User talk:RLMCPA

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search
Leave a message for RLMCPA


This page is where you can leave a message for RLMCPA. RLMCPA will be notified of messages the next time they access TaxAlmanac.

Please make sure to sign your message by adding four tildes: ~~~~ at the end of your message.

If you are actually RLMCPA, this is your page. Feel free to edit your discussion page to add or remove anything you'd like.

Leave a message for RLMCPA by clicking here

Contents

Welcome

Hello, and welcome to TaxAlmanac! My name is Tim Doyle and I serve here in the role of TaxAlmanac Moderator. If you haven't done so already, you might want to review our Quick Start Guide to help you get oriented.

Thank you for introducing yourself to the other members of the TaxAlmanac community on the User Introduction Discussion Forum.

As you begin to interact on TaxAlmanac, your changes will be linked to your personal user page. We encourage you to edit this page and add a short description about yourself. This will allow others to better understand your background and qualifications as they review any replies or information that you submit.

If you can think of anything we can do to make TaxAlmanac a more useful resource to you, please feel free to give us your feedback on the TaxAlmanac Feedback Discussion Forum.

I hope you enjoy being a member of the TaxAlmanac community! If you have any questions, see the help pages or ask me on my talk page. Again, welcome!

I answered your question regarding pictures on TaxAlmanac on the Discussion:Attaching my picture to my User Intro? page.

- Tim Doyle, TaxAlmanac Moderator, Tdoyle 07:56, 14 December 2005 (CST)

Photo

Rebecca:

I changed the link from using jpg to JPG as the name is case sensitive - it's working now! The image looks a bit big - would you mind if I shrunk it down a bit? This will make it fit better on the page and be faster for other users to view.

Thanks!

Tim

How's that look

Rebecca: How does that look? Smaller??

Tim

Great photo!

What a beautiful photo! But how cold is that water??? --rlw (Talk) 20:10, 14 December 2005 (CST)

Welcome

Love the picture! Easier for us at Intuit to visualize you busy at work (just kidding!) Happy that you joined the TaxAlmanac community and look forward to your contributions and feedback on how we can improve the site.

--BAndrews 20:30, 14 December 2005 (CST)

The water temp is 40-45 degrees F in the summer. The sun is going down in the background. We probably took this picture between 11:00-11:30pm at night. Gotta love those long summer days!RLMCPA 01:36, 16 December 2005 (CST)

From Blubby - re: Real Estate Investment

Dear RLMCPA,

Thank you very much for your informative response to my question about expense treatment for real estate investments (IRC Sec. 266, etc.)

I do, now, recall the election to capitalize as you mentioned. In fact, I found similar language in Publication 535, chapter 8. However, I thought (perhaps mistakenly) that applied to a "business or trade" as opposed to an individual investor. Is it possible, to your knowledge, that there may be separate rules applicable to a one-time casual investment? It is a shame in this instance because these non-capital expenses amount to almost half the taxpayers gain.

Thanks again!

PS - could you refer me to any literature that more precisely defines what the IRS considers a "capital improvement" that does adjust basis? In reading the various publications, the definition seems rather subjective in practical application.

Watch Feature

Rebecca:

I believe that we have fixed the watch feature in the discussion forums. Please let us know if you have any further problems with it.

Thank you!

Tim Doyle, Tdoyle 16:27, 10 January 2006 (CST)

Gain on Home Sale

Hi, I saw your comments on the capital gain exclusion for the sale of a residence. I have a tax- payer in a community property state, whose spouse died. I was planning on stepping up the basis on half the house. Are you sure it's 100% step up? Please feel free to reply to my email jan@jllcpa.com. Thank you in advance for any time spent in reply.

Sincerely,

JLLCPA

Forming LLC with fiance/wife in AK to manage 2-duplexes

Rebecca, I read some of your comments on this site and thought I might pick your brain some more. Thought I would look for some online advice before seeing a lawyer/attorney (but still plan to).

In the past 1-1/2 I have bought two duplexes in Fairbanks with my girlfriend (now fiance), but they are under my name and bought with my funds. She has been the brains behind a lot of it, so we consider ourselves equal in rights, but not legally yet. Also, we moved to Montana just last week and I may still be employeed with a company in AK (we'll see)

We know we want to set up an LLC to manage the props for tax and legal purposes, but don't know the right path considering our soon to be marriage. Do we get married first then form the LLC? or does it matter? We have a file set up at legalzoom.com to formulate our LLC and be our agent in AK since we live in Montana now. It asks what the monitary contributions were and how we split it. I have the monitary blank for now and have us split 50-50 ownership.

What is the smartest course of action for us? Considering taxes, ownership of properties, LLC forming, legalities and the such? Then once the LLC is formed, what do we do with it? Quitclaim the properties from my name into the LLC's name, form a separate bank account, etc.


We don't want to be stupid and want to know all the tricks of the trade to set us up for the most benefit. We want to learn the right way to do it and be smart.

Thanks! Duncan

Carryovers of a decedent:

What happens to the passive losses of a decedent after death? The passive entity will ot pass to the spouse but go into the estate and be sold by the estate.

Foreign tax credit carryovers ?

Alternative minimum tax credit carryovers ?RPMCPA 16:18, 8 April 2007 (CDT) RPMCPA

I am not a CPA or EA but I do about 25 - 50 tax returns a year for family and friends and have been doing so for over 30 years. I have a situation similar to what you describe as qualified for interest deductions per TC memo 1997 551. Can you tell me how to get a copy of it?

The parents bought the house for their son & his wife. The son's wife is on the deed with a Life Estate. Regarding real estate taxes, would that make her (the daughter in law) eligible to take the deduction for taxes, which she & husband pay?

Thanks, in advance, for any advice or help you may provide.

Need 1041 help

Hi Rebecca. I'm a CPA - sole prop - doing my first 1041 for a Family Trust. I tried leaving you two messages - both disappeared. So here's my final attempt.

Family home gifted in Jun06. Gift T/R shows: Adj basis $121k, Value $203k. (Home has been, and continues, to be used for day care [Sch C]. Prior deprec basis of home was $86k.) The grantor's Soc Sec is direct deposited to the trust bank acct = rent that pays the mortgage. Is the home depreciated? If so, using what basis? There is also an inground pool - are maintenance expenses deductible by the trust, the day care, or neither?

Will appreciate any help.

MLG 19:18, 5 October 2008 (CDT)

Estate From 1041 deductions. I left this message & haven't heard back. I emailed you since you sound pretyy esperienced and interested in this area.


The estate sells a pers. residence & a commerial property. Can the following types of expenses be included w/ selling expenses such as the RE commission to determine the gain/loss? Appraisal, utilities to maintain the prop. while it is for sale, property clean up costs, insurance, travel by the fiduciary to market &then close the deal? 

My CPA friend says not to use these..wouldn't make it through an audit. What about some state lodging taxes accrued by business (a bed & breakfast) that were not paid unitl after the death.

thanks, Ann54

Hello Rebecca, I forgot to add the Ann54 12:02, 27 October 2009 (CDT) ending The estate sells a pers. residence & a commerial property. Can the following types of expenses be included w/ selling expenses such as the RE commission to determine the gain/loss? Appraisal, utilities to maintain the prop. while it is for sale, property clean up costs, insurance, travel by the fiduciary to market &then close the deal?

My CPA friend says not to use these..wouldn't make it through an audit. What about some state lodging taxes accrued by business (a bed & breakfast) that were not paid unitl after the death. Ann54 12:02, 27 October 2009 (CDT) Thanks you.

Personal tools