joanmcq

AW hell!!!! 7.5% medical is already in the TCJA for 2018 but not for years beyond. The PMI is the big PITA here. AGAIN.

Yes, the case law is on the side of trade or business as long as the rental has profit motive and/or expected increase in value (barring triple-net and vacation). I am taking 199A for my own rentals and for most of my clients with them. A safe harbor is just that. Rentals have always been a facts & circumstances issue so I weigh the facts & circumstances.

I blame the tax law and those who passed it, especially the f-up with the withholding tables. Haven't had a client complain yet. But I also did projections for everyone last year, with the caveat 'if your withholding is the same as last year'.

New York wages = federal wages on the W2. NY requires that the state wages are the same as federal regardless of how much time was actually spent in NY. It's a PITA.

Clients moving is usually something I don't worry about. But maybe I'm just too tired to wrap my head around it. Client moved from DC to RI Jan 1. Worked for same company. W2 shows both DC & RI wages because of final paychecks from Dec. work in DC is paid in Jan. Or maybe she just didn't notify until January when she was back in RI. So DC NR return, all income taxable to RI? Damn I'm tired already...

I need the damn planner

The rental safe harbor is just that...a SAFE HARBOR. facts & circumstances can also make rentals qualify for the 199A deduction. Just like 3 years of losses does not automatically make a business a hobby. You have to look at things like profit motive, experience of the owner, etc. Not to mention that case law is on the side of trade or business designation. As someone on another board put it, “when was the last time you put the sale of a rental on Sch. D?”

Upper level employees should have reserves, but low level employees don’t make a ton of money, and if in DC, it’s an expensive place to live. It also depends on the length of time on the job, size of family, etc. if you think the people keying paper returns make enough to save 6 months living expenses, you aren’t thinking correctly. I had the same kind of experience after college as Katherine did, although she didn’t mention any stints of homelessness as I had. And looking for the free food the Hare Krishnas served in the park. While I was working, too. But I have a bit more compassion for others in hard circumstances.

Atx isn’t giving an option a add fees for the schedules. But I just increased my base 1040 charge by $50

I’m sorry, but if an ownership interest in a PTP or REIT qualifies when these are, for most people, nothing more than investments, my rentals, from which I derive about half my income, is a trade or business

I took the Gear Up 6 day Vegas seminar. Got a ton of 199A, still haven’t a clue on GILTI. Teaching a 3 hour update class since the group I’m teaching for can’t count on the IRS practitioner liaison not to be on furlough (he was going to do 2 hours). I am going to treat my rentals as QBI. I think I have a profit this year; I’ll have my books done pretty soon. On the other hand, my own books are farther along than they’ve been in years at this point. And my W2s are already issued.

My internet is down & im trying to file a Corp return with a phone tether. Getting error message when I try to efile. Is ATX down or just me?

Oh retirement I’m just slowing down, I hope not too much...

He doesn’t mention expats that own foreign corporations. Regardless of size, they are expected to cough up a percentage of their E&P as a repatriation tax, Then if in a ‘low tax’ country, are subject to the GILTI tax for 2018 on.

I heard it was mostly TurboTax filers & Block. If intuit probably their pro software too. I just heard about the extended due date...ugh. Well have more time to do my own extension

I’ve always done sch c then 568. But I’ve always had an issue with filing. So this year it’s in the same file as the 1040? Or a separate file with dummy 1040?

CA allows you to itemize even if the federal standard is taken, as long as the schedule A is completed. So no much less work for me. I’m seeing big savings in my people that are hit hard by AMT. but then again, the 200-500k range isn’t exactly middle class.

The checkbox is only good for math error kind of stuff. Like if client said they paid all 4 estimates and got a notice saying they only paid 3. Not an audit.

Atx rolls the info over, so the only time you have to check the box is on the first return you do for a client.

2nd IRA distribution is taxable and subject to penalty unless otherwise exempt. When client put it back, it’s a contribution, possibly deductible.

IRA to get you to 400%. Had a client that required $1600 to IRA. Saved them $4000.

Did my own return when I moved from California last year. On the input worksheet for the sales, make sure the state is coded correctly. It will default to the resident state on the return address.

Acquired yes for ‘various ‘. Date sold, you can’t use various.

My hubby made me pie

Get his end of year pay stub too, may have items that were added to the W2 but not reported in box 14. I had a client with these (Rusch) RSUs & SSARs. Hopefully your client saved all of the statements. They were truly confusing, but then again my guy was retiring and had no idea his vested options were worth what they were. Always missed a few zeroes when looking at the statements.