Possi

I don't carry it, either.

The spouse should have received a 1099R for her portion of the annuity. You probably need to find out from the client whether or not the $85397.64 includes the spouse's portion. If it DOES include hers, then her portion is alimony.

I was not in that topic. Still learning after all these years! I'll be retired before I figure it all out! Thank you!

I can't find it

Thanks, Bill... for who you are. Praying always.

THANKS!!

Hey Y'all! I hope you have had a great summer! I just got a call from a client. His checking account was jeopardized and had to be closed. We have automatic estimated payments coming from that account. How do I change that account so they don't attempt and fail to collect a payment? I know if they attempt and fail, they will charge a fee.

Well, maybe. Except that son was only added to the deed, not given full title until Dad died.

I talked to him about it, and I'm going to do the gift return after all. He doesn't want too many hands in it, and he'll pay me, no problem. This is a great client. We weren't trying to do anything untoward, it was all me trying to lighten my load. BUT, WHILE I HAVE Y'ALL HERE... I had posted somewhere else, and now I can't find it, that Dad put Jr's name on the deed just days before he died. The deed was filed after he died. This was done by the lawyer, of course. *cough*idiot*cough* Someone posted that in certain situations like this, where it's so close to the death, and the intent is inheritance, (where both apply), it can be treated as inherited, and not a gift. Client had a huge mess to clean up, and sold it to a friend at FMV (which was depressed because of the condition). And now, he will be gifting the siblings their shares. I thought I documented that post, but can't find it to save my soul. Can anyone direct me to that rule where he can treat it as inherited?

Thanks, that clears it up for me.

I'm a little confused. Could the wife give $15 and the client give $15 to each recipient? My client's wife does not care what he does with it.

My client inherited Dad's house. Dad told him to "do what you think is fair" by your siblings (3). Client will give 2 siblings $35k and one sibling $30k. Two siblings are married. Client is married. I was planning to file a gift tax return for $100k, split as above. There won't be any taxes owed, I realize. But, might the gifts be considered given by each, my client and his wife, to each of his siblings/spouses, and legally avoid the gift tax return? I don't mind doing the gift tax return and charging for it, but if it's not really necessary, I'd rather avoid it.

Old man in the gym sees a pretty young thing and asks his trainer, "Which machine should I use to impress HER?" The trainer says, "Try the ATM downstairs."

One man has 8 children. Another man has $1M. Who is happier? The man with 8 children because he doesn't want anymore.

Oh my gosh, I feel so bad for you. I would lose my mind. Are there any legal moves you can make?

Is it disability?

Love it! Good job!

Well, I sure learned a lot today. I never knew the tie breaker rule only applied if both tried to claim a child for EITC. Thanks, Rita! I take back what I said before!

They live together. That's a game-changer. Tie-breaker rules apply. Higher income wins. https://www.eitc.irs.gov/eitc-central/about-eitc/basic-qualifications/tie-breaker-rules/tie-breaker-rules The parent with the highest adjusted gross income (AGI) if the child lived with each parent for the same amount of time during the tax years, and they do not file a joint return together; My own niece is appalled that she can't claim her own son for EITC.

Thanks! I don't know why I'm never notified when I have a response or comment to something I posted, and I was not checking it like I should have. Now I can wrap this one up. They will be disappointed because I'm sure they think, like every other home business taxpayer, it would be expensed. I told them from the beginning that it would be depreciated. I just wasn't sure of the method. They'll never recover the expenses for both of these items. Oh well, that's life in the big city. Thanks again for all the responses.

Well, the depreciation for the home, in the case of the child care business, should be 39 yrs, if I'm correct. I was thinking the components would follow the same schedule since they are permanent components of the home. I know for rental property the HVAC would be 27.5, not sure about the generator. I was actually hoping to be wrong, so that I could take a more aggressive approach.

My client purchased a new "whole house generator" for $8500, and soon thereafter had to replace his HVAC for $7000.00. Must I depreciate both of these items over 39 years, as is the child-care home office depreciation schedule? Thanks! I can't find this specific answer anywhere!

There might be some student loan interest or child support, or some other debt outstanding that the client hasn't disclosed to you. Call Richmond with the client. 804-367-8031 Use your best southern drawl. Works like candy.

I was just thinking today, how nice it would be if I got copied on these notices. Sometimes the client gets with me right away, but many times, they bring it with the tax papers 10 months later. But, I'm not willing to get those forms for every client. Too many, too much.

I found this, which I read as only landscaping for depreciation. You can tell if it was for landscaping or not: https://taxmap.irs.gov/taxmap/pubs/p946-002.htm Land(p6) Land You cannot depreciate the cost of land because land does not wear out, become obsolete, or get used up. The cost of land generally includes the cost of clearing, grading, planting, and landscaping. Although you cannot depreciate land, you can depreciate certain land preparation costs, such as landscaping costs, incurred in preparing land for business use. These costs must be so closely associated with other depreciable property that you can determine a life for them along with the life of the associated property. The leasehold would be 39 years, of course.