ILLMAS

According to the TP and adult child (early 30s), TP provided more then 50% of support, lived at home with parent full year, parent paid all utilities, property taxes even cell phone bill for adult children with a 100K salary. Adult child was working full-time for about 3-4 months and quit their job with earnings under 10K for the year, would the parent qualify for HOH? I looked up the IRS rules and I see why not, but with all the due diligence penalties, I rather get someone else's thought that has gone through this before. Thanks

No wonder mine stopped working yesterday, had to restall it.

Under preferences, client communication, I had to mark efile tax return, that solved the problem.

The return has not be efiled yet.

I was informed by a TP that the federal letter says TP needs to mail the payment ....., however the payment is scheduled to be debited later on this month, I tried deleting the letter federal and adding it back, but the same message appears, anyone know a solution? Thanks

Newegg.com but why not go with 10 better

Proseries my friend, but a little secret, they are paying top dollar for a software that prints on one page.

Does anybody know if there is a website where one can plug info to get estimates of tax due by states? I will be helping an associate that will not be available for a while, I don’t want to create dummy tax return to get the figures.

I believe it's a trust, not estate, I would have to check with the TP, I have seen the return and in the past year it has not impacted their personal tax return. I have a copy of the depreciation, the property had a step-up basis at time of death. Thanks

The estate did, the property has been fully rented for a couple of years.

Your thoughts on this one, TP was transferred ownership of a rental unit on 12-18-18, however there were no income or expenses from 12-19-18 to 12-31-18. My dilemma, does it make sense to report it on the TP for a couple of days only or just wait to report it starting in 2019? Besides the transfer of the unit, former owner had a separate bank account, that was also transferred over and taxes were paid on that money, basically it’s the profits. Rental unit was in probate court and took about two years to finally close. Thanks

I seen it work on Proseries, you dont have break your head calculating the 10 year UBIA amount, it does automatically.

Out of curiosity, what are the specs of your computer? A couple of years ago, non-returning tax client were told the HVAC they had installed qualified them for the energy credit, I said sure, send me the make and model number and I will look it up on energystar.gov. I could not find it, so I voluntary called the manufacture, gave them the serial number and they said this model is X years old and was discontinued X years ago, but was brand new.

Zionks, after reading the original post, I have a client that went into business with A & B, A & B loan/invested $30K into my clients business. My client made A & B each 25% owners, fast forward to 2019, my client is thinking of buying A & B out, don;t know for how much, but A & B's basis is -130K. Once A & B knows they would have to pay taxes on the negative basis, they might not want to sell.

Yes, I have seen where a company changes payroll company during the year, and employees get two W-2's, I would ask the employee to double check his wages are correct, sometimes is lack of communication.

We all figured that, I hope you get compensated very well.

Did they consulted with you before hand?

https://goo.gl/images/qMp5NU

I cannot wrap my head around this, but if I remember correctly, people who had multiple jobs had to adjust their withholdings so they won't owe at the end of the year, but how about a married couple, one with each job, zero exemptions and they owe money WTH? I understand the tax tables were released until late February 2018, but if they had zero exemptions for January and February, what is the factor I need to take into consideration to justify why the owe? Thanks

A Don Juan with a wife, no I cannot believe it

No wonder you looked familiar to me, I sort of recognized you from your picture.

I believe the IRS automatically classify it as a partnership, however it’s considered a disgarded entity when it has a single member, so Sch E should be fine. But can also be called a joint venture if it’s owned by a husband and wife. Spouses as Joint Venture LLC Owners The IRS tax code provides that an unincorporated business may also qualify as a joint venture LLC if it conducts a trade or business in which the only members are a husband and wife who file a joint tax return, both spouses materially contribute to the trade or business and both spouses elect not to be treated as a partnership. Ordinarily, the qualification allows married owners to file tax returns not as a partnership but as joint sole proprietors, where both are entitled to Social Security benefits and credits. However, if the joint venture is incorporated as a legal entity -- such as an LLC -- under state law, the IRS qualification is not allowed and the venture is treated as a partnership unless the married joint venture owners live in a community property state. In this case, the entity is disregarded and no partnership tax return is required.

I hear you, my friend just shared this article: https://www.forbes.com/sites/robertwood/2019/02/07/trying-to-trick-irs-during-audit-can-mean-criminal-tax-charges/

I am not in the office yet, but you can reconcile between book vs tax depreciation on the M-1 and should work.

This stinks, former employer is probably including the full-cost of the equipment, which he also benefited from, your client should of received the FMV of the equipment, not the full cost. I would report the FMV of the equipment he kept as other income and not subject to SE.