joanmcq

So people come here from all over for our wonderful state of the art medical care. Great. The latest thing here is to go to India for heart care, Mexico for dental work (clinics right across the border with US trained dentists), not to mention Thailand for sex-changes because these places have top notch hospitals (often with US trained physicians) where care costs a fraction of what it does here. So elective surgery (like the sex change) or folks with PPO plans where they have to pay 20%, or folks with no dental insurance are flocking overseas or across the border to get treatment. I've even read insurance companies are thinking of paying for these 'medical vacations'! I heard a republican on the radio the other day criticizing any type of government sponsored plan as "do you want a return to the HMOs of the 80s?" I wonder where he has been; I haven't seen my HMO change much except less drugs are covered...if it ain't a generic, it's unlikely its covered (I was on samples from my doctor for a year and a half when one of my drugs wasn't covered), I have to go to a doctor that is in their plan, and any treatments have to be approved. New this year, any brand name prescriptions have a $150 deductible and then a $30 copay. But they're capsules, so they can't be split (trust me, I've had doctors prescribe twice the dose on high cost meds) Health care managed by bureaucrats? Its already here! I'd like the plan that senator has, since its obviously better than mine. BTW, in Britain, you could have fund raisers for your friend and he could go to a private hospital. They have them you know.

They administer the Sec 125 plan. I have an MSA with them thru my job. Talked a bit with them at the CSTC symposium. But my SE clients who need insurance aren't married, and those that are, have health insurance through the spouse's employment. Doesn't work if you are single.

gimme a break...that one has been going around for years and years and the names have just been updated. More like this....the grasshopper spends the winter in tent city in Sacramento. Oprah shows up and does a story on the tent city, so the city opens a shelter for two months for 50 of the grasshoppers but the other 250 are SOL. Problem apparently goes away since the grasshoppers are back to camping in the bushes where they hope no one will find them, since every time they are found, all of their possessions are thrown away. The ant needs to have a biopsy, but even though it is benign, can't get health insurance anymore. The ant's next biopsy isn't benign and has to declare bankruptcy due to the medical bills. With her savings gone, she joins the grasshopper camping on the river bank.

First of all, the question is "Limiting Sch A deductions 1. do you think this is a good idea?" nothing about charitable. Second, the car, garage & lease. In NYC these are all extreme luxuries. Nobody needs a car and unless you are in the outer boroughs no-one but the rich have them. In the outer boroughs you don't have to rent al garage. Same with SF. Don't need a car, although its nicer to have one, but nowhere to park. In LA, yeah, you need one, but c'mon, I've never spent more than $7200 on a car in my life. And you can get a pretty darn nice new one for 20K. Don't need the Mercedes or Hummer. Those are luxuries of the rich. No car, no gas. you may have the expense of renting one if you want to go upstate for the weekend though. Nanny & private schools? LUXURIES!!! insurance? I"m a single 48 year old female. My fairly crappy expensive insurance through my employer costs $60/month and I'm not talking a HD plan.I pay COBRA for dental & vision. If I had dependents my insurance would be 500-700/month, not 2200. And that 38K left over???? THATS ABOUT WHAT I HAVE FOR TAKE HOME EACH YEAR!!! And I contribute to my retirement, pay a mortgage (in Sacramento CA, not the most expensive, but also not the cheapest place) have a car, buy some of the most expensive gas in the nation, and manage to have a pretty darn comfortable life....one of my vacations this year is jetting to London to see one of my favorite old band's reunion concerts. And no kids, but a lot of animals that you don't get deductions for. No, the income limits don't take into account where you live, or how many dependents you have (although that is really a choice, so if you have 'em be prepared to give up other things) or a lot of other factors. As someone who had lived in pretty frakking expensive places in her life and still does, I really understand that. Yinz living in Arkansas or Mississippi or South Dakota have it pretty good, when you think about it.

Thank you bob. Since I am still catching up on my taxtalk digests and am really shocked at the blatant way that people a)called ATX or CCH demanding to know what was up, blatantly promoted TRX over CCH on CCH run boards, c) generally just flabbergasted at the way this whole thing was handled. Anyone that was on this board knew TRX was a reseller since TaxWise was substituted for Orrtax/Intellitax and there was a big discussion about the mechanics of this last year. OUR membership is a fraction of the ATX users, but taxtalk has a huge amount of ATX users. Ya think the parent company isn't going to notice that? Braedon wasn't going on that board announcing the deal!

Even if in LA or NYC or SF, I think 250K is rich. Rich enough to be comfortable, at least. Of course its a LOT more comfortable in Podunk South Dakota, but still not bad off. I mean, I lived in NYC on less than 12K a year. Now it was 1983, but I managed, even if not too well!. Even in one of those places 5k a month will get you a pretty nice apartment. Now the poll didn't ask whether limiting charitable deductions on Sch A is a good idea. But 28% of what? you have 30 or 50% limitations now. Limiting it to 28% of the deduction? I had heard limiting the deduction because a deduction is worth more to someone in the 33% bracket than to someone in the 25% bracket. But I'm not sure how that would be done. And itemized deductions are already limited to high earners.

You gotta be doing nothing but trading all day, every day, to get day trader status.

Well, KC, as I posted above, having members of this board posting on offical CCH boards and calling CCH probably didn't help too much either.

If mark to market hasn't been made, the trades are still on the D. The trading income is never on the C.

and this analysis only includes federal taxation. She may live in a state with an inheritance tax, like PA.

I always ask for a copy of the closing statement if my clients buy a house or refi. look for points, taxes, etc.

It cleared. Finally.

Because its an upgrade. One thing I would clarify is that the bathroom had tile originally. If you're replacing cheap laiminate with tile, I'd call the cost of the tile over laminate an upgrade and depreciable. If you are replacing tile with tile, then its a repair.

I believe leased vehicles are specifically NOT allowed for the new deduction. I know I read it somewhere, but couldn't tell you where. Maybe an RIA bulletin.

earnings were reported in NY. Everything is filed and reported as it should be including the CA/NJ overlap (worked in NJ while still a CA resident) worked in NJ while living in NY and worked in NJ while living in PA. I have 4 W-2s for her for one job, as well as another one that is just worked in CA, lived in CA. I just need to know if I have to file the ATT when there was no working in NY at all. She actually made quite a bit of money during the NY 'residency' period.

Off rt 395? that's my favorite drive by far in the country. Just gorgeous. If I had my way, I'd live in Bishop.

Client lived in NYC for 45 days while working in NJ before moving to PA (still working same job in NJ). Moved to NY from CA, had same job all this time but at no time actually worked in NY. Do I need to fill out the IT-203-ATT? or is that form only for nonresidents that have worked in NY as well as out of NY? I may be overthinking this one, but the instructions aren't totally clear.

So its just a short plane ride or longish drive on the 31st from Reno to Vegas (no classes on the 31st) and you've got back to back seminars...a WHOLE WEEK of tax presentations. Its like tax geek heaven! (ok I'm getting a little carried away here)

I'd like to invite anyone and everyone in need of CPE or just a good conference to the CA Society of Tax Consultants Summer Symposium in Las Vegas May 31-June 3. I believe we are holding the discounted early price-you'll have to contact them to find out. Anyways, its a good conference, the hotel is inexpensive and yours truly will be there. And since there is a ton of federal CPE you don't have to be a californian to attend (or even to be a member for that matter), or if you do CA returns you can get some idea of the wierd things we do over here. Oh, and if anyone is taking the EA exam, one of the options is an EA cram course. here's the link http://www.cstcsociety.org/SOCIETY/10singlepgcstclv.pdf

Only problem is that the B&B allocation is a court ruling. Pretty substantial authority for not allowing ANY common use areas as business.

I print a copy of everything. But.....I also efile everything I can especially 1099s. The red forms for the 1096 are just too big of a pain. I only do a few 1099s a year, but efile capability is an absolute must for me!

Agree with jainen on both issues. You need a POA, and the refunds can't be snagged until the tax is actually assessed.

This happened to me with this same return last year..darn thing never updated. When I finally called ATX, I found out it had rejected back in April. Now, the same thing this year. I checked thru ATX support and it has an ''A" next to it, but not the magic word 'accepted'. Since I haven't had a day to call, I wonder if anyone else has had this problem?

The CA return gets the 3885A/D and then you get a diagnostic telling you not to file it. What I especially dislike is that a Sch A misc is automatically added, and since I use the billing rates to charge by form, if I do need that form, it always adds an extra one for the A, which I have rarely used.

KC, the trick to rentals IS to have positive cashflow even if you have a tax loss. I think the daughter's use of any areas makes it personal. Like a B&B, the only areas they can claim as rental are the three bedrooms not being used by family.