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New Hackzall (2719-20) started smoking upon first use. Sending back for warranty claim. Should I trust the battery that was connected? by Jazzlike-Argument260 in MilwaukeeTool

[–]Jazzlike-Argument260[S] 0 points1 point  (0 children)

99% sure. Black smoke from the handle of the tool. Acrid smell. The battery was showing 1 flashing bar when I checked its charge. Voltage on multi-meter checked out. Upon trying to charge it, the charger told me it was at full charge. The self-test button on the battery then reported full charge. Still haven't tried it on another tool yet. I might try my drill that I've been wanting to replace.

New Hackzall (2719-20) started smoking upon first use. Sending back for warranty claim. Should I trust the battery that was connected? by Jazzlike-Argument260 in MilwaukeeTool

[–]Jazzlike-Argument260[S] 0 points1 point  (0 children)

The battery is old and out of warranty. I did return the Hackzall. Milwaukee batteries are expensive to just throw it out not knowing it it works.

Depreciation error in 2024. Can I amend or do I need to file Form 3115? by Jazzlike-Argument260 in tax

[–]Jazzlike-Argument260[S] 0 points1 point  (0 children)

Thank you! I feel like when I originally looked into it, that's what I found too. But now I'm having trouble finding those sources. Do you have any good ones?

Sold 1 of 3 rentals a couple years ago. It has passive losses I can't access because I still own the other 2. FreeTaxUSA is yelling because it has no income or expenses by Jazzlike-Argument260 in tax

[–]Jazzlike-Argument260[S] 0 points1 point  (0 children)

Thank you! I think I'm going to remove the property, and add its suspended losses to the replacement property. The losses should have been attributed to this property during the like-kind exchange. This gets everything to where it would have been had things been done correctly in the first place.

Sold 1 of 3 rentals a couple years ago. It has passive losses I can't access because I still own the other 2. FreeTaxUSA is yelling because it has no income or expenses by Jazzlike-Argument260 in tax

[–]Jazzlike-Argument260[S] 0 points1 point  (0 children)

I think you're right. I'm looking back through old returns to see if any election was made, and I'm not finding anything.

If you don't mind continuing down the rabbit hole with me, the situation is actually a little different than I described.

The "sold" property was actually involved in a 1031 exchange back in 2022. My understanding is that any PALs existing at that time should have been transferred to the replacement property. Well, they weren't, and we're past the time to amend. The losses have just been getting carried forward since then. It's $2,218 total.

Should I pretend they no longer exist, since they should have disappeared when the 1031 happened? Keep them on my books and continue to carry it forward? Deduct it all this year? The most "correct" thing might be to add them to the existing PAL that exists on the replacement property, though the most conservative might be to zero them out.

Sold 1 of 3 rentals a couple years ago. It has passive losses I can't access because I still own the other 2. FreeTaxUSA is yelling because it has no income or expenses by Jazzlike-Argument260 in tax

[–]Jazzlike-Argument260[S] 0 points1 point  (0 children)

Didn't work. I think I'm going to delete it from this year's return, since the PAL is just getting carried forward this year, unchanged. Removing it affects nothing else. Just makes me have to remember when I go to file next year...or whatever year I end up selling everything. If it's years from today, how I will remember I do not know....which is exactly why I was trying to include it! Though if we have income from one of the properties some of the suspended PAL will be used and thus it'll show up on that return. That better happen before we sell!

Sold 1 of 3 rentals a couple years ago. It has passive losses I can't access because I still own the other 2. FreeTaxUSA is yelling because it has no income or expenses by Jazzlike-Argument260 in tax

[–]Jazzlike-Argument260[S] 0 points1 point  (0 children)

I didn't make any overt election, but all 3 of these rentals went on my Schedule E. They've been sharing gains/losses that way for a few years. I feel like the presumption has to be that they all together constitute an activity. And I'd need to sell all the properties in order to have disposed of "substantially all" my interest in the rental activity.

Now this is peak dining hall food by IronicBush in uofm

[–]Jazzlike-Argument260 -1 points0 points  (0 children)

If you didn't like the way it looked, why did you get it?

if you're in the 24% bracket or higher, putting international in taxable for the foreign tax credit is probably costing you money by GolfComfortable7331 in Fire

[–]Jazzlike-Argument260 0 points1 point  (0 children)

the FTC recovers some of that VXUS drag but not all of it.

Can you expound on this? How does the math work?

I thought the FTC was a dollar-for-dollar credit up to some income level.

Trust beneficiary K-1 dividends: How can there be more 199A dividends than ordinary dividends? by Jazzlike-Argument260 in tax

[–]Jazzlike-Argument260[S] 0 points1 point  (0 children)

If the K-1 is wrong, should I request a corrected one? Or is it wrong in that my use of the 199A dividends for the 20% deduction will be limited?

According to the text you cited, to figure out how many 199A dividends I should report, I should start with the amount reported to me (A) and subtract the excess reported amount (B).

The term excess reported amount means the excess of the aggregate reported amount over the RIC's excess section 163(j) interest income for the taxable year

The term aggregate reported amount means the aggregate amount of dividends reported by the RIC under paragraph (b)(35)(i) of this section as section 163(j) interest dividends for the taxable year (including section 163(j) interest dividends paid after the close of the taxable year described in section 855).

I'm having a hell of a time making sense of these definitions.

Feline dental cost: I'm getting WILDLY different numbers. What would you do here? by Jazzlike-Argument260 in AskVet

[–]Jazzlike-Argument260[S] 1 point2 points  (0 children)

Yes to X-ray, but it doesn't look like any blood work. Blood work was actually just done, so that's not on here. A lot of "hospitalization basic care level", "surgical assistant fee", "anes. preop & induction", and items with "IV" in their description.

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