Tax Prep by Deb

Any body else? Also if on schedule E is it treated as residential rental at 27.5 years? Or is it motor vehicle 5 years? I've never had one of these and frankly don't really know which way to go. Any suggestions?

I have a client who rented out her RV last year. Would this be reported on Schedule E?

Thanks all. I was pretty sure, however with all this due dillegence stuff it has me second guessing myself at times. That's the way I have always treated it but just wanted to make sure.

I'm having some what of a brain freeze. I have a client who son is off attending college. He lives on campus. They otherwise qualify for EIC. My question is does his living on campus and not at home keep them from claiming EIC or is this considered a temporary absence (attending school)?

I have had problems with this too! You have to read it very carefully as the does and does not get passed over. When I make myself slow down and read each word I get it, but can't speed read it or I will read in circles.

He did that and it still gave him an install error, he tried the patch, ect....

I believe you can order copies of the W2's but they are not free, (at least that's what I remember).

I too am going cable. Been with AT&T for years. My price is only going up 10.00 per month for 12 months then I will relook at it. Currently at 3.0 MBPS to 200MBPS so hoping for the best.

Definitely upgrading Internet speed. My tech guy says that will take care of the bog down problem, however still can't get the computer to download and install the anniversary windows 10 upgrade.

Ok, so to keep from having possible computer problems this year, I went out and bought a brand new machine with Windows10 Pro. Within less that a month I opened a stupid email that turned out to be a virus. Shut the computer down immediately sent it in to my repair guy who wiped the hard drive and re-installed Windows. Everything was going great but starting at about the same time I got it back up and running I started having issues with my Internet service (I originally blamed it on the weather because we have had a tone of rain this year), kept calling AT&T out who would do their testing and originally showed some problems, corrected the problems and everything seemed fine for two to three days, then Internet bogged down to a crawl, never dropping, but definite slower than slow. I called them again and again, until the tech told me to have the computer itself looked at because if I disconnected it from the Internet service would restore and speed was where it should be, plugged the computer back in and it bogged down again. So my computer guy checked some things and found no error log, checked router and modem and nothing, finally looked and found that Windows 10 was trying to download the anniversary update which is a huge download and his thought was that each time I would restart the computer it would stop the download and my bandwidth would be restored only for it to bog down again when the download resumed. He suggested bring the machine in to him and he would let it download on his internet which was much faster than mine, and in the meantime I could shop for better service. That was two days ago and he is having problems getting it to download as well. He did say he is getting error messages, but as of yet I still don't know what's going on, except I have not been able to work for the past two days. Has anyone else had a problem with the anniversary update? As far as that goes, I think since I got it back in January I have only had one update, didn't really think much about it till the other day, so something is blocking the downloads. Any thoughts would be appreciated. I hope he can spend more time on it today and get it fixed.

Wish it was that easy, first of all you better confirm that this is for acquisition debt and not refinance with equity out not used to improve primary residence, otherwise you may have to go the insolvency route.

I've had a couple that has had it with the account reconciliation info on back.

Yes, because the child no longer meets the age test. Has to be under 24 by the end of the year. So my take on it is age disqualified him as a qualifying child and therefore he or she could not have earned more than his or her exemption credit to qualify which is 4000 and some change (can't remember this years limit off the top of my head).

And in turn, we learn from your findings. We all get one or two each year of a situation we haven't seen before, and therefore the comfort of coming here for help. Now if this ever comes up we know the source and proper answer to the question. So thanks for posting back what you found and having that strong desire not to just rely on this community, but digging a little deeper! We all benefit from helping each other! I love my Community!

Run run run, I had a similar email and it was sent from my client but it was from his hacked email account, turned out to be a nasty virus and it will steal your email contacts and continue to spread. Actually several of my clients do use drop box that's why they didn't suspect it and openew it and it in turn sent it to me.

Cathy, I truly feel your pain! You have to be so carefull now days and suspect everything. I had a client send me an invitation to share her Quick book file, and before I clicked the link I emailed her to confirm. I am email gun shy especially from clients. I've been had one too many times!

Just checked and the max is 18,000 under 50 and an addition 6,000 for over 50 so her HR Dept is wrong by 2,000 and that is what is triggering the error message and why it isn't with jklpc because 24,000 was used not the 26,000. Your client contributed 2000 to much.

If the max deferral over 50 is 24,000 and hers is 26,000 then there does seem to be a problem.

2014 2015 2016

But doesn't this apply in the case that they can't agree and they both claim the same child? Can you direct me to something that indicates AGI is the determining factor if they agree? I have a couple that have three children, and usually the one with the highest AGI claims HH and claims 2 and the other files single and claims 1. The tie breaker rules, I thought would be applied in case of no agreement. I know we aren't suppose to rely 100% on pubs, however there is a discussion of a situation involving daughter and mother, daughter has three children, and it shows how the dependents can be split if the daughter agrees, so why wouldn't this be possible in the case of unmarried couples with more than one child? The example of an unmarried couple shows that they can decide between them, but it only addresses one child. Clarification on this would be greatly appreciated. Example 11—Unmarried parents. You, your 5-year-old son, and your son's father lived together all year. You and your son's father aren't married. Your son is a qualifying child of both you and his father because he meets the relationship, age, residency, and joint return tests for both you and his father. Your earned income and AGI are $12,000, and your son's father's earned income and AGI are $14,000. Neither of you had any other in-come. Your son's father agrees to let you treat the child as a qualifying child. This means, if your son's father doesn't claim your son as a qualifying child for the EIC or any of the other tax benefits listed earlier, you can claim him as a qualifying child for the EIC and any of Example 4—Qualifying children split between two persons. The facts are the same as in Example 1 except that you also have two other young children who are qualifying children of both you and your mother. Only one of you can claim each child. However, if your mother's AGI is higher than yours, you can allow your mother to claim one or more of the children. For example, if you claim one child, your mother can claim the other two.

It's working for me also. I really thought I had blown it on a return because I accidently clicked out of the program, but when I opened it back up there it was with everything just like I had left it.

You will get this message on any return that you do not have full coverage for the full year checked. It is just a reminder of how the client can sign up for the health care, it is not any thing that we as tax preparers have done wrong, it's just a reminder that the client needs to remedy the situation for future years. Thing is it is also showing up on dependent returns where we are specifically told not to check the box. I have had several of these, don't lose any sleep over them.

About 30 seconds, just have to go thru garage to get to my office, sometimes a minute depending on traffic!

Glad to help!

Also make sure you have not marked the return complete. I had this happen once to me and I put a check mark in complete instead of select.