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Messages - JunkYardUnz

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Depreciation Question - Is it true that the inheritors can depreciate anew based on a new step up cost basis, even if the current property ownership entity already fully depreciated the property? Yes

How does it work with different inheritors inheriting different portions at different points in time with different cost basis? Not sure how that's possible but it FMV at date of death or an alternate valuation date which I believe is 6 months after date of death.

Is it possible to depreciate property on shareholder k1 level and not on entity level? Yes on multi tiered partnership, but double check that because the rules changed last year with the new k1 line items. 

If not, and must be done on entity level, is it possible to separate if it's done on entity level? It can be pushed down to the "entity level" and specially allocated to that partner.

What if for whatever reason, one partner wants depreciation and one doesn't for whatever it possible to separate? Short answer is no, but you may be able to get that result with multi tiered structures.

Would it make any difference if property was gifted in lifetime? Yes, no step-up if it's a gift.


I tried my best, but I made some assumptions on the facts that were missing. If the numbers are material, do yourself a favor and get some real advice from someone who know this stuff. Most sole practitioners won't know how do this. 

If I currently live and work in New York and buy a home in a different state do I need to file taxes in both states or just file NY taxes?
If your primary residence is NYS then you only need to file in the other state if you earned income in/from (loose terms) that state.

You need to think of it as follows. Your state which is your residency state taxes all your income (subject to some formula for taxes paid to other states on that income)and every other states only taxes income earned in that state.

If I currently work for a company based in NY - but then move to Florida and work from home.. do I still need to pay NY State and City tax?
NYC no, you never needed to pay NYC taxes unless you lived there. NY taxes depends if you are working remotely for your convenience or for your employers. If itís your convenience and your employer does not require you to work there you are still liable for NYS taxes.

Credit Cards / Re: Chase Reconsideration
« on: October 25, 2020, 11:44:23 PM »
AFAIK there is a state fee to open an LLC even without registering for an EIN.

Would love to be proven wrong on this though  :)
Technically itís state law that control the formation of entities. When you complete the SS-4 you are supposed to have registered your name with the state already. For registering the state charges (NJ $125). What you can do is skip that step and just register for a EIN. Your are probably not a LLC but as long as you show Chase the EIN letter youíre good to go.

Credit Cards / Re: Chase Reconsideration
« on: October 25, 2020, 12:27:13 AM »
Not true.
Did you read the last sentence?

Credit Cards / Re: Chase Reconsideration
« on: October 25, 2020, 12:23:32 AM »
applied for business ink cash as sole prop under my name and they requiring "proof of legal name and physical address of business".

i have none of the above and is why i applied under my name as recommended on DDF. i had an ink preferred 1-2 yrs ago w/o this issue.

called recon after öending my drivers license, and lending dept said is not sufficient as needs business name and adress. i explained that have none and is why i applied as sole prop under my name as business name. still turned down.

Open up LLC online. It take 19 min and does not cost anything. You will get a EIN letter which is sufficient proof. If you want to do it right you need the register with the state which may cost you something ( NJ $125)

Amazon & Walmart Deals / Re: Targeted Kasa Smart Plug Mini $.99
« on: October 25, 2020, 12:18:33 AM »
i'm assuming if I don't want a smart home then I will resell the smart plug. question is how much profit can be made to make the hassle of buying and subsequently re selling it worth it
These are a great replacement for Shabbos clocks. Super helpful on a three day Yom Tov.

Credit Cards / Re: Points/Miles Values NO BUYING/SELLING ALLOWED
« on: October 18, 2020, 10:42:48 PM »
What is ~400,000 Marriott Bonvoy worth these days?
The best value will be when you transfer them to someoneís account. You can get .006 per point. Youíre limited to 100k transfer per a calendar year.

In my opinion the prices for miles are depressed because the cash prices are very low now.

Deals/Deal Requests / Re: New Coin Deal
« on: October 18, 2020, 10:39:15 AM »
Im surprised ppl still buy for them. They've been the worst dealing with regards to issues and payments.
I find them very easy to work with. They do take a long time to cut you a check. Iíve had issues with other groups but not them.

Goods For Sale/Trade / Re: Airline Gift Cards And Vouchers Master Thread
« on: October 12, 2020, 04:03:16 PM »
Selling $300 Delta eGift Cards at .85. Please PM.

Seems like they removed this offee from all my saved card and now a new offer is available. Spend $250, get $75 back.
Maybe because it expired :)

Goods For Sale/Trade / Re: US Mint Coins For Sale (Individuals only)
« on: September 23, 2020, 10:16:30 PM »
Weird, why are all the buying group maxed out ? Seems like a small mintage. Iím suspecting collusion.

I think BOA may have also, they all disappeared from my accounts. The only recent one I got was from Wells Fargo. I guess they havenít caught up yet with everyone else. Are you thinking make the bank are afraid some law will pass that they canít collect from folks due to COVID?

Goods For Sale/Trade / Re: Marriott Certs Sale
« on: August 16, 2020, 02:02:22 AM »
Buying 6 35k certificates. Two rooms, three nights each. $115 each. Please PM me

Goods For Sale/Trade / Marriott Certs Sale
« on: August 16, 2020, 01:35:02 AM »
Buying 6 35k certificates. Two rooms, three nights each. $100 each. Please PM me

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