rent them they are rental property and treated as such

Can personal taxes on a 1040 be automatically debited from a business account? i did have some corps that didn't have checking accounts pay their taxes using the shareholders personal accts but this is the oposite situation. this is a NY individual who has no bank account and his boss wants to pay his taxes for him.

20 IS very little and you should enter it. takes about 10 minutes and you bill for it at least $100 extra i use see attached when it gets around 100. i have even taken the broker stmt and whited out N/A when they do not have a cost for one of the stocks and add the basis and change the schedule totals. never had a problem. i posted a couple years back trying to get a handle on what to charge. the client had 3000 or so trades [over 100 pages on 1099-b

please don't be insulted but you need to quick review of basic partnership accounting, marilyn is correct in how to handle it in this case. before you do next years return which will have activity and more contributions and distributions you need a brush up on how a capital account works.

FIRST RULE, TRY REBOOTING THE COMPUTER

How far back (years) does this go? Can you amend those prior years to show it as a money-losing rental not to a relative its not. unless she was getting a fair market rent for it

HAVE 45 in house to finish then about 30 extensions to figure out-this year is definitely going slower than prior years, just cant get anything out the door. mandatory efile really slows up the process sending drafts, then waiting for authorizations etc. Next year i will mail out all the returns as in the old days and wait for the authizatons to roll in. almost no clients change the returns from my draft anyway.

and the check is in the mail and i'll still respect you in the morning

just election

.

i have absolutely never attached a 1040 to the 1040x, only the c or d if that caused the change. never even attached an A if the only change was due to allowed medical or misc and ihave never had the return questioned or have ibeen asked for the other forms. we actually have on employee that almost soley does amended returns april-august due to the vast number of k-1's our clients receive that get changed during the year. our practice amends 150-200 returns a year.

THERE Is a tab under forms/planning that will sort of split a return from married to mfs but only does federal and doesnt split the actual return so if you go withthe mfs you have to re-enter the info.

why stress? paper file it and go on

I'd never file a 2008 return for someone who died in 2006. report 2008 as it should be and if the IRS ever questions the lack of a return for the 2008 soc number you explain it then.

no

NON PASSIVE RENTAL WOULD BE FOR NON-REAL ESTATE RENTALS, USUALLY.

first what i ment was lots of things aren't technically correct but in the end the irs gets the same taxes and if the amount is demiimus then you can show it wasn't done to defraud the government and just a client confused by the proccess, again not the right thing to do but not worth jasdim losing sleep over. as for the irs not caring again what i meant was that the computers will not match the soc sec of an employee getting both a 1099 and w-2 from the same company, there are many legitimate times this might occur. lbbwest is correct in all that he said, i was just trying to tell jasdim that in the relm of things this is not a very biggie. just a side note, if any of the other employees already paid to have their returns done, is the employer going to reimburse for the amending fees?

this should not be a problem but if it is and you are in a different area than the client, just request a change in irs offices handling the audit, that stalls it for a few months. i often switch between long island vs nyc offices handling an audit depending on the circumstance.. i have even had audits lost in the shuffle one i requested the change and never heard about it again.

don is right, if the cleint gets no benifit of the $3000 deduction, the entire amount is carried over to next year.

MOST centers have a tax letter, or ruling or guideline available, the % or deduction depends on how many care activities the person needs, ie just cooking, cooking and bathing, or full care, etc. the easiest thing is to call the center or check their website and you will have the info in minutes.

how muchwere these bonuses anyway. i know not technically correct but if they were small the irs will not care if they were on 1099. at least in my experience i never had it questioned [i know they could always pick up on it] i wouldn't lose any sleep over this, you advised the client, then followed his direction. in fact if you do have to fix this at this timeof year you should 2x your normal rates.

don't they sell those extenze pills on late night tv?

i believe office meals to keep your workers working through lunch is 100% since its not entertaining exp. if falls into office exp same as your bottled water cooler etc.

i called this morning and got the same info as Ken, now inorder to submit the late extension you must have version 15 which was unavailable this morning but i just updated now and it went through.

yep, thats what i did in a similar situation. had a corp filing as an S for years but got the same rejection, so i just paper filed the extension