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Old 03-21-2014, 09:44 PM   #61
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Agree. The point was that borrowing is better than an early distribution.
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Just like shooting yourself in the foot is better than shooting yourself in the nuts.
I would agree.
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[Owensdad], you usually pull the trigger on a mouth full of buzz words without thinking.
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Old 03-22-2014, 03:46 PM   #62
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A hypothetical; if someone was knocked off their bike in a hit and run and had to buy a new jacket, would they be able to take that as a deduction?

(Just realized I forgot to claim the $700 of gear stolen from my bike this summer )
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Old 03-24-2014, 07:28 PM   #63
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Unreimbursed theft losses can be taken as casualty losses. You will need to itemize. And there are AGI limits. If this is your only casualty loss, given the amount, it is unlikely to generate a tax benefit.
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[Owensdad], you usually pull the trigger on a mouth full of buzz words without thinking.
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Old 03-24-2014, 10:22 PM   #64
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A tenant leases space, 3 year term. Capitalizes leasehold improvements over 36 months. Moves out for one month, comes back after 30 days. New lease is established. 30 day break in lease contracts.

Still need to capitalize over 15 years or can the remainder be written off in year 4?
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Old 03-25-2014, 03:56 PM   #65
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Owensdad spent 10~ min on the phone w/ me and explained this real easy, and help me answer some *i'm sure very basic* questions related to the tax changes that occurred for me this past year.

KUDOZ !!!
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Old 03-25-2014, 05:36 PM   #66
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Old 03-27-2014, 12:06 AM   #67
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Just finished my ass raping efile.. My tax situation is pretty straightforward, what was striking was turbotax definitely asked more questions this year..
Thanks Obama
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Old 03-27-2014, 07:23 AM   #68
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Just finished my ass raping efile.. My tax situation is pretty straightforward, what was striking was turbotax definitely asked more questions this year..
Thanks Obama
Are you "married filing jointly"? I tried to efile over the weekend and my fed was rejected because of some issue with the SSN being the primary on one return and secondary on another. I tried again on Monday and same problem. AFAIK, everything looks right on my return. I suspect it's a single wrong line of code either within turbotax or at the receiving computer at IRS. I was going to wait until next Monday and try again and if that failed just file by mail. My state return sailed through on the first try.
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Old 03-27-2014, 09:37 AM   #69
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I've been getting a tax professional for the last 4 years. I paid him $800 this year. I think I am going to file my taxes myself next year and save that, just wondering how much complexity there is to replicating it. I wouldn't think a whole lot?

Major change in 2014: We're expecting our first kid.

Oh, and went back and deposited $3000 in to my HSA to get those pre-tax dollars, of which I am getting about $1000 back. Pretty cool..
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Old 03-27-2014, 10:25 AM   #70
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Are you "married filing jointly"? I tried to efile over the weekend and my fed was rejected because of some issue with the SSN being the primary on one return and secondary on another. I tried again on Monday and same problem. AFAIK, everything looks right on my return. I suspect it's a single wrong line of code either within turbotax or at the receiving computer at IRS. I was going to wait until next Monday and try again and if that failed just file by mail. My state return sailed through on the first try.
Yeah man, joint filing. I ran update last night before check and everything sailed through.. Call turbotax support, you shouldn't have to snail mail.

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I've been getting a tax professional for the last 4 years. I paid him $800 this year. I think I am going to file my taxes myself next year and save that, just wondering how much complexity there is to replicating it. I wouldn't think a whole lot?

Major change in 2014: We're expecting our first kid.

Oh, and went back and deposited $3000 in to my HSA to get those pre-tax dollars, of which I am getting about $1000 back. Pretty cool..
Is your situation complicated? Turbotax is very straightforward to use, and just walks you through income/deductions/etc... For the $60 it costs you could even try it before deciding to use your cpa..?
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Old 03-27-2014, 11:30 AM   #71
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A tenant leases space, 3 year term. Capitalizes leasehold improvements over 36 months. Moves out for one month, comes back after 30 days. New lease is established. 30 day break in lease contracts.

Still need to capitalize over 15 years or can the remainder be written off in year 4?
Qualified leasehold improvements are depreciated over 15 years as you note.

I think you are asking if this can be accelerated under some interpretation of the disposition rules. Highly doubtful, since the tenant must permanently give up possession to create an abandonment disposition.
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Old 03-27-2014, 12:29 PM   #72
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Thanks Sam…and a few months won't be considered abandonment. Gracias Amigo!
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Old 03-27-2014, 02:35 PM   #73
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Is your situation complicated? Turbotax is very straightforward to use, and just walks you through income/deductions/etc... For the $60 it costs you could even try it before deciding to use your cpa..?
Nothing too crazy. Married, sales occupation and deductions, but not 1099, rental property. Not really, IMO. I had a lot of complex house things for a few years and something major always seems to come up and I want to ensure maximum return. So it seems OK. But replicating next year seems easy.

And yes, I thought about using turbo tax and using it to replicate and estimate my tax return (along with my wife's). I am pretty sure I can get close enough that the $800 fee can be mitigated.
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Old 03-28-2014, 07:16 AM   #74
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I suspect it's a single wrong line of code either within turbotax or at the receiving computer at IRS.
Nope. Someone already filed a return using my wife's SSN.

I called the IRS this morning and found out the bad news. Have to snail mail my return along with form 14039 ID Theft Affidavit. I printed out pub 4535 IDTheft victim checklist and the wife gets to deal with that on her day off.

Good times.

On the plus side, Ms. Miller at the IRS was very pleasant and helpful.
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Old 03-28-2014, 10:39 AM   #75
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I sent a check to the IRS and noted that the payment was for 2013 taxes. Around a month later, I receive a refund for 2012 (filed late due to some complexities) and for whatever reason, the IRS gave that 2013 payment right back to me in my 2012 refund and did not apply it towards 2013 taxes like they were supposed to. They've acknowledged the error on their end. I didn't catch their mistake on my 2012 return and now they've wrecked my planning for 2013. Do I have any recourse?
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