Author Topic: any accountants out there that i can ask a question?  (Read 187776 times)

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #135 on: March 21, 2014, 07:30:20 AM »
Re, my passive k1 losses reducing the EIC question.

No one mentioned that the partnership losses are subject to basis and at risk limitations...:-[
 The guy had zero basis in his start up. Should be good to go!
yes I did.

Offline churnbabychurn

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Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #137 on: March 21, 2014, 07:47:22 AM »
Bostener did

I don't want to sound self serving but it's time to go to a paid preparer.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #138 on: March 21, 2014, 08:09:57 AM »
Bostener did
the insight didn't come from a paid preparer. :P

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #139 on: March 21, 2014, 08:52:42 AM »
Do guaranteed payments to X that cannot be paid due to a cash deficit, get classified as liabilities that increase X's basis??

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #140 on: March 21, 2014, 09:01:09 AM »
Turns out its not so simple...The many paid preparer's on DDF dont have a clear answer....

When you don't get an answer here on DDF it doesn't mean people "don't have a clear answer"
Airlines sending me "We're in this together" emails.

Bruh, where were you when my suitcase weighed it 51.50 pounds?

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #141 on: March 21, 2014, 09:04:50 AM »
Airlines sending me "We're in this together" emails.

Bruh, where were you when my suitcase weighed it 51.50 pounds?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #142 on: March 21, 2014, 09:16:00 AM »
When you don't get an answer here on DDF it doesn't mean people "don't have a clear answer"
First of all, with all due respect, I am assuming you don't (or didn't) have the answer to the simple question that I posted. I am assuming this because you discussed it multiple times without providing a simple yes or no answer. I may be wrong, but I can't think of any other motive for you to withhold this information.
This does not in anyway disqualify you from being a paid preparer!

Second of all, you never mentioned anything about basis limitations or at risk limitations. Not sure what @Henche was crediting you with, but he quoted something about you referring me to a paid preparer. You can take credit for that.  8)
 


Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #143 on: March 21, 2014, 10:30:14 AM »
First of all, with all due respect, I am assuming you don't (or didn't) have the answer to the simple question that I posted. I am assuming this because you discussed it multiple times without providing a simple yes or no answer. I may be wrong, but I can't think of any other motive for you to withhold this information.
This does not in anyway disqualify you from being a paid preparer!

Second of all, you never mentioned anything about basis limitations or at risk limitations. Not sure what @Henche was crediting you with, but he quoted something about you referring me to a paid preparer. You can take credit for that.  8)

You never mentioned that your losses were in excess of basis.  For that matter, you also didn't say whether the allocations were made in accordance with 704. Forget that, you never said whwether you are treated as a corporation because the interests are publicly traded, or if you checked the box closed, etc etc. Nobody asked any of those questions, because they aren't your paid preparer and aren't going over all your books.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #144 on: March 21, 2014, 10:34:31 AM »
You never mentioned that your losses were in excess of basis.  For that matter, you also didn't say whether the allocations were made in accordance with 704. Forget that, you never said whwether you are treated as a corporation because the interests are publicly traded, or if you checked the box closed, etc etc. Nobody asked any of those questions, because they aren't your paid preparer and aren't going over all your books.
+1
I have officially submitted the recommendation of my peers on DDF, that the client should retain a professional paid preparer.   :)
Thanks for all of your help!


(Problem is, that most of the work that I see done by local paid prepares is subpar at best. There are obviously exceptions.)

Offline EJB

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Re: any accountants out there that i can ask a question?
« Reply #145 on: March 23, 2014, 12:28:49 AM »
I will probably ask an accountant, but I am curious to hear your thoughts:

I itemized medical expenses for 2013 and hope I will not have to in 2014. I just got $700 from a doctor (in 2014) for copays that were reimbursed by a secondary insurance. I am guessing I have to reduce my 2013 expenses by this amount, but was wondering whether I could offset my 2014 expenses, which would save me $ since I don't anticipate itemizing anyway.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #146 on: March 23, 2014, 12:32:01 AM »
I will probably ask an accountant, but I am curious to hear your thoughts:

I itemized medical expenses for 2013 and hope I will not have to in 2014. I just got $700 from a doctor (in 2014) for copays that were reimbursed by a secondary insurance. I am guessing I have to reduce my 2013 expenses by this amount, but was wondering whether I could offset my 2014 expenses, which would save me $ since I don't anticipate itemizing anyway.
IIRC the $700 is taxable income in 2014. Tax benefit rule applies if you itemized it in 2013.

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #147 on: March 23, 2014, 12:33:37 AM »
I will probably ask an accountant, but I am curious to hear your thoughts:

I itemized medical expenses for 2013 and hope I will not have to in 2014. I just got $700 from a doctor (in 2014) for copays that were reimbursed by a secondary insurance. I am guessing I have to reduce my 2013 expenses by this amount, but was wondering whether I could offset my 2014 expenses, which would save me $ since I don't anticipate itemizing anyway.

tax benefit rule

Offline EJB

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Re: any accountants out there that i can ask a question?
« Reply #148 on: March 23, 2014, 12:49:57 AM »
IIRC the $700 is taxable income in 2014. Tax benefit rule applies if you itemized it in 2013.

Sounds right. Minor impact bc I was only able to itemize state

Offline Super Speed

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Re: any accountants out there that i can ask a question?
« Reply #149 on: March 23, 2014, 01:44:30 AM »

An LLC in NJ that did not make any money at all has to file?
BUMP