kcjenkins

Well, I've only had one of those so far, but the amount owed was only $21, and that is the reason, I expect, that she had not gotten any notices. If it is under $50, they will not normally bother processing it when if it's not filed, unless some other problem is also present.

What happens is that she gets a step up in basis for EVERYTHING she inherited, so HER basis in the tiles is their fair market value at date of death. So, just like she gets to depreciate the buildings she inherited, based on FMV, starting from the date she inherited it, same thing goes for the tiles. And the fences, and anything else she inherited that is depreciable. So the advice is almost correct. She can depreciate, but it's based on the FMV, not the original cost.

I do think that booger has contributed. but still, he's inspired me to donate again.

You Know You're Getting Even Older When... 1) You and your teeth don't sleep together. 2) You try to straighten out the wrinkles in your socks and discover you aren't wearing any. 3) At the breakfast table you hear snap, crackle, pop and you're not eating cereal. 4) Your back goes out, but you stay home. 5) You wake up looking like your driver's license picture. 6) It takes two tries to get up from the couch. 7) Your idea of a night out is sitting on the patio. 8) Happy hour is a nap. 9) You're on vacation, and your energy runs out before your money does. 10) You say something to your kids that your mother said to you, that you always hated to hear. 11) All you want for your birthday is to not be reminded of your age. 12) You step off a curb and look down one more time to make sure the street is still there. 13) Your idea of weight lifting is standing up. 14) It takes longer to rest than it did to get tired. 15) Your address book has mostly names that start with Dr.

Since the dog business is the absolute most audited for 'hobby' issues, with horses a close second, I think you have to consider two things. One, you have to charge enough to cover all the extra work it's going to generate when he starts getting letters, audit notice, etc. Two, do you really think he's going to operate this as a business? It sounds like he has not yet started the 'business' part of the dog business, anyway. If he pushes hard to take it, make sure you charge more than for a 'normal' Sch C. Because it's going to be a problem.

Pasture rent that is a cash rent can be re\ported on the E. If he participates in any material way, such as mowing, for example, it should be shown on the F. The issue of the big losses is a 'maybe' thing. While it is certainly possible to have big losses int he early years of building up a farm, as you are spending money, building a herd, for one example, and paying interest on the loan to buy the place, with little or no income, it all depends on the facts in each case. If it's just an investment in raw land, and he is doing no actual farming, not even raising and selling hay, then it is not a 'farming activity'. But it is certainly possible to have a lot of expenses in the early days, with very little income. Talk to the client about what he is doing, what his plans are for the land, how he expects to make money off it, etc. Then you will have a better idea of what the situation is. Then come back with more info, if you want our opinion when we have enough facts to advise you

Jury Duty Scam -- This has been verified by the FBI (their link is also included below). Please pass this on to everyone in your email address book. It is spreading fast so be prepared should you get this call. Most of us take those summonses for jury duty seriously, but enough people skip out on their civic duty, that a new and ominous kind of fraud has surfaced. The caller claims to be a jury coordinator. If you protest that you never received a summons for jury duty, the scammer asks you for your Social Security number and date of birth so he or she can verify the information and cancel the arrest warrant. Give out any of this information and bingo; your identity was just stolen. The fraud has been reported so far in 11 states, including Oklahoma, Illinois , and Colorado .. This (swindle) is particularly insidious because they use intimidation over the phone to try to bully people into giving information by pretending they are with the court system. The FBI and the federal court > system have issued nationwide alerts on their web sites, warning consumers about the fraud. > Check it out here: http://www.fbi.gov/page2/june06/jury_scams060206.htm > And here: http://www.snopes.com/crime/fraud/juryduty.asp

Hey, don't say that. I APPRECIATE the fact that my friends care enough to worry about me.

Nope, that is one only Betty Sue and Jerome get to use.

I think that one has to be mailed, not going to allow it as efile this year.

Principle payments are repayments out of principle, thus you report them on Sch D, but the amount received and the basis is the same, which is why they are 'principle payments'.

Taxable sick pay does qualify for EIC.

The White has been flooding badly, and now the floodwaters are reaching the area where the White River joins the Black river, which is near Newport, AR, it will probably get worse before it gets better. But I'm quite a bit further East, and on higher ground than most, as I live on Crowley's Ridge. http://www.scsc.k12.ar.us/BorneC/newpage9.htm I just have been so busy I have not had time to read many posts, or answer many. Thanks for thinking of me, though. We are doing OK, and this week my youngest son is taking a job in our town, so he'll soon be moving back here, which is fantastic, IMHO. Two grandkids to enjoy!!!!

Well, as to the W-9, that is a form requesting an identification number, so it could be a request to an individual or to a business. The IRS wants payers to give them a way to match up income, so they don't care whether you are reporting a payment to an individual or to a business. Indeed, for matching purposes, the instructions say that they PREFER that the recipient use his/her SSN. However, they prefer the business that is reporting the payment to use their BUSINESS EIN, if they have one. If you look at the instructions for the 1099-Misc, it says, on Page 18, Instruction K, "The TIN for filers of information returns, including sole proprietors and nominees/middlemen, is the federal EIN."

:bday:

Do You Need to Work Faster? Get a Bigger Computer Monitor By BEN WORTHEN March 25, 2008; Page B8 Working late? Blame your computer screen. A new study finds that bigger monitors make people more productive. Researchers at the University of Utah tested how quickly people performed tasks such as editing a document and copying numbers between spreadsheets while using different computer configurations: one with an 18-inch monitor, one with a 24-inch monitor and one with two 20-inch monitors. Their finding: People using the 24-inch screen completed the tasks 52% faster than people who used the 18-inch monitor; people who used the two 20-inch monitors were 44% faster than those with the 18-inch screens. The study concluded that someone using a larger monitor could save 2.5 hours a day. But James Anderson, the professor in charge of the study, said to take that result with a grain of salt: It assumes that someone will work nonstop for eight hours, which no one will, and that the tasks they perform will benefit from a larger screen, which isn't always the case. Still, tasks such as moving data between files are ideally suited to bigger or multiple screens. Mr. Anderson, who uses a computer with two 20-inch screens and one 24-inch screen, recommends that businesses take the time to match employees with the proper screen size based on job requirements. A caveat: The study was funded by NEC <http://online.wsj.com/quotes/main.html?type=djn&symbol=nipny> Corp., which makes computer monitors. Mr. Anderson said it was vetted by his university's research board.

Yes, Tom, if the water reaches my house it will be time for another Ark to be in service.

That is correct. The IRS now wants all 1099s to use an EIN, not an SSN.

For me, and my old eyes, two 19" screens is my minimum to really let the work flow. But for anyone who is not sure, just go to Best Buy, Circuit City, etc, and look at the screens. Open several screens, and see how they 'read' to your eyes.

Yep, you answered your own question.

I would show this on Sch D, and his basis would be his invested money, including any materials he might have purchased, in addition to the 80K. But nothing for his labor. Since he's not in the business of building houses, it's just sweat equity, and not subject to SE tax, but it is subject to income tax.

If you add the 401k amount, it will balance, Jasdim.

I hope you got the problem fixed. I have not had a single problem this year, with rolling over returns. But last year when I did have some problems, I found that going into the prior year program, and opening then saving the return, before I rolled it over, usually made it work right. I think the problem I had then was mostly with early returns, which had older forms and had not been updated because they were completed before the forms were changed. Once I realized the problem, I made sure I had a pdf of the return as filed, then updated the return before rolling it over.

That is where the problem is with your thinking. ALL his income is MA income, because he is a MA resident!!!! He gets credit for the taxes that he had to pay to the other states, but he pays MA taxes on all his income, as long as he is a MA resident.

I agree with Elf. You have two issues here. One, the process is extremely painful, extremely. Not a casual decision, believe me. Two, someone who loves you enough to want to marry you should love 'the real you', hairy or bald, or anywhere in between. This is not like a haircut, or some similar simple 'grooming' process. This is closer to your asking her to have implants, or a nose job, etc. Heck, even shaving your chest would lead to several weeks of misery as it grows out and itches like heck. Tell her that your hairy chest and back are just 'you', and she will show you a lot about herself by how she takes it. If she laughs and says, OK, it was just a thought, then you've got no problem. If she sulks or keeps on nagging about it, better think a bit longer before you hand over that ring! Unless you LIKE living with a nagger, of course. Good luck!