schirallicpa

Actually - this is exactly what I ended up doing. Thanks.

I know what the publication says. Put it on Sch E. Great. But the k-1 part is on schedule E page 2 and it does not have a place for depletion. So do I just stick it on page 1 all by itself?

Taxpayer has S-corp k-1. Corp is independent oil producer and takes percentage depletion. However, depletion becomes a pass-thru item. But, as coded on k-1, it is not linked. How/ where do i put the deduction?

I'm not surprised its NY not Feds. NY is hungry for money and during the summer months, they are on the prowl for people working for "contractors" and "seasonal vendors". It's like a game lately. Where in NY is he?

I had a return accepted for the last 10 years and it had the wrong date of birth - just discovered this year.

does his financial advisor advise him to put a sticker on his car and write the car off. I'm still arguing this one!

I like to get my fed acks before sending off my states. But everyone is sitting in limbo land!

I spoke with another client of mine who has a real estate license. He told me that the broker cannot have someone else do their selling. I put them on ext. I will deal with them some other day:) My secretary keeps telling me to get rid of them too.

Here's a client I wish I had never taken on. A miriad of issues. And here's one of them: Wife has real estate brokerage license. Husband does the actual selling. NYS only lets commission go to the licensed broker. So she would have a Sch C with - say - $50,000 of commissions offset with a handful of expenses. But she "pays" her husband. (Oops - no 1099). So they would zero out her Sch C showing fees paid to him. Then he would have his own schedule C, which happens to be offset with other self-employed losses. Doesn't sound kosher to me. But, then again, I have clients that have schedule C's and have a payroll with their spouse on it. But obviously, in that case, they pay tax. In this case, they are avoidling tax. Not sure why he doesn't have the license.

I'll be sure and ask about the tips. thanks. ps - how come I never get a tip?

Wondering if any one has a standard letter that they use to tell their clients they are done with them.

Make hay while the sun's shining. Besides, I'm headed out of town for a night Thrs/Friday because my daughter has her doctor appt in Rochester. We'll stay at the hotel and go shopping and eat out. Nice little get away. Gotta do something with the girls while schools out. Even though we'll have to stick needles in her while she's there. She's looking forward to swimming and getting good eats.

I worked for a man once that put his last name and "CPA" on his license plate. When someone asked if CPA stood for cut, paste, and assemble, he promptly removed the plates. But I don't think he wrote off the car. But I like the shirt idea. Now she's trying to tell me she "knows" that she can write off her mileage to the shop. Afterall, she says - it's her shop. On and on it goes. I really need to start pre-screening for hair dressers.

I would not consider this a business. No different than investing in a stock, making some money, and deciding to try again. Clearly investment in my mind. He's still at his day job. Buying 2 more houses isn't making him "in the business" at this point.

I've actually been waiting for this. Client put a big advertisement painting on her car and now wants to write off the car. I'm thinking we can write off the cost of the painting. We can write off the actual mileage used for business. (She cuts hair.) But I'm a little sketchy on writing off the whole thing.

start looking for new software..........

Rarely does any one take the time to separately value mineral rights or timber when purchasing or transferring property. I think he's out of luck on that side of the transaction.

Sadly I can tell you all about the Jodi Aires trial that I am watching while the program loads, while the depreciation loads, while the print function loads, while the program crashes, while the computer reboots.......I've never watched so much tv. Not because it's interesting either.

Doesn't there have to be a written plan in place regarding the expenses and reimbursement. Other wise, the TP should have been 1099-d for the auto lease payment

This is a qualified disability trust. This is the first year. In settling the case, the attorneys were paid close to $700,000. Those expenses create a huge loss. I was originally thinking that this would create an NOL to carryforward. Without over riding anything, ATX calls the atty fees "non-business" and excludes from the NOL calc. Does anyone have any thoughts on this one? Thanks.

Agree with 39 years. I have been doing well with my depreciation so far, and it seems to be filling in for the most part. Had trouble with milage flowing to schedule F. I'm not sure what the trick is, or if it's just that the moon and the stars have to be lined up just right.

May I ask what the shop is for? Is it a solid building on a real foundation, or a tin building on a floating slab?

While you have the return open, under the efile heading, there is an option to "attach pdf" with efile, or something like that. Just click on that and a new screen opens that lets you pick what form you want. I always save to desktop in case I have to find it again. there's a warning about password protection which I ignored. Then I went straight ahead to efile the return, and it all worked. It seemed pretty easy after I put off doing it for a few days. I'm not real high tech here.

Well - I'm not much help yet. But someday I'm leaving cold, snowy New York and I'm moving to Hawaii. However, for a small fee, I will travel there for you today to learn about Hawaii's tax law, and I'll let you know......soon......

I don't know what it is about the print function, but if I am going to bomb, it is when I click on print. Always save before hitting print! And BACK UP every night!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Not just on ATX's default. Back up on a separate disk or thumb drive.