User talk:Dennis
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| I have a client who's books are based on local resturant experiences, with that being the case do you feel I could write off her meal expense as resarch and not limit the amount by the 50%. She is currently writing her third addition. | I have a client who's books are based on local resturant experiences, with that being the case do you feel I could write off her meal expense as resarch and not limit the amount by the 50%. She is currently writing her third addition. | ||
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| + | == Your message re - Gift Annuity == | ||
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| + | Thanks much, Dennis. That's where I'm headed once this gets settled. My big concern is with the 1099-B reporting for my client. I think we can get it all straightened out w/o a burden to the TP here. If it weren't for the pesky deadlines involved. | ||
Revision as of 19:31, 29 March 2008
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Mbaqb
Ah. I see what you're saying, thus 24000 x 61.11% = 14666 x 50% =7333 + 1999 (05 allowable) = 9332 24000-9332= 14668 to recapture.
Dr Equip 14668 Cr Other Income 14668
Dr Note Payable 34485 Cr Equip 14668 Cr Gain on disposition 19817
On the return I know I need to show the recapture amount (14668), but what about the gain on disposition? Can't he and his wife gift that amount?
Thanks Dennis.
Mbaqb 12:18, 15 March 2008 (CDT)
Mbaqb
Hello Dennis,
Thanks for all of your input. So of the 34,485, do I show the 14,668 of recapture on the Schedule C and the 19,817 in Part II of the 4797 (held less than one year, taxed as ordinary income)? I appreciate your insights. Mbaqb 17:22, 24 March 2008 (CDT)
Deemed disposition of asset
Dennis,
Do you think all of the gain on the disposition of the asset (34,485) needs to go from Part IV of the 4797 to Other Income on the Schedule C? Or does just the 179 recapture amount go on the Sch C with the remaining portion of the gain going on part II of the 4797 (assets disposed of within one year, ordinary income tax)? I know you're super busy, thanks in advance for your insight and response. Mbaqb 09:51, 26 March 2008 (CDT)
hope all is well have not had time to waste answering the usual questions will have some fun after 4/15. wes
Writers deduction
Dennis
I have a client who's books are based on local resturant experiences, with that being the case do you feel I could write off her meal expense as resarch and not limit the amount by the 50%. She is currently writing her third addition.
Your message re - Gift Annuity
Thanks much, Dennis. That's where I'm headed once this gets settled. My big concern is with the 1099-B reporting for my client. I think we can get it all straightened out w/o a burden to the TP here. If it weren't for the pesky deadlines involved.
